Published Date : Jul 24, 2017
ALBANY, New York, July 24, 2017: The global eyewear market has made impressive strides over the years and is expected to grow at a healthy clip in the next couple of years too. The market has continued gaining pace in response to a number of growth drivers. A recent report by MarketResearchReports.biz, titled, “Global Eyewear Market with Focus on The Premium Eyewear (2017-2021 Edition),” furnishes crucial insights into the growth trajectory and competitive dynamics of the global eyewear market.
At the forefront of driving growth in the global eyewear market is the increasing pool of elderly who often suffer from vision impairment on account cataract, macular degeneration, glaucoma, and diabetic retinopathy. Thanks to constant thrust on product development, special kinds of highly sophisticated eyewear have hit the market that is helping the elderly to regain proper vision. This coupled with increasing purchasing capacity of people is serving to drive the market. Other growth drivers in the global eyewear market are growing urbanization and awareness about various vision-related problems. In fact, surging popularity of eyewear as a fashion statement is particularly boosting the premium eyewear segment.
Serving to hinder the global eyewear market, on the other hand, is the sale of illegal decorative lenses and lower priced non-branded products that are damping sales of branded stuff.
The global market for eyewear can be broadly split into contact lenses and spectacles. The spectacles can be again segmented into spectacle lenses, sunglasses, spectacle frames, and ready-made reading glasses. At present, the segment of spectacles grosses maximum revenue as they are usually preferred to tackle various visual inaccuracies, namely myopia and hyperopia. This is because, despite being way more expensive than lenses, their replacement rate is lesser. Frames can be made of different materials such as plastic, nylon, metal, etc.
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The report also divides the global eyewear market based on price points into entry level, mid, and premium segments. It offers a detailed reports of the premium eyewear market too.
Based on geography, the key segments of the global eyewear market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. At present Asia Pacific holds a leading share in the global eyewear market on the back of fast-expanding developing economies of India and China. Rising wealth of the people along with the rising awareness resulting from marketing campaigns, promotions, and unveiling of advanced products every now and then is serving to boost the market in the region.
Presence of a handful of prominent international companies and numerous local ones makes the global eyewear market fragmented. Some of the major players in the market, profiled in the report are Luxottica Group, Safilo Group, and Essilor International.
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