Global Eyewear Market to Exhibit 3.70% CAGR from 2012 to 2018 due to Growing Number of People with Poor Vision

2024-04-06 06:38:05 News & Society

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A new market research report has recently been published by Transparency Market Research and made available on the company?s website. The research study, titled ?Eyewear Market - Global Industry Analysis, Size, Share, Growth and Forecast 2012 - 2018,? offers a comprehensive analysis of the market, focusing on its product segmentation, geographical segmentation, current trends, key growth drivers, barriers, and competitive landscape.Eyewear refers to a product that is worn over or on the eye either for protection or for vision correction. As vision plays an important role in the development of the human mind, eye care is extremely vital for human beings. In the last few years, the number of people diagnosed with poor vision has risen. This is propelling the growth of the global eyewear market. As per the research study, in 2011, the global market for eyewear was valued at US$81 bn and is it anticipated to reach US$130 bn by 2018. The market is estimated to register a 3.70% CAGR between 2012 and 2018.

The growing disposable income of people worldwide, wearer base expansion, and high renewal rate of lenses are some of the major factors fuelling the growth of the global eyewear market. In addition, the presence of a large population with uncorrected vision is one of the key opportunities for the major players operating in the global market. However, the growing number of refractive surgeries is projected to curb the growth of the global eyewear market in the next few years.

By product type, the global eyewear market has been categorized into contact lenses, spectacles, and plano sunglasses. The spectacles segment is further sub-categorized into spectacle lenses and spectacle frames. In 2011, the spectacles segment dominated the market and was worth US$63 bn. This segment is anticipated to witness rapid growth throughout the forecast period due to the growing number of individuals who require and use eyewear. Furthermore, the study has segmented the overall eyewear market on the basis of distribution channel into online portals, healthcare service providers, and retail outlets. The market size, share, and future statistics are further presented by the research report.

By geography, the global eyewear market has been classified into North America, Asia Pacific, Europe, and Rest of the World. In 2012, North America dominated the market in terms of volume, accounting for a 30% share in the global eyewear market. The rapid growth of this region can be attributed to the growing demand for sunglasses and contact lenses in the last few years. On the other hand, the Europe eyewear market led the overall market on the basis of revenue in 2011. Nevertheless, the eyewear market in Asia Pacific is projected to grow at a fast pace owing to the growing population in this region. The Asia Pacific eyewear market is estimated to register a 9% CAGR between 2012 and 2018, thanks to the substantial contribution from China and India.

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The research study further analyzes the competitive landscape of the global eyewear market and present detailed profiles of the major players operating in the market. The product portfolio, business policies, financial overview, recent developments, and SWOT analysis of the players have also been included in the scope of the research study. Some of the prominent players mentioned in the research report are Essilor International, Vision Express, Luxottica Group S.p.A, Carl Zeiss AG, Fielmann AG, Specsavers Optical Group Ltd., CIBA Vision Inc., De Rigo S.p.A, Hoya Corporation, Safilo Group, Marchon Eyewear, Johnson & Johnson Vision Care, CooperVision, and Bausch & Lomb.

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