In a recent published report, Kenneth Research has updated the market report for Eyewear Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Eyewear Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Eyewear Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Eyewear Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The increasing need for vision correction and growing diseases related to vision in the geriatric population drives the market growth. Consumers are increasingly spending more time in front of mobile devices for work or leisure, which leads to higher cases of vision problems. Changing dietary habits and hectic lifestyles also lead to increasing vision problems. Increasing life expectancy and associated diseases with old age such as presbyopia and cataract augment market growth. There is increasing awareness among consumers regarding eye care, which encourages them to take preventive measures, thereby boosting market growth.Sale of products through online channels has gained significant popularity over the years.
The trend of online shopping is gaining traction in developing economies, thereby encouraging established market players to distribute their products globally. Emerging and new players are also using online platforms for promotion and sale of products. Online distribution channels offer a global platform to market players for expansion of customer base, while reducing operation cost.
The growing disposable income has encouraged people to buy quality eyewear products that are in perfect amalgamation with their increasing living standards. Moreover, people are now opting for trendy and designer sunglasses according to latest trends prevailing in the market. Youth prefer to don contact lenses in an effort to accentuate their overall appearance. Thus, lofty living standards and increasing fashion consciousness, would contribute to the growth of the eyewear market, thereby positively affecting the market growth.
The growing popularity of fashion trends has increased the demand for branded and luxury eyewear products. Consumers are increasingly buying spectacle frames, lenses, and sunglasses with respect to changing fashion trends. The rising standards of living, increasing disposable income, and increase in fashion conscious population drives the market for luxury eyewear products. Earlier premium eyewear products were only available at selected stores at high prices. However, with technological advancements, and mass manufacturing processes, global players are offering these products globally at affordable prices.
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Asia-pacific is expected to grow at the highest CAGR during the forecast period. This is due to economic growth in countries such as China and India, leading to rising living standards and high disposable income. Expansion of global players into these countries to tap market potential boosts the market growth. Increasing use of mobile devices and online shopping further augments market growth.
The various types of eyewear include spectacles, lenses, and sunglasses. The spectacle segment is expected to lead the market during the forecast period owing to increasing defects and diseases associated with vision. Growing geriatric population and changing lifestyles support the market growth. Spectacle frames can be made using materials such as metal, plastic, and nylon. Consumers are increasing opting for lenses for vision defects as well as for cosmetic purposes.
The well-known companies profiled in the report include Luxottica Group S.p.A, Bausch + Lomb Inc., Johnson & Johnson Vision Care, Prada S.p.A, Safilo Group S.p.A, Fielmann AG, Cooper Companies, Inc., Essilor International S.A., GrandVision, Carl Zeiss AG, Hoya Corporation, De Rigo SpA. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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