Global Eyewear Market Growth Fuelled by Rising R&D Activities

Aug 29, 2018

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Eyewear are the accessories worn over or on the eyes for enhancing visual acuity and protecting them against dust particles and harmful UV rays. Earlier, numerous styles of eyewear were available for both the genders which were limited to their functionality and not used as a tool for enhancing an individual’s appearance. The very first pair of wearable eyeglasses were invented in the 13th Century by Salvino D’Armateof Florence which were shaped like two small magnifying lenses riveted together with metal, bone or leather mountings to place on the bridge of nose. With time, various new technologies as well as manufacturing processes have been developed to a great extent which are being continuously adopted by the producers. Nowadays, there is an availability of numerous types of eyewear products which include contact lenses, sunglasses and spectacles. Additionally, different materials are used for producing lenses of the aforementioned products such as glass and plastic, whereas, the frames are generally made of either metal or plastic. According to IMARC Group, the global eyewear market reached a value of US$ 109 Billion in 2017. Looking forward, the eyewear market is further expected to reach US$ 167 Billion by 2023, at a projected CAGR of more than 7% during 2018-2023.

Rising prevalence of myopia to drive the eyewear market

The demand for prescription-based eyeglasses has increased as there has been a notable rise in the cases of myopia which is one of the major factors which has been driving the eyewear market size. In addition to this, manufacturers have been increasingly investing in research projects so as to develop innovative lenses with improved optical designs, materials, and enhanced coatings. The eyewear market growth is also being propelled by the rising demand for luxury and branded sunglasses as the consumers are willing to spend more on premium products. Another trend in the market is the increasing number of awareness programs on the advanced treatments available for eyesight disorders. These programs are generally conducted by various manufacturers, government or non-governmental organisations. Some of the other eyewear market trends which are contributing towards the demand for eyewear products include launch of low-cost and disposable lenses, increase in ageing population, rapid growth in online retailing, and introduction of vision insurance plans. However, the growth of the market is being hindered by the presence of counterfeit products and increasing number of corrective eye surgeries.

Product Insights

Currently, there are numerous types of eyewear products available in the market including spectacles, sunglasses and contact lenses. Spectacles account for the largest segment owing to the increasing usage of gadgets and electronic devices, such as mobile phones, laptops, tablets and computers which have led to a rising number of eyesight disorders. In addition to this, governments of various emerging nations have started taking several initiatives in order to spread awareness about eye-care which has been positively influencing the demand for spectacles across the globe.

Moreover, the increase in the demand for sunglasses can be accredited to the availability of various designs as well as innovative and efficient products. Whereas, the demand for contact lenses has been increasing due to changing lifestyles, enhanced buying power of the consumers as well as rising consciousness among consumers regarding their appearance.

Gender Insights:

On the basis of gender, the market has been segmented into men, women and unisex. Amongst these, men represent the largest segment of eyewear products on account of excessive exposure to digital devices such as smartphones, personal computer, tablets, etc. Increasing demand for feminine eyewear products can be attributed to a significant rise in the working female population across the globe. Whereas, the demand for unisex eyewear products has been rising due to the introduction of numerous new, unique and innovative styles which are appealing to both men and women.

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