Pune, India, April 14, 2021 (GLOBE NEWSWIRE) -- According to the report, Eyewear market size is projected to reach USD 178.95 billion by 2026. Eyewear Market was worth USD 115.90 billion in 2018 and will exhibit a CAGR of 5.7% during the forecast period. The global Eyewear market is set to gain owing to Surge in the Adoption of Premium Eyewear Products, Coupled with Rise in Disposable Incomes of Consumers.
Eyewear comprises of accessories and items that can be worn over the eyes. They are used for various purposes, such as for protection against environment, embellishment or fashion purpose, or for enhancing or improving vision. Eyewear products are basically in the form of contact lenses, sunglasses, and spectacles. In addition, they help to protect against UVB and UVA sun rays and aid to treat ocular diseases such as short or long-sightedness, and others. Rise in the availability of spectacles in online channels and retail stores from both developing and developed nations is expected to increase the demand for higher-value sunglasses.
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The surge in brand advertising has urged consumers to become brand conscious, thus adding a boost to eyewear market growth. Rise in the geriatric population and their vulnerability towards eye disorders, infections, and diseases will promote the use of spectacles and contact lenses. This, in turn, is prognosticated to increase the eyewear market share in the forthcoming years.
The market is segmented on the basis of product type, distribution channel, and geography. In terms of distribution channel, it is anticipated that high eyewear market shares will be earned from the retail store segment in the forecast duration. This is attributable to the widespread presence of retail shops in branded stores, shopping malls, and others.
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North America to Continue Dominance Owing to Presence of Increasing Awareness about Eye Problems
The global eyewear market is geographically segmented into five regions namely Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. In 2018, North America generated an eyewear market revenue of USD 35.60 billion and dominated the market. This domination is attributable to factors such as a rise in awareness about ocular disorders, and preference for premium eye care products. On the other side, Europe eyewear market will rise at a remarkable rate owing to an increase in affordability to buy expensive sunglasses in nations such as UK, France, and Germany.
Moreover, the market in Asia Pacific is likely to witness high CAGR in the eyewear market share on account of the rise in geriatric population, prevalence of ocular diseases, rise in disposable incomes of people, and brand advertising that urges people to opt for the expensive branded eyewear products.
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Johnson and Johnson Services Inc., followed by Alcon Dominating Market
Some of the key industry developments in the eyewear market include:
2018 – Carl Zeiss Vision introduced Zeiss UV Protect, a new eyewear lens technology, designed for protection against the ultraviolet radiation (UVR) exposure.
July 30, 2019 - For creating a true global eyewear and eyecare company, EssilorLuxottica intends to acquire the complete ownership of GrandVision.
August 2019 – A soft contact lens recycling program was launched by CooperVision in partnership with TerraCycle.
The eyewear market is fragmented in nature due to the presence of both local and international players. Currently, two players are dominating the market namely, Johnson and Johnson Services, followed by Alcon. Apart from key developments in the eyewear market, the report throws light on some of the significant players functioning in the market. These include:
- Fielmann AG
- Johnson & Johnson Services, Inc.
- Alcon (Part of Novartis AG)
- Safilo Group S.p.A
- Bausch Health Companies Inc.
- Carl Zeiss
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Global Eyewear Market Segmentation:
By Product Type:
- Contact Lens
- Retail Store
- Online Store
- Ophthalmic Clinics
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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