A study, recently conducted by the strategic consulting and market research firm, Report Ocean, revealed that the Asia-Pacific Eyewear market was worth USD 26,379.3 million in 2020 and is further projected to reach USD 34,098.4 million by 2027, at a CAGR of 4.0% during the forecast period (2021-2027). The growing prevalence of myopia cases, growing awareness regarding eye protection, and various eye conditions in children are some factors driving the market. The growing geriatric population also acts as a major growth driver of the market. Additionally, technological advancements in manufacturing, changing lifestyles, and increasing population of fashion-conscious youngsters will likely fuel the Asian eyewear market during the forecast period.

Download Free Sample of This Strategic Report: https://reportocean.com/industry-verticals/sample-request?report_id=MR341

Growing Demand for Fashion Eyewear Favoring the Asia Pacific Eyewear Market

The demand for fashion eyewear is growing steadily across the Asia Pacific with increasing per capita income and improving living standards. Eyewear is now used as a fashion accessory by fashion-conscious Millennials. For instance, the streets of Tokyo fashion hubs Shibuya and Harajuku are full of youngsters wearing trendy eyewear. Due to the revival of a retro ’80s look, large-framed glasses have become one of the most popular fashion accessories among women in their teens and twenties. Furthermore, according to a recent report published by Unicommerce, an Indian e-commerce focused supply chain SaaS technology company, the online fashion industry in Indian grew by 61% in FY21. The report further states that Tier 3 and cities beyond registered a growth of around 192% in FY21. Moreover, domestic/local brands like John Jacobs, IDEE, Lenskart, TitanEyePlus, Fastrack, and others benefit from it. Recently, Lenskart raised over 200 million to expand its retail outlets across India and expand the business into other European countries. The CEO of Lenskart claims that around 1.2 million glasses are sold every day in India. With the improving per capita income, growing fashionable products, demand is expected to drive the growth of the eyewear market in India during the forecast period.

Growing Prevalence of Myopia across the Asia Pacific

Because Asian young adults have higher rates of high myopia than non-Asian young adults, Asian populations suffer from myopia to a greater extent than non-Asian populations. According to the National Health Commission, approximately 50% of Chinese people are myopic, while the global average is around 30%. India also struggles with myopia, which affects 7 to 8% of children aged 5 to 15 in India, and this number is expected to increase significantly over the next few years. Over the past few years, Japan has also witnessed a rapid increase in the number of people enrolling for eye care treatment. A JAMA Ophthalmology and Association of Optometrists (UK) report indicates that myopia has been prevalent among the younger generation across Japan. The number of myopic children aged 6 to 11 and the number of myopic children aged 12 to 14 has been estimated at 76.5% and 95%, respectively, in 2019. The prevalence of such occurrences can be largely attributed to excessive screen time and a decline in outdoor activities.

The Offline Segment Holds Largest Share in the Market

Based on distribution channels, the APAC eyewear market is categorized into online, and offline. The offline segment dominates the APAC eyewear market and is expected to continue its dominance over the coming years. However, the growing inclination toward online channels indicates the fastest CAGR for the online segment in the coming years. The manufacturers have also adopted vertical integration and an effective distribution network to drive profitability. However, the offline segment remains the most preferred method to purchase eyeglasses due to the numerous advantages it offers, including eye examinations and consultations with practiced optometrists.

Request To Download Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=MR341

Impact of COVID-19 on the Asia Pacific Eyewear Market

Several countries in Asia-Pacific were placed under lockdown due to the rapid growth of COVID-19 in 2020. The COVID-19 virus is believed to have originated from China, which was the first country to announce a lockdown, leaving all industries at risk. The lockdown created many issues for eyewear companies across the value chain. The demand for eyewear products, therefore, witnessed a sharp decline in 2020. According to Hong Kong Trade Development Council (HKTDC), Hong Kong, one of the largest exporters of spectacles and frames, registered a decrease of 22% in the export of spectacles, lenses, and frames in 2020. Likewise, the exports of products manufactured in mainland China dropped by 22% in 2020 due to the strict lockdown restriction, disruptions across the supply chain, difficulties in raw material procurement, and a lack of labor. On the other hand, despite the ongoing global health crisis, India saw mixed impacts, with brands like Lenskart posting double-digit growth in 2020 after losing 78% in 2019. On the other hand, Titan Eye Plus announced that it would pull out of large format stores as they have been witnessing stagnant growth.

Asia-Pacific Eyewear Market: By Country

Based on countries, the market is segmented into China, India, Japan, South Korea, and Rest of the Asia-Pacific. China accounted for the largest share with a market share in 2020 and is expected to dominate the market during the forecast period as well. China’s National Health and Family Planning Commission, which plans to expand optical and optometric services in the region, is responsible for the growth of the eyewear market in the region. Conversely, India is expected to be the fastest-growing region during the forecast period. Increasing exposure to display screen, combined with the growth of the Indias cosmetic contact lens market and are driving the growth of the countrys eyewear market.

