Good Forecasts for the Eyewear Market
Expanding wearer base coupled with increasing penetration of eyewear for vision correction is expected to fuel market growth over the next six years.
The global eyewear market is expected to reach USD 142.18 billion by 2020, according to a new study by Grand View Research, Inc. Early entry of children into the corrective eyewear space as well as aging population is expected to positively impact demand on a global level.
Growing urbanization and disposable income, along with awareness regarding the need for protecting the eyes against UV rays has led to high demand for plano sunglasses. Acceptance of alternative methods of vision correction including refractive surgeries such as LASIK and PRK are estimated to restrain market growth over the forecast period.
The global eyewear market was estimated to be 2,750.3 million units in 2012, which is expected to reach 3,507.7 million units by 2020, growing at a CAGR of 3.2% from 2014 to 2020.
Spectacle frames and lenses accounted for over 50% of the total eyewear shipments in 2012; they also contributed significantly to revenue in the same year. This is primarily on account of high replacement rate of lenses, due to changing prescription. The advent of high-index lenses has also led to a surge in product demand, which is expected to continue through the forecast period.
Plano sunglasses are expected to be the fastest growing product segment, at an estimated CAGR of 8.1% in terms of revenue from 2014 to 2020. Demand for high-end sunglasses sold at premium prices is the key factor for high expected revenue generation. Polarized sunglasses contributed over 20% of overall shipments in 2012, with CR-39 expected to remain the largest lens material segment.
North America dominated global demand in 2012; while Asia Pacific is expected to be the fastest growing regional market, at an estimated CAGR of 3.7% from 2014 to 2020. In terms of revenue, Europeaccounted for over 40% of the total market in 2012, because of significantly high selling prices as compared to the global average.
The global market space consists of numerous participants, divided among contact lenses, spectacles and plano sunglasses suppliers. They follow strategies such as product innovation, vertical integration and mergers and acquisitions to gain market share. Establishment of a widespread and effective distribution network is seen as the key to achieving market expansion. Key companies operating in the market include Johnson & Johnson, Bausch & Lomb, CooperVision, Carl Zeiss, Essilor, Luxottica Group S.p.A. and Safilo Group S.p.A. among others.
