According to IMARC Group, the global eyewear market reached a value of US$ 109 Billion in 2017. Looking forward, the eyewear market is further expected to reach US$ 167 Billion by 2023, at a projected CAGR of more than 7% during 2018-2023. Read more: https://retailindustryreports.wordpress.com/2018/05/22/global-eyewear-market/

1. Global Eyewear Market Growth Fuelled by Rising R&D Activities
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Global Eyewear Market Growth Fuelled by Rising R&D Activities
Eyewear are the accessories worn over or on the eyes for enhancing visual acuity and protecting them
against dust particles and harmful UV rays. Earlier, numerous styles of eyewear were available for both
the genders which were limited to their functionality and not used as a tool for enhancing an
individual’s appearance. The very first pair of wearable eyeglasses were invented in the 13th Century by
Salvino D’Armateof Florence which were shaped like two small magnifying lenses riveted together with
metal, bone or leather mountings to place on the bridge of nose. With time, various new technologies
as well as manufacturing processes have been developed to a great extent which are being
continuously adopted by the producers. Nowadays, there is an availability of numerous types of
eyewear products which include contact lenses, sunglasses and spectacles. Additionally, different
materials are used for producing lenses of the aforementioned products such as glass and plastic,
whereas, the frames are generally made of either metal or plastic. According to IMARC Group, the
global eyewear market reached a value of US$ 109 Billion in 2017. Looking forward, the eyewear
market is further expected to reach US$ 167 Billion by 2023, at a projected CAGR of more than 7%
during 2018-2023.
Rising prevalence of myopia to drive the eyewear market

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The demand for prescription-based eyeglasses has increased as there has been a notable rise in the
cases of myopia which is one of the major factors which has been driving the eyewear market size. In
addition to this, manufacturers have been increasingly investing in research projects so as to develop
innovative lenses with improved optical designs, materials, and enhanced coatings. The eyewear market
growth is also being propelled by the rising demand for luxury and branded sunglasses as the consumers
are willing to spend more on premium products. Another trend in the market is the increasing number
of awareness programs on the advanced treatments available for eyesight disorders. These programs are
generally conducted by various manufacturers, government or non-governmental organisations. Some of
the other eyewear market trends which are contributing towards the demand for eyewear products
include launch of low-cost and disposable lenses, increase in ageing population, rapid growth in online
retailing, and introduction of vision insurance plans. However, the growth of the market is being
hindered by the presence of counterfeit products and increasing number of corrective eye surgeries.
Product Insights
Currently, there are numerous types of eyewear products available in the market including spectacles,
sunglasses and contact lenses. Spectacles account for the largest segment owing to the increasing usage
of gadgets and electronic devices, such as mobile phones, laptops, tablets and computers which have led
to a rising number of eyesight disorders. In addition to this, governments of various emerging nations
have started taking several initiatives in order to spread awareness about eye-care which has been
positively influencing the demand for spectacles across the globe.

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Moreover, the increase in the demand for sunglasses can be accredited to the availability of various
designs as well as innovative and efficient products. Whereas, the demand for contact lenses has
been increasing due to changing lifestyles, enhanced buying power of the consumers as well as rising
consciousness among consumers regarding their appearance.
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Gender Insights:
On the basis of gender, the market has been segmented into men, women and unisex. Amongst
these, men represent the largest segment of eyewear products on account of excessive exposure to
digital devices such as smartphones, personal computer, tablets, etc. Increasing demand for feminine
eyewear products can be attributed to a significant rise in the working female population across the
globe. Whereas, the demand for unisex eyewear products has been rising due to the introduction of
numerous new, unique and innovative styles which are appealing to both men and women.

6. Report DescriptionGlobal Eyewear Market

7. Report Description
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Distribution Channel Insights:
There are various means through which consumers can obtain the desirable eyewear products such
as retail stores, optical stores, independent brand showrooms and online stores. Currently, retail
stores represent the most common distribution channel as these stores have both branded as well
as generic eyewear products depending upon the purchasing power of the consumers.
Optical stores offer eyewear products as well as a wide range of services including eye examinations
and consultations from optometrists. This enables the consumers to purchase appropriate product
and also helps to save their time and energy. On the other hand, the popularity of independent
brand showrooms can be accredited to inflating incomes and rising inclination towards luxury
lifestyle which have, in turn, attracted a large consumer-base for branded eyewear products. In
addition to this, consumers have been increasingly vising online stores for purchasing eyewear
products as they offer a faster buying procedure, easy availability of products, elimination of
geographical limitations and easier return policies.
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