The global sales of eyewear were recorded at ~US$ 88 billion in 2014, and the market grew at ~5% CAGR during the period 2014-2018, finds a recent study published by Persistence Market Research (PMR). The study opines that increasing demand for trendy eyewear products along with consumers’ inclination towards following healthy eye care regimes is expected to boost growth for the eyewear market, and it is estimated to generate a value of ~US$ 112 Bn by the end of 2019.
The study includes vital macroeconomic factors and forecast factors that are anticipated to fuel the growth of the global eyewear market. The report on the eyewear market also sheds light on restraints that are likely to hamper the growth of the market, along with potential opportunities and latest trends in the market.
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Plano Sunglasses to Enjoy Immense Popularity; Account for Over One-Third Market Value Share
The PMR study finds that the sales of plano sunglasses accounted for ~40% revenue share of the global market for eyewear in 2018, and their popularity will only grow in the coming years. Key players in the eyewear market are showing keen interest in advertising their brands on television, social media, and through celebrity endorsement. Hence, they are selling the plano sunglasses in the premium category with claim to offer high quality products.
Increasing awareness of eye care among people are inspiring them to go for regular eye checkups and eyewear product purchase from the store and eye care centers near their home. The barrier to new entrance in the eye care market is reducing day by day, owing to increasing scope of new designs in products, and due to increasing availability of recourses across the globe. Thus, a significant number of players are emerging in the eyewear market with new eyewear designs and product innovations.
Developing Countries in Asia as High Potential Region for Eyewear Manufacturers
Though the demand for eyewear products remain highest in developed countries in North America and Europe, the demand is likely to increase at an impressive rate in developing countries in Asia Pacific, according to the PMR study. Key players in the market of the optical and eye care industry have recognized the growth opportunities in Asian countries excluding Japan for the eyewear market. In 2016, Essilor formed partnership by taking 50% stake in Photosynthesis Group, in Hong Kong. This helped the company to increase its sales in sunglasses and contact lenses, in terms of volume, under a range of banners including MJS.
Thus, according to PMR analysis, companies are increasing focus on expanding their sales in the Asia Pacific excluding Japan region, with high penetration rate during the forecast period. Moreover, increasing healthcare spending, rising disposable income, and high number of optical clinics are some of the key factors driving the growth of the eyewear market in the Asia Pacific region excluding Japan.
Furthermore, leading companies in the global eyewear market are expanding their business through mergers, acquisitions, and collaboration strategies in a bid to seize a prominent share in the global eyewear market.
- In 2019, Eyecare Group (AEG) (a portfolio company of Riata Capital Group) acquired 11 regional eye care practices centers in Texas, USA for expanding the company’s business in Texas eye care market. The practices centers include EyeTx Vision Centers, Hill Country Vision Center, and others.
- In 2019, EyeCare Partners LLC acquired Nationwide Vision Company. This acquisition is expected to significantly expand the company’s business by targeting the regional customer.
- In August 2016, Essilor acquired Luxottica Group SpA for approximately US$ 24 Billion. This acquisition helped the company to increase the company’s sales in terms of volume due to high demand for Ray-Ban sunglasses in the eyewear market.
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A few prominent market players in the value chain of the global eyewear market include Luxottica Group SpA, Essilor International S.A, Carl Zeiss AG, Hoya Corporation (Life Care), Johnson & Johnson Vision Care, Inc., Cooper Companies Inc., Fielmann AG, Safilo Group Spa, Marcolin S.p.A., and De Rigo S.p.A.