Eyewear frames Market is fastest growing segment to hit 140mn units by 2024

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Eyewear Market to exceed 1.3 billion units by 2024
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Global Market Scenario of Eyewear Industry

• The 2017 Eyewear Market forecast report focuses
  on regional growth for 15 countries, leading
  industry companies, applications of Aluminum
  Alloys Market and more with an aim to help take
  business decisions.
• Eyewear Market size is projected to exceed USD
  180 billion by 2024 according to a new research
  report by Global Market Insights, Inc.
• Shifting consumer preference for fashionable
  optical coupled with rising standard of living
  will propel product demand. High disposable
  income encourages increased consumer purchasing
  power on lifestyle products which will drive
  eyewear market size.
• Increasing prevalence of chronic diseases due to
  hectic work schedule will boost the eyewear
  market growth. According to WHO, cataract is
  responsible for 51 of world blindness. Factors
  such as ageing population, rapid urbanization and
  surge in diabetic incidences globally are
  supporting the eyewear industry growth.

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• Technical advancements and transition of eyewear
  manufacturers from the unorganized to the
  organized segment will drive the eyewear market.
  Consumer preference for high end products will
  encourage companies to invest in development and
  marketing of technologically advanced vision
  wear. This will lead to high profit margin for
  the manufacturers.
• Specialized frames for children and half-frames
  for reading glasses will be the major contributor
  to revenue growth. This is mainly because of
  prolong exposure to digital displays such as
  computers, smartphones and tablets at an early
  age.
• Online store was valued over USD 48 billion in
  2016. Rapid expansion of the e-commerce industry
  and increasing spending on online shopping will
  propel the product demand from this segment.
  Competitive pricing along with lucrative
  discounts offers fueling sales for eyewear
  through online distribution channel.
• Independent brand showrooms are anticipated to
  witness CAGR over 3 up to 2024. Customer
  oriented service, consultation, and brand loyalty
  are the major factors driving sales through this
  channel. After sale service provided by brands to
  build strong customer relationship will support
  market growth.

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360 Industry Analysis

• Product Analysis-
• Frames from cellulose acetate will be the fastest
  growing segment accounting over 140 million units
  by 2024 It is lightweight and relatively low-cost
  compared to other counterparts. Growing demand
  for frames with coloring options, which include
  multi-colored models are expected to support
  eyewear market size.
• Metal for spectacles is anticipated to witness
  growth over 3 up to 2024. Rising demand for
  up-to-the-minute frames, especially among the
  young generation will propel markets growth.
  Manufacturers are targeting consumers.
• Contact lens accounted for over 30 market share
  2016. Expansion of retail industry and rising
  demand for disposable lenses will drive the
  eyewear market growth. Transition from luxury
  product to a common eye accessory, replacing the
  heavy traditional glasses will propel product
  market size.

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Regional Analysis Europe eyewear market led by
Germany and UK accounted for USD 40 billion in
2016. According to analysis, 18 of the regional
population aged over 65 in 2016 and a significant
percentage afflicted with vision ailments such as
myopia, hyperopia, presbyopia, and astigmatism.
This spurred demand for corrective eyewear in the
region. APAC eyewear market is expected to
witness significant growth and can reach upto
1,200 million units by 2024. Increasing
penetration of luxury eyewear products along with
rising standard of living will fuel the industry
growth. LAled by Brazil is the fastest growing
market with CAGR over 5 up to 2024. Entry of
numerous internatiTAM onal brands such as
Ray-Ban, Oakley, and Carreira in domestic market
along with increasing demand for premium products
will drive the eyewear market size. Competitive
Analysis Global eyewear industry is competitive
in nature due to large presence of numerous
regional and international manufacturers. Carl
Zeiss, Charmant Group, Bausch Lomb, CIBA
Vision, Chemilens, Cooper Vision, Daemyung,
Fielmann, Essilor International, De Rigo SpA.,
Hoya, Johnson Rodenstock, Seiko, Johnson Vision
Care, Luxottica Group, Marchon, Marcolin, and
Safilo Group are key industry players in the
eyewear market.
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