The global eyewear market boasts a sizeable presence of large and smaller enterprises alike, which has rendered its vendor landscape highly competitive. As competition toughens, the market players are likely to incorporate significant changes to comply with the dynamic consumer preferences and regulations, finds Transparency Market Research (TMR) in a recent study. According to the report, a majority of the companies are investing heavily on product branding, especially in emerging markets. Besides this, several manufacturers are focusing on the expansion of their production capacities other than channelizing their resources to improve the overall quality of the products to boost sales. Furthermore, TMR expects these companies to launch more innovative designs with an affordable price tag in the coming years.
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Some of the most prominent companies operating in the global eyewear market are keen on extending partnership with their peers. This would not only help them attain a position of great strength in the market but will enable them woo a wider audience by offering more extensive product portfolio. In addition, the market witnessed several mergers and collaborations over the past few years intended at strengthening the global footprint. Some of the leading companies operating in the global eyewear market are Marchon Eyewear, Inc., Johnson & Johnson Vision Care, Inc., Essilor International, Luxottica Group S.p.A., Fielmann AG, Zeiss International, De Rigo S.p.A, and Bausch & Lomb Inc. Strategies adopted by these and other companies operating in the global eyewear market are likely to exert considerable influence on the prevailing trends.
According to TMR, the global eyewear market is likely to worth US$265.4 bn by the end of 2025. The market was valued at US$132.7 bn in 2016. If these figures deem true, the global eyewear market will exhibit a CAGR of 8.3% between 2017 and 2025. In terms of distribution, while offline channel currently holds lead, TMR expects the online segment to report a higher CAGR during the course of the forecast period. Regionally, North America held the dominance, however, between 2017 and 2025, Asia Pacific is likely to exhibit a higher growth
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