Eyewear consists of items & accessories
worn over or on the eyes, for protection against the environment, fashion or
adornment, and to improve or enhance visual acuity. It includes lenses,
spectacles, and sunglasses worn for vision correction & protection of eyes
from harmful ultra violet (UV) lights or dust particles.
According to study, “Global
Premium Eyewear Market Size study, by Type (Prescription Eyeglasses,
Sunglasses), by Application (Young Adults, Adults, Mature Adults, Seniors) and
Regional Forecasts 2018-2025” some of the major companies that are
currently working in the global premium eyewear market are Luxotica Group
S.p.A, Grand Vision, Essilor International, Carl Zeiss AG, Formosa Optical,
Charmant, Hoya Corporation, De Rigo S.p.A, Safilo Group S.p.A, Indo
Internacional, TEK Optical Canada, CIBA Vision, Johnson & Johnson, Marchon,
Coopervision, GBV, Bausch & Lomb, Fielmann AG. All these manufacturers
offer innovative spectacles & lenses, due to availability of lightweight
materials and technological advancements.
Based on type, global premium eyewear market
is segmented into sunglasses and prescription eyeglasses. Based on distribution
channel, market is alienated into hospitals, multi-brand stores, company
outlets or franchises, clinics and e-commerce or online. Based on application,
market is characterized as adults, young adults, mature adults and seniors.
These days vision problems are general in both
the male & female population across the world. The anxieties related with
eyes of or problem seeing may vary significantly in proportion of harshness
beginning from negligible blurred vision to complete blindness. The age-related
macular degeneration and diabetic retinopathy is the most common ocular
conditions. The vision limitation is the most common concern in females as
compared to the male population and impact to older individuals which raise the
usefulness of eyewear & further positively manipulate the growth &
development of premium eyewear market.
The global premium eyewear market is driven by
the rise in urbanization. Some of the other driving aspects include high
healthcare expenditure in emerging markets, escalating disposable income of the
individuals, upsurge in elderly populace & extended live expectancy and
growing middle class population. The old aged people are liable to experience a
large gamut of vision related problems such as cataract and presbyopia, thereby
fostering a mounting demand for eyewear. Apart from advantages, some of the
challenges include increasing number of refractive eye surgery and availability
of counterfeiting eyewear. Additionally, some of the new trends are high
prevalence of myopia & high myopia and escalating online eyewear retail
channel.
North American region is a significant region
across the world of this market. Whereas, due to the countries such as Japan,
China, and India, Asia Pacific region is expected to exhibit higher growth rate
over the projected period 2018-2025. In addition, the Europe region is expected
to be the top growing region on account of escalating eye related disorders
& diseases mainly in the countries such as France, Germany, United Kingdom
and Spain. It is estimated that the global premium eyewear market will be
reached at US $226.6 billion, by 2025. In upcoming years, it is probable that
this market will be grown fast owing to rising hope on electronic gadgets which
includes tablets, mobile phones television & computers which has resulted
into vision concerns & has paved mode for the adoption of eyewear product
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A moderate growth is observed in the sunglasses market as the growing demand for sunglasses explains development of innovative, effective products and designs along with improved living standards of consumers. Global technological advancements have encouraged manufacturers to introduce sunglasses with innovative functionality. Oakley, a leading global vendor in sunglasses has introduced innovative lens technologies like Prizm. These lenses provide ultra-precise colour tuning, and are designed for specific environments. Latest sunglasses are equipped with built-in speakers by Zungle Panther which uses the bone-conduction technology and Bluetooth audio playback allowing consumers to listen to music and make phone calls by transmitting sound waves to skull using vibrations. Increased awareness about harmful UV radiations among global population demands for branded sunglasses and positively affects the growth of the global eyewear market. Luxottica, Safilo, Essilor, LVMH, and Maui Jim are the prime vendors in the global sunglasses market. Polarized sunglasses are in high demand as they provide higher visibility and comfort, especially for people who are light-sensitive, reduce eyestrain, and display colours properly.