Pune, Jan 17, 2020 (GLOBE NEWSWIRE via COMTEX) -- Pune, Jan. 17, 2020 (GLOBE NEWSWIRE) -- The global Spectacles Market is projected to reach USD 141.54 billion by 2026, thereby exhibiting a CAGR of 5.7% during the forecast period. Fortune Business Insights(TM) published this information in a recent report, titled, "Spectacles Market Size, Share & Industry Analysis, By Product Type (Spectacles Frames and Spectacle Lenses), By Modality (Prescription and Over-the-counter) By Distribution Channel (Retail Store, Online Store, Ophthalmic Clinics), and Regional Forecast, 2019-2026." The report further mentions that the market stood at USD 91.56 billion in 2018. However, it is expected to gain momentum from the rising prevalence of ocular disorders, such as myopia, hypermetropia, and astigmatism.
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Highlights of the Report
In-depth information about the Spectacles Market trends, opportunities, challenges, growth drivers, and obstacles.
List of all the possible segments present in the market.
Extensive details about the competitive landscape, consisting of new product launches, agreements, contracts, mergers, acquisitions, and collaborations.
Analysis of the strategies implemented by key players to help entrepreneurs in growing their businesses.
High Demand for Trendy Spectacles Worldwide to Fuel Growth
In the developed nations, namely, the U.K., Italy, France, and the U.S., premium quality spectacle frames have started becoming a major fashion statement. The demand for trendy eyewear is also gradually increasing in the emerging nations on account of rising disposable income. Besides, there is a reduction in the rate of contact lens usage. The masses are inclining rapidly towards spectacles. Apart from that, several companies present in the market are adopting smart business strategies. All these factors are anticipated to boost the Spectacles Market growth during the forecast period.
North America to Dominate: Increasing Acceptance of Vision Care Products Will Favor Growth
In terms of region, the market is grouped into Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. Amongst them, North America had generated USD 27.59 billion Spectacles Market share in 2018 and is likely to retain its dominant position in the coming years. This growth is attributable to the increasing preference for premium eye care products, rising acceptance of vision care products, and surging awareness programs regarding various types of ocular disorders. Additionally, the region houses populaces with high disposable income that can afford to purchase high-quality frames.
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Asia Pacific, on the other hand, would follow the footsteps of North America and remain in the second position during the forthcoming period. It is likely to occur because of the rising geriatric population in countries, namely China and Japan. Coupled with this, the increasing prevalence of vision refractive errors and upsurging affordability of vision care products are expected to augment growth in this region.
EssilorLuxottica Buys GrandVision While Snap Inc. Introduces AR Sunglasses
Companies present in the market are working persistently to gain the maximum Spectacles Market revenue in the coming years by launching state-of-the-art products and by acquiring other industry giants. Below are a couple of the latest industry developments:
July 2019: EssilorLuxottica, a designer, manufacturer, and distributor of ophthalmic lenses, frames, and sunglasses, headquartered in France, is set to purchase GrandVision, a provider of high quality and affordable eye care. The total deal is worth USD 8 billion. EssilorLuxottica will be able to take control of the latter's stores where it sells lenses and spectacles. As per GrandVision, it would provide EssilorLuxottica control of more than 7,000 outlets worldwide. GrandVision's supervisory boards and management would support the deal.
August 2019: Snap Inc., an American camera and social media company, unveiled an upgraded version of its augmented reality (AR) sunglasses named Spectacles 3. It is equipped with two cameras to shoot videos and images in 3D. They can be used to record 10-second videos of whatever the user is seeing and post them on Snapchat. They are compatible with Android 4.3 and above, and iOS 8 and above. Priced at 330 pounds, they went on sale in November. The eyewear comes with a charging case that folds flat when not in use.
List of the most renowned companies operating in the global Spectacles Market. They are as follows:
Zenni Optical, Inc.
Safilo Group S.p.A.
Johnson and Johnson Vision
Other prominent market players
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Detailed Table of Content:
Global Spectacles Market Analysis, Insights and Forecast, 2015-2026
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