Global Eyewear Revenues Forecast At $130bn In 2018

Transparency Market Research has released its latest report on the global eyewear market, which provides data and forecasts for the period between 2011 and 2018. According to the research firm, 2011 sales of eyewear products exceeded 2.6 billion units and the market is expected to grow at a compound annual rate of 3.7% between 2012 and 2018. This means that revenues will increase from about $81 billion at the start of the forecast period to $130 billion at its end.

The product types covered by Transparency Market Research are spectacles, contact lenses and plano sunglasses. The report identifies the rising demand for corrective eyewear as one of the key growth drivers for the market. In addition, more and more people require prescription eyewear due to lifestyle changes or vision impairments related to aging. However, market growth over the next five years will remain subdued as a result of the increasing awareness and uptake of corrective or refractive surgeries.

The market segment enjoying the highest level of demand and delivering the largest proportion of revenues is spectacles – a product category covering both lenses and frames. In 2011, the value of this segment exceeded $63 billion. Another major product category is contact lenses, which the report said has a steadily growing consumer demand. This, however, is not likely to result in high revenues given the lower prices at which these products retail in comparison to other eyewear products.

Examining the market by geography, Transparency Market Research puts North America on top and estimates its 2011 share of global revenues at more than 30%. But it is the Asia-Pacific region that leads the market in terms of growth rate; achieving an annual increase of 9% during the forecast period.