The global Spectacle Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
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.
Key Players:
- Essilor
- Johnson & Johnson Vision
- Ciba Vision
- ZEISS International
- HOYA Corporation
- Zenni Optical, Inc.
- Warby Parker
- Lenskart
- Titan Company Limited
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Growth Drivers:
Factors such as willingness to spend lavishly on fashionable spectacles, commoditization of the eye-wear industry, and the influence of celebrities are expected to proliferate the demand for the product. Moreover, modern consumers tend to follow emerging fashion trends, and there is a wide variety of stylish and trendy spectacles available. Furthermore, plastic frames are gaining high popularity owing to ease of repair and improved durability. These factors are expected to drive market growth.
Distribution Channel Outlook:
- Online
- Offline
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.
Parts Outlook:
- Frames
- Lenses
In 2018, the lens segment had the largest share with 56.2%, in the spectacles market. There has been a high demand for different types of lenses such as progressive, bifocal, trifocal, and single vision lens which are expected to proliferate the growth of the lens segment during the forecast period. Moreover, the rapid increase in the aging population has boosted the demand for a bifocal lens. These factors are anticipated to propel the growth of this segment. Manufacturers are investing a high amount in R&D to develop customized products that fulfill the desired specifications of customers. For example, a company named Zeiss International introduced a new portfolio of lenses coated with Zeiss UVProtect that help in managing myopia and reduce the intensity of UV rays.
The segment of frames is projected to grow at the fastest CAGR of 2.7% over the forecast period. Frames of the spectacles are often replaced with time. This factor is expected to fuel the segment’s growth. Moreover, there has been a high demand for frames made up of fiber because of their high durability. Further, the rising preference of consumers for trendy frames is anticipated to boost the growth of the frames segment.
Regional Outlook:
In 2018, the revenue share held by North America was 32.6%. High usage of devices such as smartphones, computers, and televisions has adversely affected eyesight causing vision impairment. This factor is expected to boost the regional demand for spectacles. The rapid increase in the aging population and predominance of presbyopia are the factors anticipated to proliferate the spectacle market in this region.
Asia Pacific is projected to grow at the fastest CAGR of 2.8% over the forecast period, owing to the increasing number of teenagers detected with myopia or nearsightedness. Out of the total population, around 80-90% of people in countries like Japan, China, South Korea, and Singapore suffer from nearsightedness or myopia. Furthermore, the working population in countries like China, Vietnam, and India is rapidly increasing which is expected to proliferate the demand for glasses specifically designed for computer use during the forecast period.
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