According to a new report Global Spectacle Market, published by KBV research, The Global Spectacle Market size is expected to reach $102.7 billion by 2026, rising at a market growth of 7% CAGR during the forecast period.
Offline stores procured significant revenue of the global spectacle marketplace share in year 2019. Online stores are expected to display a significant CAGR by 2026. Changing preferences towards online shopping because of busier lifestyles is boosting the share of the segment in overall spectacles market. Online websites offer convenience and are also planning to reduce the delivery time which is likely to fuel the industry outlook. Also, these stores offer products at low costs and advertise their products through the digital network by providing massive huge discounts.
Lens held the largest market revenue share in 2019 and is likely to maintain its dominance over the upcoming period. Growing demand for various types of lenses such as single vision, bifocal and trifocal, and the other progressive lens is likely to drive the segment growth. Huge demand for the bifocal lens due to the rise in the aging population is expected to further increase the growth. Manufacturers heavily spend on research and growth to introduce new goods catering to the particular requirements of customers.
The North America market dominated the Global Spectacle Market by Region in 2019. The Asia Pacific is anticipated to show the fastest growth from 2020 to 2026, owing to the high occurrence of myopia in children as well as young adults. Majority of youth in Japan, China, Singapore, and South Korea are suffering from myopia. Additionally, The Europe market would showcase a CAGR of 6.6% during (2020 - 2026).
Full Report: https://www.kbvresearch.com/spectacle-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of EssilorLuxottica SA (Essilor Instruments USA), Johnson and Johnson (Johnson and Johnson Vision Care, Inc.), Novartis AG (Ciba Vision), Carl Zeiss AG, Zenni Optical, Inc., Jand, Inc. (Warby Parker), Lenskart Solutions Pvt. Ltd., Hoya Corporation, MODO and Titan Group Limited (Tata Group).
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