Spectacles Market Exhibits 5.7% CAGR to Reach USD 141.54 Billion
Spectacles Market Worth USD 141.54 Billion at 5.7% CAGR; Adoption of Smart Business Strategies by Companies to Aid Growth – Report by Fortune Business Insights
Pune, India, May 24, 2023 (GLOBE NEWSWIRE) — The global spectacles market is projected to reach USD 141.54 billion, thereby exhibiting a CAGR of 5.7% during the forecast period. Fortune Business Insights™ published this information in a recent report, titled, “Spectacles Market Size, Share & Industry Analysis, By Product Type (Spectacles Frames and Spectacle Lenses), By Modality (Prescription and Over-the-counter) By Distribution Channel (Retail Store, Online Store, Ophthalmic Clinics), and Regional.” The report further mentions that the market stood at USD 91.56 billion in 2018. However, it is expected to gain momentum from the rising prevalence of ocular disorders, such as myopia, hypermetropia, and astigmatism.
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Industry Developments :
July 2019: EssilorLuxottica announced that the company is planning to buy 76.72% stakes in GrandVision, a Dutch optical retailer for an estimated USD 8.8 billion.
November 2019: Snap Inc. launched Snap Spectacles, a smart spectacle that is equipped with two cameras that record and shoot videos.
November 2019: The Charmant Group, one of the players in the market, announced the launch of new styles of spectacles.
October 2019: Titan Eyeplus, one of the leading eyewear brands in India, introduced the first smart eyewear in the market.
Key Takeaways :
- Increasing Prevalence of Ocular Disorders Likely to Propel Market Growth
- Rising Adoption of Spectacles as a Fashion Statement to Drive Growth
- Spectacle Frames Segment to Grow at a Fast Pace Owing to Rising Prevalence of Myopia
- Prescription Segment to Lead Backed by Rising Awareness About Harmful Effects of UV Rays
- Retail Stores Segment to Dominate Stoked by Higher Availability and Accessibility
- The Spectacles Market is Highly Fragmented Industry with Regional and Global Players Operating
Discover the Leading Players Featured in the Report:
Zenni Optical Inc., Carl Zeiss, EssilorLuxottica, Warby Parker, Fielmann AG, Ciba Vision, HOYA Corporation, Safilo Group S.p.A., Johnson and Johnson Vision, Other prominent market players
High Demand for Trendy Spectacles Worldwide to Fuel Growth
In the developed nations, namely, the U.K., Italy, France, and the U.S., premium quality spectacle frames have started becoming a major fashion statement. The demand for trendy eyewear is also gradually increasing in the emerging nations on account of rising disposable income. Besides, there is a reduction in the rate of contact lens usage. The masses are inclining rapidly towards spectacles. Apart from that, several companies present in the market are adopting smart business strategies. All these factors are anticipated to boost the spectacles market growth during the forecast period.
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Highlights of the Report
- In-depth information about the spectacles market trends, opportunities, challenges, growth drivers, and obstacles.
- List of all the possible segments present in the market.
- Extensive details about the competitive landscape, consisting of new product launches, agreements, contracts, mergers, acquisitions, and collaborations.
- Analysis of the strategies implemented by key players to help entrepreneurs in growing their businesses.
North America to Dominate: Increasing Acceptance of Vision Care Products Will Favor Growth
In terms of region, the market is grouped into Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. Amongst them, North America had generated USD 27.59 billion spectacles market share in 2018 and is likely to retain its dominant position in the coming years. This growth is attributable to the increasing preference for premium eye care products, rising acceptance of vision care products, and surging awareness programs regarding various types of ocular disorders. Additionally, the region houses populaces with high disposable income that can afford to purchase high-quality frames.
Asia Pacific, on the other hand, would follow the footsteps of North America and remain in the second position during the forthcoming period. It is likely to occur because of the rising geriatric population in countries, namely China and Japan. Coupled with this, the increasing prevalence of vision refractive errors and upsurging affordability of vision care products are expected to augment growth in this region.
EssilorLuxottica Buys GrandVision While Snap Inc. Introduces AR Sunglasses
Companies present in the market are working persistently to gain the maximum spectacles market revenue in the coming years by launching state-of-the-art products and by acquiring other industry giants. Below are a couple of the latest industry developments
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Table Of Content :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Mergers, Acquisitions, and Partnerships, 2018
- Key Trends in the Spectacles Market
- Epidemiology of Ocular Disorders- For Key Countries
- Introduction of New Products / Approvals (by Major Players)
- Snapshot: Global Eyewear Market
- Global Spectacles Market Analysis, Insights
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Frames
- Lenses
- Market Analysis, Insights and Forecast – By Modality
- Prescription
- Over-the-counter
- Market Analysis, Insights and Forecast – By Distribution Channel
- Retail Stores
- Online Stores
- Ophthalmic Clinics
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
- North America Spectacles Market Analysis, Insights
- Key Findings / Summary
- Market Analysis – By Product Type
- Frames
- Lenses
- Market Analysis – By Modality
- Prescription
- Over-the-counter
- Market Analysis – By Distribution Channel
- Retail Stores
- Online Stores
- Ophthalmic Clinics
- Market Analysis – By Country
- U.S.
- Canada
- Europe Spectacles Market Analysis, Insights
- Key Findings / Summary
- Market Analysis – By Product Type
- Frames
- Lenses
- Market Analysis – By Modality
- Prescription
- Over-the-counter
- Market Analysis – By Distribution Channel
- Retail Stores
- Online Stores
- Ophthalmic Clinics
- Market Analysis – By Country/Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
- Asia pacific Spectacles Market Analysis, Insights
- Key Findings / Summary
- Market Analysis – By Product Type
- Frames
- Lenses
- Market Analysis – By Modality
- Prescription
- Over-the-counter
- Market Analysis – By Distribution Channel
- Retail Stores
- Online Stores
- Ophthalmic Clinics
- Market Analysis – By Country/Sub-region
- Japan
- China
- India
- Australia
- Southeast Asia
- Rest of Asia Pacific
Toc Continue..
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What is the market for glasses?
- Spectacles Market is projected to reach USD 141.54 billion, exhibiting a CAGR of 5.7%
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