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Eyewear Market: Craziest Trend Spreading Colors of Fashion Across the Globe

Press Release   •   Jan 16, 2017 18:22 IST

According to the research study, in 2011, the global eyewear market stood at 2,600 mn units in terms of volume and at US$81 bn in terms of revenue. The market is anticipated to reach a value of US$130 bn by the end of 2018, exhibiting a 3.70% CAGR between 2012 and 2018.

Eyewear refer to products that are worn over the eyes in order to protect them against the environment, for vision correction, or as a fashion accessory. In the last few years, the global eyewear market has witnessed substantial growth across the globe, owing to the rising demand for eyewear products.

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The increasing disposable income among the population in developing economies and wearer base expansion are the prominent factors driving the global eyewear market. In addition, the growing awareness regarding protection from harmful UV rays is contributing substantially towards the growth of the eyewear market worldwide. However, rising number of refractive surgeries is projected to curb the growth of the global eyewear market in the coming years. Nevertheless, the unavailability of testing or the unaffordability of the same in several developing nations along with a growing population with uncorrected vision are offering immense growth opportunities for the major players in the market.

The global eyewear market has been divided on the basis of type into spectacle frames, spectacle lenses, plano sunglasses, spectacles, and contact lenses. In 2011, the spectacles segment was valued at US$63 bn and is estimated to register a progressive growth rate in the forecast period. The rising demand for spectacles by individuals to correct their vision is one of the key factors augmenting the growth of the spectacles segment in the overall market. Furthermore, the contact lenses segment is estimated to witness rapid growth in the next few years, owing to the easy-to-use and growing awareness of these products. Eyewear products are easily available on online portals, retail outlets, and healthcare service providers.

In 2011, Europe accounted for a 40% of global eyewear market in terms of revenue. Asia Pacific is projected to exhibit a 9% CAGR between 2012 and 2018. The rapid growth of this region can be attributed to the growing use of eyewear and growing population. India and China are expected to be the largest contributors in the Asia Pacific eyewear market. Furthermore, North America is anticipated to hold a substantial share in the global eyewear market, owing to the growing demand for sunglasses and lenses in this region.

The global eyewear market is highly competitive in nature owing to the presence of several players operating in the market. The leading players include CIBA Vision Inc., Carl Zeiss, De Rigo, Vision Express, Safilo, CooperVision, Luxottica, Hoya Corp., Marchon Eyewear, Bausch & Lomb, Specsavers, Johnson & Johnson Vision Care, Fielmann, and Essilor Int. The research study offers a detailed analysis of these players, emphasizing on the product portfolio, business strategies, financial status, SWOT analysis, and recent developments, if any.

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