Spectacle Market Size, Share, Global Industry Trend Report, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Spectacle Market


The global spectacle market size was estimated at USD 78.93 billion in 2018 and is anticipated to register a CAGR of 2.4% during the forecast period. Rising incidences of refractive errors, especially among younger population is anticipated to boost the product demand. Furthermore, preference for prescription glasses over contact lenses for effective vision correction is expected to positively influence the growth.

High prevalence of vision problems among younger generation owing to technological disadvantages of extended usage of computers, smartphones, televisions, and other digital devices is anticipated to drive the demand for spectacles. Increased risk of Computer Vision Syndrome (CVS) is anticipated to drive the demand for anti-glare glasses and in turn fuel the growth of the market over the forecast period.

In 2017, 90% of Chinas teenagers and young adults were affected by nearsightedness or myopia, requiring corrective lens for clear vision. Commoditization of eye wear industry, influence of media and entertainment personalities, and willingness to splurge on fashionable spectacles are some of the factors driving the product demand. Rising fashion consciousness among millennials coupled with availability of a wide range of trendy spectacles is projected to drive the market. Rising demand for plastic frames owing to their improved durability and ease of repairing is anticipated to impel the growth.

Manufacturers focus on catering to the rising demand for spectacles made using different materials. Rising popularity of trendy designs such as cat-eye frames and oversized square glasses in trendy colors, materials, and sizes is expected to bode well for the growth. High demand for clear and transparent framed glasses is also expected to positively influence growth of the spectacle market in near future.

By 2030, 33% of global population will be aged 45 and above. Rising aging population coupled with prevalence of presbyopia is anticipated to create growth opportunities for new entrants. Manufacturers focus on producing different types of spectacles for different tasks and activities such as computer use, driving, and gaming among others. For instance, in 2017, Hoya Vision Care Company introduced spectacles specifically designed to reduce glare, reflections, and light scattering while driving.

Parts Insights

Lens held the largest market share of 56.2% in 2018 and is anticipated to continue leading over the forecast period. Increasing demand for different types of lenses such as single vision, bifocal, trifocal, and progressive lens is anticipated to drive the segment growth. High demand for bifocal lens due to the rise in aging population is anticipated to further fuel the growth. Manufacturers heavily invest in research and development to introduce new products catering to the specific requirements of consumers. For instance, in 2018, Zeiss International launched a new myopia management lens portfolio as well as Zeiss UVProtect for its clear lenses.

The frame segment is anticipated to register the fastest CAGR of 2.7% from 2019 to 2025. Frequent replacement of spectacle frames is anticipated to drive the growth of the segment. In addition, increasing adoption of fiber frames owing to their durability is expected to further fuel the demand. Moreover, introduction of trendy products coupled with rising fashion consciousness among consumers is expected to propel the growth of the segment. For instance, in 2016, Titan Eyeplus have launched Flip collection of customizable spectacle frames.

Distribution Channel Insights

Offline distribution channel held the largest market share of 84.9% in 2018. Rising demand for functional eyewear is anticipated to contribute to the rising number of retail stores. Offline stores such as optical shops and specialty stores offer convenience, customization, and personal assistance to the consumers, which in turn is anticipated to drive the segment growth. These stores also provide comprehensive eye checkups for the consumers to choose the accurate eyeglasses. Additionally, they provide easy repair and exchange services for spectacle lens and frame, which saves consumers time and money.

Online distribution channel is expected to expand at the fastest CAGR of 3.2% from 2019 to 2025. Factors such as availability of a wide range of products and attractive discounts are anticipated to drive the segment growth. Online stores provide custom configuration and step by step guide to the consumers buying spectacles, lens, and frames online. Moreover, increasing availability of chatbots and FAQ pages help customers with queries related to search, prescription, and other aspects of user experience. This factor enhances the shopping experience for the consumers. Key online retailers include Warby Parker; Zenni Optical, Inc.; and Lenskart.

Regional Insights of Spectacle Market

North America held the largest market share of 32.6% in 2018. Rising prevalence of vision impairment caused by increased use of computers, laptops, smartphones, and other gadgets is anticipated to drive the regional product demand. Factors such as rise in aging population and prevalence of presbyopia are expected to drive the regional market for spectacles.

Asia Pacific is expected to witness the fastest CAGR of 2.8% from 2019 to 2025, due to high prevalence of myopia among children and young adults. Around 80% to 90% young population in China, Japan, Singapore, and South Korea suffers from myopia. According to the National Health Commission, in 2018, around 53% of children and adolescents from mainland China were suffering from the condition. Such high prevalence is anticipated to drive the regional demand. Moreover, rapid rise in working population in India, China, and Vietnam is anticipated to drive the demand for computer glasses.

Market Share Insights of Spectacle Market

Key spectacles manufacturers include Essilor, Johnson & Johnson Vision, CIBA VISION, ZEISS International, HOYA Corporation, ZENNI OPTICAL, INC., Warby Parker, Lenskart, Titan Company Limited, and MODO. The leading players in the market are stressing on product innovation as a result of new product development that helps gain a greater market share at a global level. Moreover, producers also rely on different production strategies in order to gain optimum cost advantage. For instance, Titan Company Limited develop reforms in its production pattern wherein the company optimizes to produce specs frame and thereby reduce its imports. New product launches in the market help keeps the interest alive of the consumers on account of the increasing preference towards spectacle frames and lens in majority of the regions.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Spectacle Market Research Report

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

Parts Outlook (Revenue, USD Billion, 2019 - 2030)

  
Frames
  
Lens

Distribution Channel Outlook (Revenue, USD Billion, 2019 - 2030)

  
Offline
  
Online