3 Significant Trends Fuelling the Eyewear Market Globally

Recently, Essilor based in France and Luxottica based in Italy have entered into mergers in order to create an eyewear giant. Moreover, 3M has recently agreed to sell its business of safety prescription eyewear to HOYA Vision Care, which is a global provider of eyeglass lenses. In addition, various firms based in France have recently entered into acquisitions that has reached US$ 40.8 Bn in 2017. Such factors are likely to contribute towards growth of the global eyewear market over the coming years.

The global eyewear market is expected to grow at 5.8% CAGR over the forecast period, 2016-2026. The plano sunglasses among other segments are likely to witness a relatively high CAGR in the coming years. Franchisee outlets and company outlets will represent the largest distribution channels in the global market for eyewear market over the coming years. Moreover, the mid-priced eyewear products will witness relatively more demand in the global market in the coming years. Whereas, e-commerce will be relatively more preferred platform for making purchases over the coming years.

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Trends significantly propelling growth of the global eyewear market include,

  1. Mergers and Acquisitions:

Manufacturers and companies operating in the eyewear market are increasingly entering in various mergers and acquisitions, which is positively impacting growth of the global eyewear market. 3M recently entered into an agreement with global provider of eyeglass lenses, HOYA Vision Care. Moreover, Essilor based in France, and Luxottica based in Italy had agreed to merge in order to create an eyewear giant over the coming years.

Franchise outlets and company outlets are likely to represent the largest distribution channels in the global market in the coming years. Moreover, the franchise outlets and company outlets will account for a revenue share of 30% globally over the coming years. In addition, the e-commerce platforms will be relatively more preferred platform in the global market over the coming years.

  1. Enhanced Technological Benefits:

Corrective spectacles and soft contact lenses with variable foci and other added features will significantly gaining traction as eyewear products in the coming years. Moreover, with various technological developments, eyewear will witness an upsurge in demand over the coming years. Varying climatic conditions have led to an upsurge in demand for range of eyewear globally, in order to protect their eyes in harsh weather conditions. Such factors are likely to impact growth of the global eyewear market in the coming years.

Plano sunglasses among other segments are likely to represent a relatively high CAGR over the coming years. Whereas, spectacles segment among others will witness a growth of 5.3% CAGR in the coming years. The spectacle segment among others will account for around US$ 50 Bn over the coming years. Various market players are striving to increase their geographical presence and focus on strategic acquisitions over the years.

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  1. Regional Analysis:

APEJ is likely to witness a growth of 7.0% CAGR among other regions in the coming years. Moreover, APEJ is the most favorable region in terms of incremental opportunity for generation of relatively high revenue over the coming years. In addition, North America and Western Europe are relatively more structured, and will create a significant demand for eyewear in the coming years. MEA and Latin America eyewear markets will account for a revenue share of 7.5% globally over the coming years.

All in all, due to increasing mergers and acquisitions, the eyewear market is likely to witness a surge in growth of the global eyewear market in the coming years. Moreover, MEA and Latin America eyewear market will account for revenue share 7.5% globally over the coming years.

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