Eyewear market poised to hit $141.3 billion by 2020

Rising aging population and cases of vision impairment, and an increasing focus on eye health is pushing the global eyewear market to become a $141.3 billion industry by 2020, according to a recently published report by business intelligence firm Allied Market Research. The industry is expected to register a CAGR of 8.1 percent from 2015 to 2020.

The research classified eyewear in three categories, namely prescription glasses/spectacles, sunglasses and contact lenses. The first category dominated the industry in 2014, accounting of about 60 percent of the overall market share. Sunglasses ranked second at 26 percent but the line is foreseen to post a 9.1 percent CAGR from 2015 to 2020. This can be attributed to growing awareness among consumers of the harmful effects UV rays have on the eyes. End-users increasing inclination towards the latest fashion trends will also be a contributing factor to the ascent of the segment. Robust growth is also anticipated in the contact lenses line, which is predicted to register a 12 percent CAGR during the period.

Being a touch-and-feel product, consumers prefer purchasing eyewear from retail stores. Almost 90 percent of end-users bought eyeglasses from retail outlets in 2014. This situation has prompted prominent brands to establish more stores, especially in emerging economies, to expand geographical presence and customer base. Online platforms, however, will exhibit a major jump during the forecast period with a CAGR of 14.1 percent, owing to ease of accessibility and availability of a diverse range of products at competitive prices.

Men's eyewear accounted for 53.6 percent share of the eyewear market in 2014. But during the forecast period, the women's eyewear market is expected to grow at a faster rate as the number of female-working population and interest in trendy products climb. And with new products being launched by market players that cater to fashion-conscious female consumers, the segment is bound for robust growth.

As regards key geographical regions, North America generated the highest revenue in 2014, accounting for 40.6 percent of the overall market. From 2015 to 2020, the Asia-Pacific region will be one of the most profitable markets, with CAGR of 13.5 percent.