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Spectacle Market Share, Trends 2019-2025 | Industry Growth Report

Spectacle Market Analysis Report By Parts, By Distribution Channel, By Region And Segment Forecasts From 2019 To 2025

Report ID: MN17619541  |  Published: April 2020  |  No of Pages: 80
Format: Electronic (PDF)  |  Industry: Consumer Goods  |  Publisher: Grand View Research

Industry Insights

The global spectacle market size was accounted for USD 78.93 billion, in 2018. It is estimated to grow at a CAGR of 2.4% during, 2019 to 2025. Most of the youngsters are facing problems regarding weaker eyesight, and they are diagnosed with the problem of refractive error. This factor is anticipated to drive the demand for spectacles over the forecast period. 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.

High usage of devices such as smartphones, computers, and televisions has adversely affected the eyesight of the younger population. This factor is anticipated to proliferate the demand for spectacles. Moreover, high demand for anti-glare glasses is anticipated to grow owing to rising risk of Computer Vision Syndrome.

North America Spectacles market

It has been observed that, out of total teenage population in China, about 90% of the teenagers were detected with the problem of myopia or nearsightedness, in 2017. Therefore, there was high demand for corrective lenses amongst teenagers to have a clear vision. Factors such as willingness to spend lavishly on fashionable spectacles, commoditization of eye-wear 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. Furthermore, plastic frames are gaining high popularity owing to ease of repair and improved durability. These factors are expected to drive the market growth.

Manufacturers are trying to match the demand and supply for trendy and durable spectacles made up of different materials. Nowadays, spectacles are made trendy by giving them different shapes and colors. Oversized square glasses and cat-eye frames in matte colors and made up of durable materials are gaining high popularity. These factors are expected to boost the growth of the market from, 2019 to 2025. Moreover, increasing demand for transparent and crystal-clear glasses is anticipated to impact the growth of the market during the forecast period.

It has been estimated that about 33% of the human population will have their age over 45 years, by the end of 2030. Rapid increase in the aging population and predominance of presbyopia is expected to further create potential growth opportunities for future entrepreneurs. Further, manufactures are trying to produce spectacles that can be used for different purposes such as gaming, driving, and computer use. For example, in 2017, one of the leading manufacturers, Hoya Vision Care Company launched spectacles that help to eliminate reflections, diffusion of light, and glare while driving a vehicle.

Parts Insights

In 2018, the lens segment had largest share with 56.2%, in the spectacles market. There has been high demand for different types of lenses such as progressive, bifocal, trifocal, and single vision lens which is expected to proliferate the growth of the lens segment during the forecast period. Moreover, rapid increase in aging population has boosted the demand for bifocal lens. These factors are anticipated to propel the growth of this segment. Manufactures are investing high amount on R&D to develop customized products that fulfill the desired specifications of customers. For example, a company named Zeiss International introduced a new portfolio of lenses coated with Zeiss UVProtect that help in managing myopia and reduce the intensity of UV rays.

The segment of frames is projected to grow at the fastest CAGR of 2.7% over the forecast period. Frames of the spectacles are often replaced with time. This factor is expected to fuel the segment’s growth. Moreover, there has been high demand for frames made up of fiber because of its high durability. Further, rising preference of consumers for trendy frames is anticipated to boost the growth of the frames segment.

Distribution Channel Insights

In 2018, the offline distribution channel heald a market share of 84.9% of the market share. Number of retail stores is increasing with time owing to rising demand for spectacles and functional eyewear. Offline retail optical stores and specialty stores provide personalized products, personal assistance, and convenience to the customers, thereby, proliferating the growth of the segment. These retail shops provide a facility of eye checkup to help the consumers to select appropriate glasses. Moreover, consumer prefer this channel because these shops provide easy & affordable exchange and repair services that helps in saving the time & money of consumers.

Global Spectacles market

The segment of the online distribution channel is projected to experience the fastest CAGR of 3.2% during the forecast period. These channels provide huge discounts and offer a variety of products, that are expected to proliferate the growth of the segment. Online retail shops use Virtual Reality (VR) to provide enhanced shopping experience to their consumers. These stores offer a step by step guide to the consumers while buying the eyewear online. Furthermore, they provide a facility of chatbots where consumers can ask their queries related to prescription, power of the glasses, search and other aspects. These factors upgrade the shopping experience and are expected to influence consumers to purchase this product through online distribution channel. The leading online retail stores include Lenskart; Warby Parker; and Zenni Optical, Inc.

Regional Insights

In 2018, the revenue share held by North America was 32.6%. High usage of devices such as smartphones, computers, and televisions has adversely affected the eyesight causing vision impairment. This factor is expected to boost the regional demand for spectacles. Rapid increase in aging population and predominance of presbyopia are the factors anticipated to proliferate the spectacle market in this region.

Asia Pacific is projected to grow at the fastest CAGR of 2.8% over the forecast period, owing to increasing number of teenagers detected with myopia or nearsightedness. Out of total population, around 80-90% of people in countries like Japan, China, South Korea, and Singapore suffer from nearsightedness or myopia. This factor is expected to further drive the demand for spectacles in the regional market. Furthermore, the working population in countries like China, Vietnam, and India is rapidly increasing which is expected to proliferate the demand for glasses specifically designed for computer use during the forecast period.

Spectacles Market Share Insights

Leading players in this industry includeJohnson & Johnson Vision,Essilor, ZEISS International, CIBA VISION, ZENNI OPTICAL, INC., Titan Company Limited, Warby Parker, HOYA Corporation, MODO, and Lenskart. For gaining a competitive advantage over the competitors, leading brands are focusing on product innovation. They are highly focused on expanding their global market share. Furthermore, they are dependent on various manufacturing strategies to achieve cost benefits. Moreover, manufacturers are focusing on launching trendy products to engage their consumers across different regions.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Billion & CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America & MEA

Country scope

U.S., UK, Germany, China, India, Brazil,

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global spectacle market report based on parts, distribution channel and region:

• Parts Outlook (Revenue, USD Billion, 2015 - 2025)
    • Frames
    • Lens

• Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
    • Offline
    • Online

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
    • Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa

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