While COVID-19 has had a dampening effect on major industrial sectors, the global eyewear market seems to be an exception here.
As per a report submitted by Fortune Business Insights, by the year 2026, the world’s eyewear industry is estimated to touch the $178.95 billion mark. (Source) This report is prepared after extensive studies about the performance of top players in the international eyewear market like CooperVision, Carl Zeiss, and online retailers like GlassesUSA.com.
How has COVID-19 influenced the global eyewear market?
Eyewear is an essential part of our lives, and its significance has only increased in this pandemic-hit world. With the enforcement of social distancing and various other restrictions to stay safe from the virus, platforms are exploring online eye checkups. And experts of these eminent organizations say that there are various components that have contributed to the soaring global eyewear industry.
Deteriorating eye health
According to a report formulated by WHO, more than 2 billion people in the world are suffering from vision-related problems like glaucoma, cataracts, and farsightedness. The prime cause behind the surge of these disorders is the lack of proper care and treatment required to heal these conditions. With these eye disorders on the constant rise, the demand for eyewear is highly likely to hike in the next few years.
Work from home
Throughout the pandemic, lockdowns have been used to slow the infection and prevent overcrowding at hospitals. This has led to employees staying at home and working without stepping out of the safety of their houses. With the employees subjected to increased screen time owing to the digital work burden, eyes are being affected. Consequently, the demand for muunel reading glasses (glasses that protect the eyes from the harmful blue light emitted from computer screen) is expected to increase exponentially with time.
Spectacles will contribute the most
According to a report of 2018, the spectacle segment is supposed to generate the maximum revenue because it has a market share of 79%. As the conditions of myopia and glaucoma will spread throughout the world, the demand for spectacles will grow at a steady rate.
New product launches
To back up the increased demand and to attract more consumers, companies have been conducting R&D to invent new eyewear products. Along with launching novel products some other strategies like merger and acquisition are also been implemented by multiple brands to strengthen their hold on the market.
Buy now, pay later programs
While strapped for cash, many consumers are taking advantage of buy now and pay later programs. As reported by the Federal Reserve, credit card debt has declined, therefore less people are willing to go into minus. A buy now pay later helps prevent consumers go into a minus. These programs offer an option to split the payments with either zero or very low interest credit card payments.
New genre launches
Not only new product launches but unique and quirky designs of eyewear are also being introduced in the market to drive growth. Limited edition products also play a huge role in surging revenue even if for a stipulated time.
Also, to attract potential customers of small pocket sizes, companies are offering affordable eyewear coming with a tag of a high-end brand. Alongside this, customers spread across North America are showing interest in premium eye care products and this has also been responsible for generating significant revenue.