Eyewear products spanned across the globe have become one of the most iconic consumer goods of the decade. People from diverse cultures and vast demographic differences are becoming consumers of the global eyewear market. Age factor and eye problems are no longer the only factors prompting the eyewear sales in retail stores. Growing sense of presentable appearance, blended with the influence of trending fashion, has made youngsters from various parts of the world potential buyers for eyewear products such as sunglasses. Lifestyle choices such as active participation in outdoor excursions or excessive exposure to media devices such as TVs or gaming consoles has also induced growth in the global demand for eyewear products. A latest report published by Persistence Market Research projects that by the end of 2026, around US$ 166,509.5 Mn worth of eyewear products will be sold in the world.
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Titled as “Eyewear Market: Global Industry Analysis and Forecast, 2016-2026,” the report estimates that the global eyewear market is presently valued over US$ 95,000 Mn, and will ascend steadily at 5.8% CAGR. In 2016, more than 1,300 million units of eyewear were globally consumed, and this number is expected to surpass 2,100 million units by the end of 2026. Key factors influencing the growth of global eyewear market include:
Impact of Premiumization: Eyewear manufacturers are expanding their businesses to the developing economies with an aim cater to high demand. This has stimulated premiumization of eyewear products, particularly for consumers longing to experience luxury eyewear through affordable new products available in premium price range.
Innovative Solutions in Eye Healthcare: Technological advancements in healthcare industry are instrumenting the emergence of innovative eyecare solutions. Soft contact lenses or corrective spectacles with variable foci and other added features are gaining prominence as eyewear products.
Supply Networking Challenges: The growth in demand for eyewear products is constantly riddled with supply networking challenges. New entrants are triumphing the highly-competitive market with attractive offerings and reasonable pricing. Supplying these newly-entered products continues to distress distributors of eyewear products, and renders ambiguity in the global eyewear supply chain.
E-Commerce Gateway: The most lucrative way to capitalize in the global eyewear market is to offer products through e-commerce platforms. An intensive approach to customers, vast array of marketing options and high profit margins continue to compel manufacturers towards e-tailing sites.
The report reveals that throughout the forecast period, plano sunglasses will remain top-selling eyewear product in the world. Along with spectacles, plano sunglasses will be dominating with more than three-fourth of global revenues by 2026-end. Demand for mid-priced eyewear products will remain high, while products offered in low and premium price range will lose traction in the years to come. Company outlets or franchisee outlets will be the largest distribution channels for eyewear products in the world, accounting for around 30% share of global revenues. Meanwhile, revenues amassed from online sites or e-commerce platforms will have registered growth at 7.4% CAGR.
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North America and Western Europe will collectively be the most lucrative regions for eyewear businesses – accounting for over US$ 100,000 Mn revenues by 2026-end. Demand for eyewear products will also continue to gain traction in the Asia-Pacific excluding Japan region, Middle East & Africa, Japan, and Eastern Europe. Key eyewear manufacturers profiled in the report include, Luxottica Group SpA, Essilor International SA, Carl Zeiss AG, Hoya Corporation (Life Care), Johnson & Johnson Vision Care, Inc., Cooper Companies, Inc., Fielmann AG., Safilo Group Spa, Marcolin SpA, and De Rigo SpA.