Eyewear consists of items and accessories used to aid in vision correction, cosmetic enhancement and protection of the eyes. These products are worn to correct and alleviate refractive errors. Eyewear market covers all the products worn on or over the eyes with the aim to improve the quality of life of patients.
As per the recent TMR report, the global eyewear market is expected to reach a value of US$ 265,414.36 Mn by 2025. The market was valued at US$ 132,708.54 Mn in 2016. During the forecast period from 2017 to 2025, the global eyewear market is predicted to expand at a CAGR of 8.30 %
Geographically, the global eyewear market is segmented into five major regions namely North America, Asia Pacific, Europe, South America and the Middle East and Africa. North America currently holds the lead in the global eyewear market. In the near future as well the regional market is anticipated to rise at steady pace. This due to rising disposable income of people in the region. On the basis of segments online segment to report a higher CAGR during the course of the forecast period.
One of the prime drivers of the global eyewear market is increase in the prevalence of the chronic eye diseases across the world. Apart from this, hectic lifestyle and changing demographics are the other factor propelling the market of the global eyewear market. Some of the common causes of growing visual problems are hypermetropia/hyperopia, astigmatism, myopia, and presbyopia include the longer of uses of smartphones and tablets.
The rising incidence of visual impairment will pose a positive effect on the global eyewear market. According to the World Health Organization (WHO), around 285 million people across the world are suffering from visual impairment wherein nearly 246 million people are suffering from the low vision and 39 million complain of blindness. This is big figure for the global eyewear market and creates huge opportunity for the growth in the market.
Ongoing Fashion Trends attributes growth to Global Eyewear Market
Ongoing fashion trends of wearing designer eyewear has emerged as one unconventional drivers of the global eyewear market. The trend is mainly because of the changing lifestyle of the consumers owing to the rising disposable income of the consumers. The growing inclination of the consumers of towards branded eyewear products will pave way for the market to capitalize on lucrative prospect. Siting the trend, the key players of the global market trying to lure the customer with designer and cost effective product launches. While, majority of the companies adopting product branding approach to seek customer attention.