Global Eyewear Market Overview 2018: Growth, Share, Demand and Forecast Research Report to 2023

Eyewear are the accessories worn over or on the eyes for enhancing visual acuity and protecting them against dust particles and harmful UV rays. Earlier, numerous styles of eyewear were available for both the genders which were limited to their functionality and not used as a tool for enhancing an individual’s appearance. The very first pair of wearable eyeglasses were invented in the 13th Century by Salvino D’Armateof Florence which were shaped like two small magnifying lenses riveted together with metal, bone or leather mountings to place on the bridge of nose. With time, various new technologies as well as manufacturing processes have been developed to a great extent which are being continuously adopted by the producers. Nowadays, there is an availability of numerous types of eyewear products which include contact lenses, sunglasses and spectacles. Additionally, different materials are used for producing lenses of the aforementioned products such as glass and plastic, whereas, the frames are generally made of either metal or plastic. According to IMARC Group, the global eyewear market reached a value of US$ 109 Billion in 2017. Looking forward, the eyewear market is further expected to reach US$ 167 Billion by 2023, at a projected CAGR of more than 7% during 2018-2023.

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Rising prevalence of myopia to drive the eyewear market

The demand for prescription-based eyeglasses has increased as there has been a notable rise in the cases of myopia which is one of the major factors which has been driving the eyewear market size. In addition to this, manufacturers have been increasingly investing in research projects so as to develop innovative lenses with improved optical designs, materials, and enhanced coatings. The eyewear market growth is also being propelled by the rising demand for luxury and branded sunglasses as the consumers are willing to spend more on premium products. Another trend in the market is the increasing number of awareness programs on the advanced treatments available for eyesight disorders. These programs are generally conducted by various manufacturers, government or non-governmental organisations. Some of the other eyewear market trends which are contributing towards the demand for eyewear products include launch of low-cost and disposable lenses, increase in ageing population, rapid growth in online retailing, and introduction of vision insurance plans. However, the growth of the market is being hindered by the presence of counterfeit products and increasing number of corrective eye surgeries.

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