Eyewear Market to Record an
Exponential CAGR by 2027

Rapidly changing trend in the fashion industry has
considerable appeal amongst the millennials, which is likely to drive eyewear
designers to create inexpensive and beautiful eyeglasses. Designers of eyeglasses
create new styles and patterns on a regular basis in order to adapt swiftly to
fast fashion trends and attract fashion aficionados. Companies can generate new
income streams by recruiting new consumers and maintaining long-term business
relationships with existing clients. To improve the client buying experience
and establish stronger business relationships, eyewear companies are expanding
their service offerings, which is likely to foster growth of the global eyewear market in
the forthcoming years.

Some
prominent players that are operating in the global eyewear market:
include names such as Marchon Eyewear, Inc., Johnson & Johnson Vision Care,
Inc., Luxottica Group S.p.A., Zeiss International, Bausch & Lomb Inc., and
Bausch & Lomb Inc.

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Due to various factors such as rising demand for
premium sunglasses among the young, rising frequency of eye diseases, and
rising disposable income, the global eyewear market is anticipated to witness
high growth. In addition to that, rising consumer demand for various eyewear
products, as well as rising incidences of myopia, is likely to boost the
spectacles industry. The global eyewear market was worth around US$ 155,652.3 Mn
in 2018 and
is expected to grow at a rate of 8.30% CAGR over the forecast period,
from 2019 and 2027. By 2027, it is expected to be worth around US$ 319,015.5 Mn.

Asia Pacific to
Dominate the Market due to High Prevalence of Myopia

In the Asia-Pacific area, a paradigm change has
occurred, with consumers' perceptions of eyeglasses shifting from utility to
style. Consumers in the region are also adopting eyeglasses as a fashion
statement, thanks to the region's expanding economy and increased purchasing power.
China is likely to come up as one of the leading eyeglasses maker in the world,
with the world's greatest potential consumer base. They also have very high
prevalence of myopia, implying that the eyeglass industry has a lot of room to
grow. Hoya Corp, Johnson & Johnson, Luxottica, and many others are amongst
market's key competitors, competing with each other on the number of in-house
and licensed brands, product variants, and price range of each brand, kind of
glasses, and other factors.

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Promotion through
Social Media Platforms to Open Up New Revenue Channels for the Market

By enabling eyewear firms to sell goods that are
specifically created for different regions, popular social media platforms are
allowing them to thoroughly study the demands and desires of customers. Because
of the large number of users on social media sites like Twitter, Facebook, and
Instagram, eyewear firms are able to reach the market more effectively. Because
millennials are regarded as the "digital generation," they invest
more time on social media platforms, where they are lured by celebs and then
begin shopping for goods that they are wearing. As a result, the dynamics of
the eyeglass sector are being transformed by social media. This factor is
likely to support growth of the global eyewear market in the years to come.

By offering 3D
printed lenses with simple product designs, the eyewear market has found a
method to connect to its tech-savvy clients. 3D printing is largely used by
ophthalmic laboratories and manufacturers of eyewear to maximize the industry's
potential. Developments in the eyewear business, such as personalized 3D
printed frames and improved UV protection sunglasses, are advancing the entire
market