Eyewear Market is to be worth USD 130 Billion by 2018, expected to grow at a CAGR of 3.7% from 2012 to 2018: Transparency Market Research

Albany, NY, July 8, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research Eyewear Market (Spectacles, Contact Lenses, Plano Sunglasses) - Global Industry Analysis, Size, Share, Growth and Forecast, 2012 - 2018, - the demand for eyewear products was over 2,600 million units in 2011, and is expected to grow at a CAGR of 3.7% from 2012 to 2018. Consideringin terms of revenue, the market was valued at approximately USD 81 billion in 2011 and is expected to reachUSD 130 billion by 2018.

In terms of demand and revenue, spectacles (spectacle lenses and spectacle frames) are the largest product segments of the eyewear market. These sectors were valued at over USD 63 billion in 2011. Due to changing lifestyle,extensive usage of computers, increasing formal employment,increasing awareness, and acceptance of corrective or refractive surgeries to eliminate the use of corrective eyewear, a large percentage of the population is accustomed to eyewear solutions. The number of individuals requiring prescription eyewear and using corrective eyewear is also on the incline. This is becoming a major driving growth factor of the global eyewear market.

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Another budding up sector in this market is the contact lenses segment. Due to increased awareness and convenience of use, contact lenses are another major eyewear product gaining high-user acceptance worldwide. The preferred modality they are available in is usually daily disposable and weekly disposable forms which make itdesirable to consider and use. However, owing to the lower retail prices of the contact lenses as compared to other eyewear products, this sector is not expected to translate into high revenues in the coming years.

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According to the study proposed in this report by Transparency Market Research,rise in the number of visual deficiencies amongst the constantly growing population has led the population to adapt to effective eyewear solutions for a better vision. It has also created great awareness regarding the importance of regular eye examinations and methods of elimination using corrective eyewear.All these factors are expected to inhibit the growth of the global eyewear market over the next six years. The study claims that a large percentage of the population is afflicted with conditions such as presbyopia, myopia, hyperopia, and astigmatism.Hence,in order to do away with such conditions in the long run, the pressing demand for corrective eyewear and eyewear products such as contact lenses, spectacles, andPlano sunglasses stirs up in the industry. Plano sunglasses are fitted with non-Rx lenses providing protection for the eyes against harmful UV radiation. Additionally, the expansion of the eyewear market is also mainly attributed due to children using spectacles or adapting to vision correction techniques at an early age.

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This report summarizesthe growth factors,estimations, and detailed analysis of the global eyewear market in terms of volumes (million units) and revenue (USD million) for the forecast period 2011 to 2018. It also incorporates extensive company share analysis, as well as comprehensive profiles of key market playersnamely; Luxottica, Safilo, Johnson & Johnson, Bausch & Lomb, Hoya Corporation, and Essilor among others. In addition, considering both in terms of revenues and volumes, each geographical segment is analyzed on the basis of the type of product from 2011 to 2018.

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By geography, North America was once regarded as the market leader in eyewear. It accounted for over 30% of the global market share in 2011. Following to North America, Asia Pacific, particularly India and Chinais expected to be the fastest growing market in terms of revenue over the forecast period. High-growth is expected inthese regions because of its dense population and high degree of eyewear penetration. Asia-Pacific is expected to grow at a CAGR of 9.0% from 2012 to 2018.

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Key Segments of The Global Eyewear Market

By Product Type

  • Spectacles
  • Spectacle lenses
  • Spectacle frames
  • Contact Lenses
  • Plano Sunglasses

By Distribution Channel

  • Retail outlets
  • Healthcare service providers
  • Online portals

Major geographies analyzed under this research report are:

  • Europe
  • North America
  • Asia-Pacific
  • Rest of the World

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About Us:

Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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Source:Transparency Market Research