New York City, 14 Jan 2019: The world, eyewear market have
been transformed into one of the most popular consumer products of the decade.
From the time of its inception, this industry has grown significantly and
continues to do so at a remarkable rate. Polaris Market Research has published
a report on worldwide Eyewear market and it suggests that the eyewear market is
estimated to grow over USD 235 billion by 2026. The sellers in the market are
introducing new products to cater the increasing customer demands. Let us
examine some of the trends and factors driving growth and consumer demand in
the global eyewear market.
The eyewear segment of the world's economy
was worth approximately 120 billion US dollars in 2017, a figure that has grown
substantially since that time. Population growth and increasing rate of
incidence of optical deficiency are projected to drive growth within the industry
over the next eight years.
Growing awareness amongst members of the community
concerning the benefits of regular eye examination and rising purchasing power has
also projected a favourable impact on the industry for the foreseeable future.
The increase in the number of cases of myopia (near-sightedness) amongst
children and adults due to environmental factors and genetic predisposition has
resulted in an increment in demand for medical eyeglasses on a global scale.
Lifestyle changes and technological
breakthroughs in the tablet and smartphone industry have caused general
increases in eyestrain. This has resulted in increased risk of eye
complications in later years. The increase in disposable income across the
various demographic regions of the global community means that eyeglasses,
particularly sunglasses and spectacle frames are now a popular fashion accessory.
Consumers derive considerable pleasure from
acquiring sunglasses not just because they need a functional replacement, but
also to look fashionable. In response, designers are actively adding
innovations to their products to cater for varying consumer preferences and
needs.
Now more than ever, consumers are using
prescription contact lenses to address visual defects and refractive problems.
The advent of cheaper disposable contact lenses that are also easy to maintain
and clean has made them a popular commodity. Plano sunglasses are also enjoying
a steady growth in demand and are one of the top eyewear fashion trends for
2018. All these are positive trends will continue to drive demand for eyewear
over the coming years. But, recent advances in refractive treatment and laser
eye surgery could hinder growth during this time.
Product segmentation for the global eyewear market is as follows: spectacles, Plano sunglasses and contact lenses. The
current popularity of Plano sun glasses amongst the fashion and health
conscious customer segment is expected to be a major driver of growth for the
industry.
Spectacles contributed over 50 percent to the total market share in the year 2015 and this percentage grew steadily through 2016 and 2017. The success of this segment is largely driven by the growing number of aged people who need readymade and prescription reading glasses to compensate for poor vision.
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