Growing Demand for Tailor-made Eyeglasses aids Eyeglasses Market to grow at a CAGR of 7% by 2024 - A Technavio Exclusive Report

NEW YORK, March 4, 2021 /PRNewswire/ -- A latest market research report titled "Eyeglasses Market by Distribution Channel (Offline and Online) and Geography (Europe, North America, APAC, South America, and MEA) - Forecast and Analysis 2020-2024", published by Technavio forecasts the market to grow by USD 41.98 billion, at a CAGR of 7% during the forecast period.

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Rising vision disorders and demand for tailor-made eyeglasses catalyze market growth

• High prevalence of vision disorders will boost the demand for eyewear products. Factors including changing eating habits and increasing screen time are causing various eye disorders like diabetic retinopathy, glaucoma, and cataracts.
• In addition, growing geriatric population and associated ocular ailments will further fuel eyeglasses market growth during the forecast period.
• Growing demand for customized and multipurpose eyeglasses will create growth opportunities for the eyeglasses market. These eyeglasses cater to individual customer needs, while offering innovative personalized experiences.
• Market participants such as Topology Eyewear and Polaroid of Safilo Group Spa (Safilo Group) are introducing innovative strategies for product launches to cater specific customer requirements, which will further accelerate the market growth.

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Offline distribution channels accounted for the largest eyeglasses market share in 2019.

• Based on distribution channel, the eyeglasses market is segmented into offline and online distribution channel.
• In 2019, the offline distribution channel accounted for the largest share of the global market due to the increasing sales of eyeglasses through specialty, department, and optical stores.
• Vendors adopting innovative marketing strategies including omni-channel commerce and multi-marketing strategies will fuel the market growth.

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Europe is expected to show the highest growth during forecast period.

• Based on geography, the eyeglasses market is segmented into Europe, North America, APAC, South America, and EMEA.
• By 2024, Europe will account for the highest growth during the forecast period due to the rising demand for eyeglasses in Germany.
• Factors such as rising household income, product advancements by leading vendors, and increasing demand for high-quality healthcare products are some of the significant factors contributing to the eyeglasses market growth in this region.

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Prominent Player Analysis

• The eyeglasses market is fragmented with players categorized as pure-play and dominant players.
• Vendors in the market are focusing on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
• This market forecast provides information on the competencies and capacities of these companies such as Carl Zeiss AG, De Rigo Spa, and Dolomiti Eyewear.
• In addition, the eyeglasses report by Technavio provides information on the production, sustainability, and prospects of several leading companies, including EssilorLuxottica, Fielmann AG, Hoya Corp., Kering SA, Marcolin Spa, Rodenstock GmbH, and Safilo Group Spa

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Report:  https://www.technavio.com/report/eyeglasses-market-industry-analysis

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