San Francisco, CA, April 01, 2014 -- Global eyewear Market is expected to reach USD 142.18 billion by 2020, according to a new study by Grand View Research, Inc. Expanding wearer base coupled with increasing penetration of eyewear for vision correction is expected to fuel market growth over the next six years. A large percentage of the population in rural areas of developing markets does not have access to eye care facilities and services, which represents considerable untapped market potential for industry participants.
Early entry of children into the corrective eyewear space as well as aging population is expected to positively impact demand on a global level. Growing urbanization and disposable income, along with awareness regarding the need for protecting the eyes against UV rays has led to high demand for plano sunglasses. Acceptance of alternative methods of vision correction including refractive surgeries such as LASIK and PRK are estimated to restrain market growth over the forecast period.
The report “Eyewear Market Analysis And Segment Forecasts To 2020,” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/eyewear-industry
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Further Key findings from the study suggest:
• The global eyewear market was estimated to be 2,750.3 million units in 2012, which is expected to reach 3,507.7 million units by 2020, growing at a CAGR of 3.2% from 2014 to 2020.
• Spectacle frames and lenses accounted for over 50% of the total eyewear shipments in 2012; they also contributed significantly to revenue in the same year. This is primarily on account of high replacement rate of lenses, due to changing prescription.
• North America dominated global demand in 2012; while Asia Pacific is expected to be the fastest growing regional market, at an estimated CAGR of 3.7% from 2014 to 2020. In terms of revenue, Europe accounted for over 40% of the total market in 2012, because of significantly high selling prices as compared to the global average.
• The global market space consists of numerous participants, divided among contact lenses, spectacles and plano sunglasses suppliers. They follow strategies such as product innovation, vertical integration and mergers and acquisitions to gain market share.
For the purpose of this study, Grand View Research has segmented the global eyewear market on the basis of product and region:
• Eyewear Product Outlook (Volume, Million Units and Revenue, USD Million; 2012 - 2020)
- Spectacle Frames
- Spectacle Lenses
- Contact Lenses
- Plano Sunglasses
- Polarized Sunglasses
- Non Polarized Sunglasses
- CR-39 Sunglasses
- Polycarbonate Sunglasses
- Polyurethane Sunglasses
• Eyewear Regional Outlook (Volume, Million Units and Revenue, USD Million; 2012 - 2020)
- North America
- Asia Pacific
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Sherry James, Corporate Sales Specialist
Grand View Research, Inc
San Francisco, California, USA
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