Million Insights - World's Fastest Growing Market Research DatabaseAccording to new report available with Million Insights, the global spectacles industry report provides in-depth market analysis by production, share, size, demand, economic trends, investment feasibility, major key players, SWOT analysis and forecast.
The global spectacle market is projected to be USD 92.96 billion by the end 2025, according to a new report released by Million Insights. It is anticipated to grow with a CAGR of 2.4% during, 2019 to 2025. Increasing risk of refractive error particularly among youngsters is expected to drive the demand for the product. Moreover, people tend to prefer prescription glasses instead of contact lenses as they help in better correction of vision. This factor is anticipated to positively impact the growth of the market. Rising demand for glasses used specifically while working on computer to eliminate strain on eyes and reduce headache is expected to propel the demand for the product.
Disadvantages of technology and high usage of devices such as smartphones, computers, and televisions has adversely affected the eyesight of the younger population owing to rising threat of Computer Vision Syndrome. These factors are expected to proliferate the growth in demand of anti-glare glasses.
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As of now, approximately 30% of the human population is suffering from myopia. Out of total population, around 80-90% of people in countries like Japan, China, South Korea, and Singapore suffer from nearsightedness or myopia. In accordance to one of the most trusted reports (Journal of Ophthalmology), out of total human population, 50% of the people will suffer from myopia by the end of 2050. In 2018, National Health Commission has reported that around 53% of children and adults in mainland China were myopic. Such predominance of myopia in Asia Pacific is one of the major factors proliferating the regional demand for spectacles.
Factors such as willingness to spend lavishly on fashionable spectacles, commoditization of eyewear industry, and influence of celebrities are expected to proliferate the demand for the product. Moreover, modern consumers tend to follow emerging fashion trends, and there is wide variety of stylish and trendy spectacles available. Additionally, there is high demand for bifocal lenses from Latin American and Asian countries owing to rising incidences of presbyopia among aging population. This factor is expected to propel the demand for spectacles, thereby, boosting the market growth.
In 2018, the lens segment had largest share of 56.2% in the spectacles market. The demand for different types of lenses such as progressive, bifocal, trifocal, and single vision lens has witnessed a significant growth during the forecast period. Furthermore, plastic frames are gaining high popularity owing to ease of repairing and improved durability which is expected to boost the growth of frames segment from 2019 to 2025. Manufacturers focus on adding extra features and frequently innovating the lens material. For example, Essilor Ltd. launched Crizal Lenses which are coated with hydrophobic film that protects the lens from water droplets that tend to stick to the lens’ surface.
The segment of the online distribution channel is projected to grow at the fastest CAGR of 3.2% during the forecast period. Online retailers provide huge discounts and offer variety of products with customization options and step by step online guide while buying any eyewear. These factors are expected to propel the growth of the online segment. The leading online retail stores include Lenskart; Warby Parker; and Zenni Optical, Inc.
In 2018, the revenue share held by North America was 32.6%. Rapid increase in aging population and predominance of presbyopia in countries like Canada and U.S. are the factors anticipated to proliferate the market in this region. Furthermore, Vision Council of America reported that out of total adult population in U.S., 75% of the adults use measures for vision correction, of which 64% adults use spectacles (eyeglasses). This factor is estimated to drive the spectacles market n this region from 2019 to 2025.
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Further key findings from the report suggest:
• In 2018, North America dominated the market with the largest market share and is expected to rule the market over the forecast period
• The frames segment is projected to grow at a CAGR of 2.7% over the forecast period owing to high demand for spectacles because of commoditization of eyewear industry.
• The segment of offline distribution channel accounted for the largest revenue share of 84.9%, in 2018.
• Presence of leading players in the industry such as Johnson & Johnson Vision, Essilor, ZEISS International, CIBA VISION, ZENNI OPTICAL, INC., Titan Company Limited, Warby Parker, HOYA Corporation, MODO, and Lenskart made the market highly competitive nature.
Million Insights has segmented the global spectacles market based on parts, distribution channel and region:
Spectacles Parts Outlook (Revenue, USD Billion, 2015 - 2025)
Spectacles Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Spectacles Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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