Eyewear: Key market research findings
- Increased disposable income drives market growth
- Increasing preference for eyewear as accessories
- Key vendors—Alcon, Essilor, Johnson & Johnson Vision Care, Luxottica, and Safilo
Technavio’s market research analysts predict the global eyewear market to grow at a CAGR of more than 7% in terms of revenue between 2016 and 2020. The growth in the market is fueled by the increase in disposable income amongst the middle class. The middle-class segment of the population is a segment of the population is likely to create substantial opportunities for vendors of eyewear owing to its high contribution to sales. Rising disposable income has resulted in a rise in per capita expenditure, resulting in the increased spending on fashion products such as eyeglasses and sunglasses. At present, Europe accounts for around 41% of the market space to dominate the global eyewear market. The premium-priced sunglasses and eyeglasses segment and the customized color glasses and eyeglasses segment in the UK, France, Italy, Spain, and Germany account for high revenue shares from this region. The growth of the e-commerce industry in Europe is expected to reflect positively on the growth of the eyewear market in Europe by 2020.
The new market research report from Technavio presents a breakdown and analysis of the eyewear segments based on product type.
“The latest trend in the market is the use of eyewear as fashion accessories. Eyewear designers are focusing on the developing eyeglasses and sunglasses in new styles, sizes, colors, and designs. As a result, consumers have the option of choosing eyewear based on occasions such as office wear, casual wear, party wear, and beachwear. Besides,the manufacturers are also developing various types of colored contact lenses such as those that can project up to three shades of color,” Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
During 2015, the spectacle segment accounted for more than 77% of the market share to dominate the global eyewear market. The spectacle or eyeglasses segment includes both the eyeglass frames and lenses. The availability of aesthetically appealing frames, which are growing in popularity as fashion accessories is the primary driver for growth in the market. The availability of eyeglasses online owing to the growth of the e-commerce sectors is likely to boost growth in the eyeglasses market across the globe during the forecast period.
The key vendors in the global eyewear market include Alcon, Essilor, Johnson & Johnson Vision Care, Luxottica, and Safilo. The global eyewear market is fragmented due to the presence of a few international and many local players operating in the market. A few international vendors are based in the US while others are headquartered in Europe. Every one of these vendors has an online presence as well as brick-and-mortar stores. The vendors have extensive product and brand portfolios. Vendors have to compete for market share by pricing, product portfolios, and premium product offerings to gain maximum market shares. New entrants and private labels will intensify competition, which in turn will lead to price wars.
A more detailed analysis is available in the Technavio report, Global Eyewear Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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