A multi-billion-dollar business space in itself, eyewear market is witnessing a slew of manufacturers expanding their footprints lately. Leading companies are bolstering their portfolios, while startups are coming to the fore. Production of eyewear has surged dramatically.
According to the WHO, at least 2.2 billion people either have a blindness or vision impairment, with 1 bn having a vision impairment which could have been averted.
Further, rise in diabetic retinopathy, cataract, and myopia has furthered the business outlook. In the latest research report by Global Market Insights Inc., the company claims that eyewear market size is poised to expand substantially.
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Here are some of the dynamics that will remain pivotal for eyewear market through 2025:
Potential trends
Metal frames have been setting the trend in eyewear market landscape as they have become one of the most popular materials for eyeglass frames. Use of titanium, beryllium, and aluminum may witness increased traction. Pressing demand for metal frames is being witnessed among Gen Z and millennial population.
When it comes to beryllium, attributes such as corrosion, light weight, and durability have fared well for eyewear manufacturers. Besides, aluminum metal has also been gaining traction as an exclusive and high-end eyewear. It is worth noting that lightweight and corrosion resistant characteristics of aluminum have upped its popularity among end-users.
Growth drivers
Upsurge in investments and innovation in spectacle frames will potentially augur well for market participants eyeing to foray into untapped areas. Given the fact that spectacle frames are lightweight, non-flammable, and flexible, end-users in North America, Europe, and APAC are likely to seek spectacle frame glass.
The potential danger from UV, sunshine and bluelight are transcending sunglasses to a “must have” from a “good to have” item among developing economies. Traction for sunglasses will continue to boost eyewear industry share.
Opportunities to go mainstream
The already affluent eyewear market is poised to carve out a niche in the luxury brands. With eyewear products going mainstream in North America and Europe, luxury sector is eyeing to garner the attention of shoppers.
While consumer habits are shifting from “high-prices” items to “experiences”, larger firms are focusing on marketing its products through fashion shows and celebrity endorsements. The current picture exhibits ramping up of investment towards luxury products in APAC and Europe. Startups have set their sight on luxury eyewear as they make their mark in the nexus of eyecare.
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With demand for eyewear being revved up globally, disruption is also being witnessed. More consumers are preferring online mode, thereby alluding the business outlook in the next five years.
Most notably, online sector is offering massive discounts and several companies are jumping on the bandwagon and are adopting the modern distribution channel. Prominent companies are wooing consumers by selling eyewear online at prices lower than the brick-and-mortar stores.
Some of the challenges
With the WHO promoting eye corrective surgeries, the industry growth may be marred. Moreover, shifting consumer pattern towards online stores poses challenge to retail stores.
There is an unparalleled opportunity to create and build an innovative and strong brand through combining innovation, creativity and contamination. Leading companies are likely to emphasize on the innovation of materials and treatments in the years ahead.
About Global Market Insights:
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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