Monday 14 January 2019

New Trends in Eyewear Market

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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