Albany, NY (PRWEB) December 04, 2013
According to a new market report published by Transparency Market Research, "Eyewear Market (Spectacles, Contact Lenses, Plano Sunglasses) - Global Industry Analysis, Size, Share, Growth and Forecast, 2012 - 2018," the demand for eyewear products was over 2,600 million units in 2011, and is expected to grow at a CAGR of 3.7% from 2012 to 2018. In terms of revenue, the market was valued at approximately USD 81 billion in 2011 and is expected to reach USD 130 billion by 2018.
Browse the full report at http://www.transparencymarketresearch.com/eyewear-market.html.
High degree of market penetration of corrective eyewear such as spectacles/eyeglasses is primarily responsible for the burgeoning demand for these products. The increasing number of individuals requiring prescription eyewear is also a major driving force for the growth of this market. Expansion of the wearer base can be mainly attributed to children requiring vision correction at an early age due to lifestyle changes, and the rapidly increasing aging population which requires progressive lenses. However, increasing awareness and acceptance of corrective or refractive surgeries to eliminate the use of corrective eyewear is expected to inhibit market growth over the next five years.
Spectacles (spectacle lenses and spectacle frames) are the largest product segment of eyewear in terms of demand and revenue, and were valued at over USD 63 billion in 2011. Contact lenses are another major eyewear product, and are expected to enjoy increasing consumer demand. However, this is not expected to translate into high revenues owing to the relatively lower retail prices of contact lenses compared to other eyewear products.
North America was the market leader in eyewear, and accounted for over 30% of the global market share in 2011. Asia Pacific, particularly China and India, with its dense population and high degree of eyewear penetration, is expected to be the fastest growing market in terms of revenue over the forecast period, and the industry is expected to grow at a CAGR of 9.0% from 2012 to 2018 in this geography.
The global market is moderately consolidated and is characterized by the presence of a significant unorganized sector, especially on a regional level. The contact lens and plano sunglasses industries are expected to witness an increase in market share over the next few years. This study incorporates an extensive company share analysis, as well as comprehensive profiles of key market players such as Luxottica, Safilo, Johnson & Johnson, Bausch & Lomb, Hoya Corporation, Essilor, and so on.
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Increasing usage and acceptance of eyewear products in general, and prescription eyewear in particular, is a critical driver for market growth. With a large percentage of the population afflicted with conditions such as myopia, hyperopia, presbyopia, and astigmatism, the demand for corrective eyewear is on the rise. Plano sunglasses, which are sunglasses fitted with non-Rx lenses, provide protection for the eyes against harmful UV radiation. These non-prescription products are expected to witness lower demand in the organized sector in developing geographies; however, they contribute largely to the overall revenue due to high retail prices.