Eyewear, Sunglasses and Accessories The items and accessories worn on or over the eyes is known as eye wear. Eyewear is used for fashion, protection or vision correction. There are many items and accessories consisting eyewear such as glasses also called as spectacles, sunglasses, contact lenses, goggles, blindfolds and optical displays. Industry Trends The visual inaccuracies are continuously growing along with the modern world of information that has provided awareness would alter the growth of market for eyewear. Factors which are associated with vision disorders such as spending high amount of time in front of computers, using cell phones continuously throughout the day, playing video games including with changing habits are critical. Spectacles are projected to remain most common for vision correction but the contact lens demand would slightly increase with additional benefits of aesthetics with new inventions and innovations. The market growth will be spurred by the increase in instances of eyewear disorders. Currently around 90 % of people wear glasses with corrective lenses who are over 65 years of age and this is also projected to grow continuously. Eye wear market size in 2014 was 2.88. The prices of eyewear vary according to the products and quality. The use for disposable lenses with ease to use and low price are also the main factors for future projection of lenses market. The nature of eyewear industry is oligopolistic and there are many brands in eyewear industry with high loyalty. Luxottica is the renowned company in eyewear that focus on the high quality and with well established profitable distribution channel and vertical integration in its supply chain. The use of contact lenses is growing around the world with certain eye related problems such as vision abnormality, fashion and advancement in technology. The Prominent companies have also developed the products to amidst the competition such as tear infused design contact lens and clear vision throughout the day in contact lens. The launch a product with new advanc3ment has resulted to have a higher market share in industry. The trend of glasses is also increasing due to fashion. The manufacturers highly focus on the design and style of eyewear. Design and style is also preferred in corrective lenses include fashionable frames. The designs vary considering different occasions such as office wear, formal wear, or party wear. The prescribed glasses have also been developed in sunglasses which can allow both preferences. Product innovation through technological or functional advancement is also the major factor for this market development. These factors have increased the value for the products with increase in premium. Vendors are investing in this sector for research and development and the manufacturers focus on material, shape, size and coating to increase comfort. Counterfeit is the barrier in growth of the eyewear market and the differentiation is very limited which is a global challenge in industry. The quality of lenses is hard to recognize and the market is affected by the fake products. China is the producer of counterfeit products that can provide similar design shape and look with low quality which can create market surge in coming days. The technological advancement will help to create quality eyewear at low cost. The medical surgeries which include laser vision can hinder the eyewear product growth. Spectacles included 55% of global eyewear market share in 2016. The new trend of eye wear fashion will fuel the demand for eyewear. The lens replacement demand including high quality lenses can also increase the market growth. The stores for eyewear included 25 % market share in 2016. This share was aided by the easy examination of eyes and consultation services. Online stores share contributed lesser than optical stores but rising demand in online shopping can overtake the stores share. Shopping experience, home delivery and competitive prices are the factors have helped to build trust for online shopping. China is the major share holder of the market in Asia. The demand for fashionable eye wear and increasing living standard in the region will push its demand. Increase in disposable income and upgrading of life standards will aid the market growth of eye wear and accessories mostly as fashion. The people frequently replace the eyewear to increase their look and enhance their personality. This consumer behavior directs manufacturers to introduce innovations and different style to accommodate the consumer needs. Future Prospects It is estimated that the use of contact lenses will grow and its market will reach to 13.5 billion dollars by 2020. The market for eyewear is projected to reach 165 billion dollars by 2022 according to Global Market Insights, the surgeries and prescribed contact lenses would favorably increase the market for sunglasses. The lenses revenue and shipments is projected to increase from replacement demand and preference for high quality lenses. The safety requirements and safety regulations and safety trends which are also rising in developing countries would allow increasing the safety eyewear in industries. The demands for polarizing sunglasses will increase than faster than overall with increasing awareness among people. The eyewear industry is also projected for revolutionary changes such as virtual reality and optical displays which are using goggles for the display screen. Exposures to electronic gadgets are common in this world and further advancement will boost the demands for safety eyewear. The awareness in eyes protection is increasing that will also increase the sales of these products. The preference of styles for luxury will drive the manufacturers for the development of the products and the innovation and new technologies are also expected to increase in future. The premium of frames for glasses will reach to 60 million dollars by 2014 due to the easy availability I every region and online shopping that will ensure delivery throughout the world. The second facto will include upgrading of style. Contact lenses are projected to represent the growth of 3 % by 2024 with decrease in its prices as the retail industry will grow and affect supply demand factor and indirectly cost. The largest market segment for the lenses will include disposable lenses. Brazil and Mexico would be the largest contributor in eyewear industry where eyewear industry to show a growth up to 4.5 %. The region will be influenced by the international brands that will drive this growth. However the growth in North America can be seen in the graph below. Use of metal will be increased in making frames with the development of metal including the property of lightweight, flexibility and strength that will make the frames more durable. The population is increasing and the demographics are changing, this will have implications on the sector in terms of meeting the rising demand and ensuring services meet the needs of a diverging population. Target Market Product type, mode of sale, geography and end-user are the market segments for eyewear. The product type includes glasses, sunglasses and contact lenses which are used by the humans. The mode of sale comprised of retail stores and online stores. Men and women are the dominant share holders of eyewear and the trend of using glasses in going to increase which is projected to increase 8.7 by 2024. The growing trend of using glasses among women will include the factors, fast growing women population than men, increase in number of working women and fashion. The major revenue share in eyewear market is occupied by prescription glasses. The retail mode contributes 87.9 % share which will decrease in the coming future and the shares of online mode will increase by 14.1 % by 2020. The demand for eyewear in Europe was 25 % throughout the world in 2-16. The increase in population will further increase the demand in coming future with measure contribution from UK and Germany. The region accounts the population of people over 65 is more than 17 %. The distribution of eyewear is mainly done by the distributors which include retail chains, stores, pharmaceuticals, surgical stores and mass merchandisers. The famous retail stores includes: Sunglass Hut, Sun Planet, Oliver People and Sunglass Icon. Key Market Players The dominant producer of contact lenses includes; Bausch & Lomb, Cooper-Vision Johnson & Johnson etc, Whereas Luxottica and Safilo are common in sunglasses. Other key market players include: Carl Zeiss AG, Grand Vision, Essilor International, Prada, Valeant Pharmaceuticals and Fielmann AG. Impact of Technology Innovations and technological development will increase the production at low cost. The market players are targeting customer with lower price on large scale. The efforts from eye care community will help to develop the products with better vision and the support product to penetrate in the development period. In Eye care the new and advance methods has aided the process to check the vision disorders more clearly that can record the slight variations over time and drive customers to change the refractive index very often. Political Impacts The health regulatory in developed countries is implementing regulatory practices to improve health services. Some countries such as UK have also developed the legislation for health service that also include optical sector. Countries are also seeking consultancy to set reforms in this sector and often include the topic to improve their political campaigns during elections.