Asia-Pacific Eyewear Market – Competitive Landscape

The major players in the Asia Pacific eyewear market are Johnson & Johnson Vision, CooperVision, Charmant Group, Chemiglass Corporation, CIBA Vision Inc. (Alcon Vision LLC), Hoya Corporation, Bausch + Lomb Inc., Carl Zeiss AG, Charmant Group, De Rigo S.p.A., Fielmann AG, Marchon Eyewear Inc., Rodenstock GmbH, Seiko Optical Products Co. Ltd, Shamir Optical Industry Ltd., Shanghai Conant Optics Co., Ltd, Silhouette International Schmied AG., Uvex Winter Holding GmbH & Co. KG., Vison Ease Lens, Inc., Lenskart, and others. Despite high fragmentation, no dominant player holds a significant market share in the Asia-Pacific. However, prominent brands such as EssilorLuxottica lead the market because of their wide range of brands, acquisitions of domestic players, and launch of new products. The domestic and small players are also slowly gaining a profitable share in the market.

Request To Download Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=MR341

Market Segment:

By Product Type (Contact Lenses [Soft, And Rigid], Spectacles [Spectacle Lenses, And Spectacle Frames], And Sunglasses [Polarized, And Non-Polarized)

By Material (Glass, Plastics, And Metal)

By Category (By Lifestyle Eyewear [Fast Fashion Eyewear, Premium Eyewear, Luxury Eyewear], Sports Eyewear, Prescription Eyewear, And Specialty Eyewear) End-Users (Men, Women, Kids, And Unisex)

By Distribution Chanel (Online Store, And Offline [Mono Brand Store, Multi Brand Stores, Optical Stores, Departmental Stores, And Others)

By Age Group (Under 3 Years Old, 03-12 Years Old, 13-19 Years Old, 20-39 Years Old, 40-60 Years Old, And Above 60 Years Old)

By Country (China, India, Japan, South Korea, And Rest Of Asia-Pacific)

In March 2021, Polyray Corp., a Chinese eyewear lens manufacturer, and SABIC, a global leader in the chemical industry, announced their collaboration for the use of SABIC’s LEXAN polycarbonate resin (PC) based on certified renewable feedstock in the lenses of multiple eyewear end applications, including sunglasses, safety goggles, and sports goggles.

Table of Content:

• Report Overview
• Global Growth Trends
• Competition Landscape by Key Players
• Data Segments
• North America Market Analysis
• Europe Market Analysis
• Asia-Pacific Market Analysis
• Latin America Market Analysis
• Middle East & Africa Market Analysis
• Key Players Profiles Market Analysis
• Analysts Viewpoints/Conclusions
• Appendix

Key Reasons to Buy this Report:

• Access to date data compiled by means of our researchers. These grant you with historic and forecast data, which is analyzed to inform you why your market is set to change
• This allows you to expect market adjustments to continue to be in advance of your competitors
• You will be in a position to replica information from the Excel spreadsheet straight into your advertising plans, commercial enterprise presentations, or different strategic documents
• The concise analysis, clear graph, and desk structure will allow you to pinpoint the records you require quickly
• Provision of market cost (USD Billion) records for every phase and sub-segment
• Indicates the area and section that is predicted to witness the quickest increase as nicely as to dominate the market
• Analysis through geography highlighting the consumption of the product/service in the area as nicely as indicating the elements that are affecting the market inside every region
• Competitive panorama which contains the market rating of the predominant players, alongside with new service/product launches, partnerships, commercial enterprise expansions, and acquisitions in the previous 5 years of organizations profiled
• Extensive business enterprise profiles comprising of business enterprise overview, employer insights, product benchmarking, and SWOT evaluation for the primary market players
• The cutting-edge as nicely as the future market outlook of the enterprise regarding current traits which contain boom possibilities and drivers as properly as challenges and restraints of each rising as nicely as developed regions
• Includes in-depth evaluation of the market from quite a number views via Porter’s 5 forces analysis
• Provides perception into the market via Value Chain
• Market dynamics scenario, alongside with boom possibilities of the market in the years to come, 6-month post-sales analyst help

Request full Report : https://reportocean.com/industry-verticals/sample-request?report_id=MR341

About Report Ocean:

We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is a ‘one-stop solution’ for individuals, organizations, and industries that are looking for innovative market research reports.

Get in Touch with Us:
Report Ocean:
Email: sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 – UNITED STATES
Tel:+1 888 212 3539 (US – TOLL FREE)
Website: https://www.reportocean.com