The global eyewear market is anticipated to grow in the coming half decade, due to increasing awareness of UV exposure dangers, rising number of visual deficiencies, demand for trendy sunglasses, and optical frames, along with increasing usage of contact lenses by individuals for medical, as well as personal use.
The demand for eyewear has been shifted from actual requirement to desired requirements. Conventionally, eyewear was utilized to overcome the deficiencies of poor eyesight. This increased the usage of spectacles more on the personal front, over using it for physical ailment. Gradually, an individuals’ mindset has changed over a period of time, also the alternate uses of spectacles gave a major push to the global eyewear market.The demand for sunglasses emerges from the increasing consciousness of the ill effects of harmful UV rays, while the inclination of people towards new adopting fashion trends, has contributed to the growth of the global eyewear market. Contemporary innovations and technological advancements have added to the variety and quality of eyewear with an aesthetic appeal and style, making eyewear a personality enhancing accessory.
The global eyewear market is segregated into four divisions geographically: Europe, North America, and Asia-Pacific. The rest of the World remains major sub-divisions of the global eyewear industry. The developed markets of North America and Europe have been traditional revenue generators, in the global eyewear market. North America possesses a major share of total revenue, in terms of aggregate demand of eyewear. Europe leads in terms of summative revenue accumulation, from eyewear sales. Growth prospects from short to medium time period are high in the emerging nations of Asia-Pacific, and Latin America. The Asia-Pacific region is the fastest growing regional market in terms of eyewear sales. It has become the key source of acceleration in the growth of the global eyewear market. The expansion in the eyewear market of Asia-Pacific is attributed to factors, like the presence of unsaturated markets, growing disposable incomes, developing economies, and the increasing awareness of visual ailments and regular eye examinations. Along with this, the increased urbanization in the unsaturated markets of Asia-Pacific, and major changes in lifestyle patterns, with respect to the growing hectic schedule of a modern man, creates ample scope for the growth of the global eyewear market.
The global eyewear market can be categorized on the basis of functions into spectacles, and contact lenses. Contact lenses are a major medical invention, in the global eyewear industry. This medical advancement has significantly contributed to the global eyewear market. Demand for such novel innovations, are driven by affluent and aesthetic desires of societies. On one hand,the advancement in laser eye surgeries has restricted the growth of the eyewear market. The introduction of contact lenses has served an easy way for people to shun eyeglasses, without the need of laser treatment, thus propelling the growth of the global eyewear market.
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Apart from serving visual deficiencies, fashion needs, and protection from UV sunrays, the global eyewear market caters all types of an individual’s needs.
The global eyewear market consists of concentrated international market players, as barriers within the entry are high, thus operating mostly as an oligopoly, with dominance of few large participants. However, there are still unaddressed niches in the eyewear industry making scope for new emerging business models and participants. Major Industry players are Essilor International, Luxottica Group SpA, Carl Zeiss, AG Marcolin S.p.A, and Marchon International Ltd among others.