More BrandsBetween 2014 and 2020, global shipments of eyewear products are expected to grow at an annual compound rate of 3.2%, according to a new forecast from Grand View Research. In 2012, the number of units shipped reached 2.75 billion; by 2020, shipments will rise to 3.51 billion units and the market will be worth $142.2 billion.
The publication lists spectacle frames and contact lenses as key market drivers in 2012, as these product categories were responsible for more than half of total shipments. This is due to the high replacement rate for contact lenses, which is in turn attributed to changing prescriptions. Another driver of demand is the growing popularity of high-index lenses.
From a geographic perspective, North America is the largest market for eyewear products. However, the fastest-growing market, expected to eventually overtake the USA in the coming years, will be the Asia-Pacific region, where annual growth through to 2020 is projected at 3.7%.
According to Grand View Research, a combination of factors is sustaining the progress of the global eyewear market. In addition to a growing wearer base, there is also rising adoption of eyewear products for vision correction. The market also holds substantial growth potential for product manufacturers, given the limited brand penetration in rural areas across developing countries.
The report also notes the impact of aging populations on global demand, as well as that of the growing number of children who are adopting corrective eyewear products earlier in life. The overall market is also benefiting from rising awareness about the need for eye protection and higher disposable incomes.
