LONDON--(BUSINESS WIRE)--The eyewear market is expected to grow by USD 57.69 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The prevalence of vision disorders is increasing due to several factors such as changing eating habits, and large duration of time in front of different types of screens such as the computer, the laptop, the iPad, and the television. About three-fourth of the people in APAC and one-third each in Europe and the US suffer from some form of myopia or hypermetropia. Cataracts are one of the leading causes of vision disorders in the world. Approximately 5,000 cataract operations are carried out per million people every year globally. Moreover, with the increase in age, people become more susceptible to eye diseases such as age-related macular degeneration (AMD), diabetic retinopathy, glaucoma, and cataracts. Such a high prevalence of eyesight disorders will lead to a significant rise in the demand for eyewear during the forecast period.
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As per Technavio, the adoption of omnichannel distribution systems and digital marketing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Eyewear Market: Adoption of Omnichannel Distribution System and Digital Marketing
Online shopping is gaining a strong foothold across economies, with a large number of emerging players taking to the online platform to launch their products. To increase volume and value sales and expand customer reach, they are aggressively executing their online marketing and promotional activities. The adoption of the online channel helps the vendor to reduce operational costs and increase product reach. Moreover, market players are making all efforts to offer customization services for online purchases, with additional options such as virtual fitting and free product trials at home. Leading marketers such as LUXOTTICA GROUP and Essilor offer online services to buy contact lenses, vision care products, and surgical products. With growing Internet penetration and the high number of consumers that make purchases online, this trend is likely to have a significant impact on market growth over the coming decade.
“Factors such as the growing demand for premium eyewear, personalization, and loyalty programs, and the utility of eyewear as a fashion product will have a positive impact on the growth of the eyewear market value during the forecast period,” says a senior analyst at Technavio.
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Eyewear Market: Segmentation Analysis
This market research report segments the eyewear market by product (eyeglass, sunglass and contact lenses), and geography (APAC, Europe, MEA, North America and South America).
The European region led the eyewear market in 2019, followed by North America, APAC, South America and MEA. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as growing urbanization and changing lifestyles and increasing sales through online channels.
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Some of the key topics covered in the report include:
Product
- Eyeglass
- Sunglass
- Contact lenses
Geographic segmentation
- APAC
- Europe
- MEA
- North America
- South America
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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