The global eyewear market size is anticipated to expand owingto the increasing awareness about ocular diseases, coupled with the rise inprevalence of vision abnormality. A report on eyewear market by FortuneBusiness Insights, titled “EyewearMarket Size, Share & Industry Analysis, By Product Type (Spectacles,Sunglasses, Contact Lens), By Distribution Channel (Retail Store, Online Store,Ophthalmic Clinics), and Regional Forecast, 2019-2026” provides a360-degree overview of the market that will prove beneficial for players in theforecast duration.
The report is based on thorough research on thesubject primarily focusing on growth drivers, restraints, that will helpvendors see a clear vision of the future market. It enlists the names of marketplayers and strategies adopted by them to earn high eyewear market revenue inthe forecast period. These strategies include mergers and acquisitions, productlaunches, company collaborations, contracts, investments in research anddevelopment, and others. All information presented in the report is extractedfrom primary and secondary research methods. The report is available for saleon the company website.
An Overview of the Impact of COVID-19 on this Market:
Theemergence of COVID-19 has brought the world to a standstill. We understand thatthis health crisis has brought an unprecedented impact on businesses acrossindustries. However, this too shall pass. Rising support from governments andseveral companies can help in the fight against this highly contagious disease.There are some industries that are struggling and some are thriving. Overall,almost every sector is anticipated to be impacted by the pandemic.
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Rise in Prevalence of OcularDiseases to Drive Market
Eyewear comprises of accessories and items that can beworn over the eyes. They are used for various purposes, such as for protectionagainst environment, embellishment or fashion purpose, or for enhancing orimproving vision. Eyewear products are basically in the form of contact lenses,sunglasses, and spectacles. In addition, they help to protect against UVB andUVA sun rays and aid to treat ocular diseases such as short orlong-sightedness, and others. Rise in the availability of spectacles in onlinechannels and retail stores from both developing and developed nations isexpected to increase the demand for higher-value sunglasses. The surge in brandadvertising has urged consumers to become brand conscious, thus adding a boostto eyewear market growth. Rise in the geriatric population and theirvulnerability towards eye disorders, infections, and diseases will promote theuse of spectacles and contact lenses. This, in turn, is prognosticated toincrease the eyewear market share in the forthcoming years.
North America to ContinueDominance Owing to Presence of Increasing Awareness about Eye Problems
The global eyewear market is geographically segmented intofive regions namely Europe, North America, Asia Pacific, Latin America, and theMiddle East and Africa. In 2018, North America generated an eyewear marketrevenue of USD 35.60 billion and dominated the market. This domination isattributable to factors such as a rise in awareness about ocular disorders, andpreference for premium eye care products. On the other side, Europe eyewearmarket will rise at a remarkable rate owing to an increase in affordability tobuy expensive sunglasses in nations such as UK, France, and Germany.
Moreover, the market in Asia Pacific is likely to witnesshigh CAGR in the eyewear market share on account of the rise in geriatricpopulation, prevalence of ocular diseases, rise in disposable incomes ofpeople, and brand advertising that urges people to opt for the expensivebranded eyewear products.
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