Eyewear Marketplace to Grow Globally at an Annual Rate of 3.2%

The global eyewear market should  reach $142.18 billion by 2020, according to a study by Grand View Research, Inc. Expanding wearer base coupled with increasing penetration of eyewear for vision correction will fuel the growth, according to Eyewear Market Analysis And Segment Forecasts To 2020.  Here are some of the key findings:

• Demand will increased with the early entry of children into the corrective eyewear as well as aging population. 
• Growing urbanization and disposable income, along with awareness regarding the need for protecting the eyes against UV rays has led to high demand for plano sunglasses. 
• Acceptance of alternative methods of vision correction including refractive surgeries may restrain growth. 
• Worldwide, the industry sold 2,750.3 million units in 2012. It will rise to 3,507.7 million units by 2020, growing at a CAGR of 3.2% from 2014 to 2020. 
• Spectacle frames and lenses accounted for over 50% of the total eyewear shipments in 2012, primarily resulting from perscription changes. Demand for high-index lenses should increase. 
• Plano sunglasses could grow at 8.1% CAGR, driven primarily by a high demand for premium-priced units. Polarized sunglasses contributed over 20% of overall shipments in 2012, with CR-39 expected to remain the largest lens material segment. 
• North America dominated global demand in 2012; while Asia Pacific is expected to be the fastest growing regional market, at an estimated CAGR of 3.7% from 2014 to 2020. In terms of revenue, Europe accounted for over 40% of the total market in 2012, because of significantly high selling prices. 

The report is available at http://www.grandviewresearch.com/industry-analysis/eyewear-industry. Inquiry Before Buying at http://www.grandviewresearch.com/inquiry/32.