Global Eyewear Market to Grow at a CAGR of 8% over the Forecast Period of 2021-2026.

The global eyewear market is being driven by the rising demand for eyewear products for vision correction, protection of eyes from sunlight, and harmful UV rays,as well as to enhance one’s appearance. The growing demand for corrective glasses due to the increasing incidences of ophthalmic disorders such as myopia, presbyopia, and hypermetropia is mainly driving the growth of this segment, and in turn, propelling the eyewear industry further.

The Asia Pacific is expected to be the emerging market for the product over the forecast period. The growth of the market in the region can be attributed to factors like growing population, rising disposable incomes, growing consumer awareness regarding eyecare, and developing emerging economies like India and China within the region. China has emerged as the global leader in spectacles production and has a huge consumer base. The eyewear market in India is driven by the growing adoption of products for vision correction as well as from a fashion standpoint, along with the steadily flourishing online eyewear market in the region.

The significant investment by the companies in technology-based innovative solutions through new collaborations is expected to result in improved solutions for customers, thus, benefitting the overall eyewear industry. In November 2018, Fielmann Ventures GmbH, a wholly-owned subsidiary of Fielmann AG (OTCMKTS: FLMNF), a key player in the industry, announced a multi-million investment in FittingBox, a global leader in 3D try-on and fitting technology, acquiring 20% of its total share. The investment by the company is aimed at expanding its digitisation strategy, aiming to digitise the eyewear industry to benefit consumers without compromising on quality. Such developments are expected to aid the growth of the eyewear market globally over the forecast period.

Market Breakup by Product, Gender, Distribution Channel, and Regions:

• By product type, the global eyewear industry can be divided into spectacles, sunglasses, and contact lenses.
• On the basis of gender, the industry is categorised into men, women, and unisex.
• The industry, based on the distribution channel, is categorised into optical stores, independent brands, showrooms, and online stores, among others. 
• Region-wise, the global eyewear market can be segmented into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global eyewear market is being driven by the growing prevalence of visual disorders and rising consumer awareness regarding eye health.
• The growing global population and rising disposable incomes, coupled with the increasing demand for premium quality eyewear is providing further impetus to the industry for its growth. 
• The growing eyecare awareness campaigns supported by government organisations in developing economies is providing a further boost to the industry. 
• The growing popularity of online platforms among consumers, along with the increased acceptance of technology, particularly in the emerging nations, is further contributing significantly to the industry growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global eyewear market for the periods (2016-2020) and (2021-2026), providing various trends in the industry for these periods.
• The report offers historical (2016-2020) and forecast (2021-2026) market information for the product, gender, distribution channel, and regional markets of the global eyewear industry.
• It also provides an assessment of the industry based on the Porter’s Five Forces model along with a SWOT and value chain analysis.

The major players in the global eyewear market are Bausch & Lomb Inc., Charmant Group, Ciba Vision, Cooper Vision, and Fielmann AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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