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Spectacle Market To Generate Revenue Of $92.96 Billion By 2025: Grand View Research, Inc.

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Spectacle Market To Generate Revenue Of $92.96 Billion By 2025: Grand View Research, Inc.

September 12
07:38 2019
Spectacle Market To Generate Revenue Of $92.96 Billion By 2025: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research,Rising incidences of refractive errors, especially among younger population is anticipated to boost the spectacle market demand.

According to a report,“Spectacle Market Size, Share & Trends Analysis Report By Parts (Frames, Lens), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc., The global spectacle market size is expected to reach USD 92.96 billion by 2025, It is projected to expand at a CAGR of 2.4% during the forecast period. Rising incidences of refractive errors, especially among younger population is anticipated to boost the product demand. Furthermore, preference for prescription glasses over contact lenses for effective vision correction is expected to positively influence the growth. Rise in aging population is anticipated to further drive the growth. Increasing prominence of computer glasses to reduce eye strain and headaches is also anticipated to fuel the product demand.

Vision problems are prevalent among younger generation owing to technological disadvantages of extended usage of computers, smartphones, televisions, and other digital devices. Increased risk of Computer Vision Syndrome (CVS) is anticipated to drive the demand for anti-glare glasses and in turn fuel the spectacles market.

Currently, around 30% of global population is myopic. Around 80% to 90% young population of Asian countries such as China, Japan, Singapore, and South Korea suffers from myopia. According to the Journal of Ophthalmology, by 2050, around 50% of the global population will be myopic. According to the National Health Commission, in 2018, around 53% of mainland Chinese children and adolescents were suffering from myopia. Such high prevalence of nearsightedness is a prominent factor driving the demand for spectacles from Asia Pacific.

Commoditization of eye wear industry, influence of media and entertainment personalities, and willingness to splurge on fashionable spectacles are some of the factors driving the product demand. Rising fashion consciousness among millennials coupled with availability of a wide range of fashionable spectacles is anticipated to propel the market. Furthermore, rising demand for vision correction lenses among aging population from Asian and Latin American countries is anticipated to fuel the market growth.

Lens segment held the largest market share of 56.2% in 2018, owing to the rising occurrence of vision problems. Rising demand for plastic frames owing to their improved durability and ease of repairing is anticipated to impel the growth of this segment. Manufacturers constantly innovate lens material and add new features to the product. For instance, Crizal lenses by Essilor Ltd. are manufactured using hydrophobic coating that prevents water droplets from sticking to the surface of the lens.

Online distribution channel is expected to witness the fastest CAGR of 3.2% from 2019 to 2025 owing to increasing prominence of online shopping for spectacles. The ease of shopping with customization and configuration options coupled with doorstep delivery is anticipated to fuel the growth of the segment. Prominent players in the segment include Warby Parker and ZENNI OPTICAL, INC.

North America held the largest market share of 32.6% in terms of revenue in 2018. Rise in aging population in U.S. and Canada is expected to drive the regional demand for spectacles. According to the Vision Council of America, 75% adults from U.S. use vision correction measures, of which around 64% use eyeglasses. This factor is anticipated to propel the regional market over the forecast period.

Key Takeaways from the report:

  • North America held the largest revenue share of the spectacles market in 2018 and is anticipated to continue its dominance over the forecast period

  • Frames segment is expected to expand at the fastest CAGR of 2.7% from 2019 to 2025 due to rise in demand as a result of increased commoditization

  • In 2018, offline distribution channel held the largest market share of about 84.9% in terms of revenue

  • The market is highly competitive in nature with the presence of key players including Essilor, Ltd.; Johnson & Johnson Vision; CIBA VISION; ZEISS International; HOYA Corporation; ZENNI OPTICAL, INC.; Warby Parker; Lenskart; Titan Company Limited; and MODO

U.S. spectacles market size, by parts, 2015 - 2025, (USD Billion)

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Global spectacles market share, by distribution channel, 2018, (%)

 

Regional Insights

North America held the largest market share of 32.6% in 2018. Rising prevalence of vision impairment caused by increased use of computers, laptops, smartphones, and other gadgets is anticipated to drive the regional product demand. Factors such as rise in aging population and prevalence of presbyopia are expected to drive the regional market for spectacles.

Asia Pacific is expected to witness the fastest CAGR of 2.8% from 2019 to 2025, due to high prevalence of myopia among children and young adults. Around 80% to 90% young population in China, Japan, Singapore, and South Korea suffers from myopia. According to the National Health Commission, in 2018, around 53% of children and adolescents from mainland China were suffering from the condition. Such high prevalence is anticipated to drive the regional demand. Moreover, rapid rise in working population in India, China, and Vietnam is anticipated to drive the demand for computer glasses.

Spectacle Market Share Insights

Key spectacles manufacturers include Essilor, Johnson & Johnson Vision, CIBA VISION, ZEISS International, HOYA Corporation, ZENNI OPTICAL, INC., Warby Parker, Lenskart, Titan Company Limited, and MODO. The leading players in the market are stressing on product innovation as a result of new product development that helps gain a greater market share at a global level. Moreover, producers also rely on different production strategies in order to gain optimum cost advantage. For instance, Titan Company Limited develop reforms in its production pattern wherein the company optimizes to produce specs frame and thereby reduce its imports. New product launches in the market help keeps the interest alive of the consumers on account of the increasing preference towards spectacle frames and lens in majority of the regions.

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About Grand View Research, Inc.

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com

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