Spectacle Market Share and Potential Effect on Upcoming Future Growth By 2025

Felton, California , USA, Dec 21, 2020 — /EPR Network/ — The global spectacle market is projected to be USD 92.96 billion by the end 2025, according to a new report released by Million Insights. It is anticipated to grow with a CAGR of 2.4% during, 2019 to 2025. Increasing risk of refractive error particularly among youngsters is expected to drive the demand for the product. Moreover, people tend to prefer prescription glasses instead of contact lenses as they help in better correction of vision. This factor is anticipated to positively impact the growth of the market. Rising demand for glasses used specifically while working on computer to eliminate strain on eyes and reduce headache is expected to propel the demand for the product.

Disadvantages of technology and high usage of devices such as smartphones, computers, and televisions has adversely affected the eyesight of the younger population owing to rising threat of Computer Vision Syndrome. These factors are expected to proliferate the growth in demand of anti-glare glasses.

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Factors such as willingness to spend lavishly on fashionable spectacles, commoditization of eyewear industry, and influence of celebrities are expected to proliferate the demand for the product. Moreover, modern consumers tend to follow emerging fashion trends, and there is wide variety of stylish and trendy spectacles available. Additionally, there is high demand for bifocal lenses from Latin American and Asian countries owing to rising incidences of presbyopia among aging population. This factor is expected to propel the demand for spectacles, thereby, boosting the market growth.

In 2018, the lens segment had largest share of 56.2% in the spectacles market. The demand for different types of lenses such as progressive, bifocal, trifocal, and single vision lens has witnessed a significant growth during the forecast period. Furthermore, plastic frames are gaining high popularity owing to ease of repairing and improved durability which is expected to boost the growth of frames segment from 2019 to 2025. Manufacturers focus on adding extra features and frequently innovating the lens material. For example, Essilor Ltd. launched Crizal Lenses which are coated with hydrophobic film that protects the lens from water droplets that tend to stick to the lens’ surface.

The segment of the online distribution channel is projected to grow at the fastest CAGR of 3.2% during the forecast period. Online retailers provide huge discounts and offer variety of products with customization options and step by step online guide while buying any eyewear. These factors are expected to propel the growth of the online segment. The leading online retail stores include Lenskart; Warby Parker; and Zenni Optical, Inc.

Further key findings from the report suggest:

• In 2018, North America dominated the market with the largest market share and is expected to rule the market over the forecast period
• The frames segment is projected to grow at a CAGR of 2.7% over the forecast period owing to high demand for spectacles because of commoditization of eyewear industry.
• The segment of offline distribution channel accounted for the largest revenue share of 84.9%, in 2018.

Global Spectacle Market: Key Players

Johnson & Johnson Vision, Essilor, ZEISS International, CIBA VISION, ZENNI OPTICAL, INC., Titan Company Limited, Warby Parker, HOYA Corporation, MODO, and Lenskart 

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