Product Innovations Through Technological Advances Set to Drive the Global Eyewear Market Through 2020, Says Technavio
By Business Wire News
According to the latest research study released by Technavio, the global eyewear market is expected to reach over USD 142 billion in revenue by 2020.
This research report titled ‘Global Eyewear Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various product segments, including spectacles, sunglasses, and contact lenses.
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“Technological advances have allowed marketers to introduce multiple categories of eyewear products suited to specific functions and requirements. Vendors are investing heavily in research projects to introduce innovative eyewear products in terms of both – functionality and style. Lenses are now being developed that use improved optical designs, materials, and enhanced coatings to offer enhanced comfort to users,” said Brijesh Kumar Choubey, one of Technavio’s lead analysts for retail goods and services.
“Eyeglass frames are now available in a wide variety of materials, designs, and styles, including wooden and 3D printed ones. These products are lightweight and highly durable, designed to provide comfort while also appealing to the style requirements of users. Eyewear manufacturers like Monoqool and Oakley, for instance, have been launching innovative frames that are built using 3D printing technology and engineering concepts inspired by motorcycle wheels, to reduce the use of screws in frames and provide better fit and handling,” added Brijesh.
Global eyewear market by product type 2015
- Spectacles 77.33%
- Sunglasses 13.98%
- Contact lens 8.69%
Source: Technavio research
Global eyeglasses market
The global eyeglasses market was valued at USD 77.82 billion in 2015. The global eyeglasses market has become mature in developed countries such as the US, Japan, the UK, France, Italy, Spain, Canada, and Germany. Nearly 60% of the revenue contribution for eyeglasses came from developed markets in 2015.
The eyeglasses segment includes both eyeglass frames and lenses. This market has reached maturation and is expected to experience slow growth primarily due to the increased adoption of contact lenses and laser eye correction surgeries by target customers. However, the availability of aesthetically appealing frames is growing in popularity as fashion accessories, and this will encourage market growth during the forecast period.
Global sunglasses market
The global sunglasses market was valued at USD 14.07 billion in 2015. Revenue in the global sunglasses market is likely to grow at a moderate year-over-year rate until 2020, thanks to a rise in per capita expenditure on sunglasses in key emerging markets such as China, Brazil, India, Russia, South Africa, the UAE, and Saudi Arabia.
Growing awareness among consumers about the harmful effects of UV rays is contributing to increased sales of sunglasses. However, high competition in the market because of brand clutter and the availability of counterfeit products are some of the challenges. Emerging countries are witnessing a considerable rise in disposable income, which means that more consumers can afford premium, high-quality sunglasses. This will contribute to revenue growth in the market.
Global contact lenses market
The global contact lenses market was valued at USD 8.74 billion in 2015. Easy availability of contact lenses, use of technologically advanced lens materials, and increasing adoption of colored contact lenses as a fashion statement are factors that contribute to revenue growth in this segment.
Contact lenses made of silicone hydrogel or hydrogel, considered as soft lenses as they allow oxygen permeability to the cornea, and are therefore preferred over traditional hard lenses. Other materials from which contact lenses are made are gas permeable materials such as fluorosilicone acrylate materials, silicone acrylate materials, and hybrid materials, which are combinations of silicone hydrogel and gas permeable materials. Lenses made of gas permeable materials are very rigid and durable. Because of their rigidity, these lenses are especially efficient in eyesight correction in individuals who has astigmatism.
Browse related reports:
- Global Sunglasses Market 2015-2019
- Global Contact Lens Market 2015-2019
- Vision Care Market in the US 2015-2019
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