The global prescription/Rx sunglass market is expected to reach USD 3.76 billion by 2022, according to a new report by Grand View Research. Increasing penetration of superior optics with ultra light weight and high strength properties is expected to drive the prescription sunglass market over the forecast period. Considerable increase in the number of internet users has drastically boosted online purchasing of these products, which is projected to positively impact demand.
Emerging new product streams along with changing consumer demographics are expected to drive gains. In addition, growing coverage for vision care with recent healthcare initiatives has expanded pool of insured eye care. Technological advancements are largely expected to impact the prescription sunglass market in both lens material and lens design adoption.
Growing global population and vision deficiency has opened up several new opportunities for Rx sunglass market manufacturers and retailers. Growing popularity of internet based sales transactions due to widespread adoption of e-commerce industry is expected to increase the revenue inflow from the cyberspace over the forecast period.
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Further key findings from the report suggest:
- Global prescription sunglass market was estimated at 29.3 million units in 2014, which is expected to grow at a CAGR of 3.8% from 2015 to 2022.
- CR-39 materials segment accounted for over 35% of the overall industry in 2014. This low-cost material is mainly manufactured in countries such as China, Japan, and India.
Light weight, high durability and reliability properties has aided the demand over the past few years. Glass is becoming an obsolete material used in the eyewear industry, with demand expected to decline over the forecast period.
- Polycarbonate accounted for over 25% of the overall share in 2014 and is expected to grow at a CAGR of 3.4% in terms of revenue from 2015 to 2022. These materials are more impact resistant than CR-39. Growing demand on account of extensive adoption in emerging countries is expected to favorably impact the demand over the next seven years.
- Trivex prescription sunglass market is expected to grow significantly over the forecast period. Increasing digitization in production and development is anticipated to positively impact shipments. The industry is characterized by advancements in the field of optics, metallurgy, plastics, and other areas.
- Asia Pacific prescription sunglass industry accounted for over 20% of the global revenue in 2014, and is expected to witness substantial growth. Europe is expected to continue leading revenue generation owing to the presence of high-end manufacturing brands in the region.
- Notable players operating in the prescription sunglass market include Fielmann, Luxottica, Safilo, Essilor, and CooperVision. Existing retailers in the industry have the potential to integrate backward into the manufacturing sector, thus attempting to establish their presence across the value chain. There are a number of avenues and distribution channels for the purchase of prescribed glasses with high quality, where cost remains the deciding factor. Vendors are placing emphasis on competent distribution channels which will be critical for competitive advantage.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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