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Eyewear Markets of the Future: Assessing Market Attractiveness to 2023

March 2019

This report explores sociodemographic, macroeconomic and industry-specific drivers of eyewear demand to 2023. By weighting and forecasting category, competitive landscape, consumer and country metrics, we have identified key markets for manufacturers and retailers within the eyewear space to prioritise based on their relative potential. China emerges as the clear winner, but the potential of highly developed and mature markets such as the US or Japan should not be underestimated.

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Key findings from eyewear market attractiveness index

China emerges as the clear winner in terms of both correction and fashion.

China leads the Market Opportunity and Attractiveness Index. It offers high potential given its rapidly ageing profile, combined with rising disposable income levels and improved access to eye care

But highly developed markets remain safe bets with strong potential over the forecast period.

The combination of high disposable incomes, an ageing population, and highly developed health and retail infrastructure makes the US and Japan highly attractive markets to 2023.

A growing cohort of 45+ consumers worldwide set to drive a considerable share of eyewear revenues.

Cataracts, glaucoma, macular degeneration and presbyopia are all set to increase as the cohort of senior consumers grows worldwide.

Prevention becomes increasingly relevant as consumers adopt a more proactive approach towards health.

Preventative measures towards health are increasing. Within eye care, blue-light or UV filters are becoming popular, and are set to open new revenue streams across specific markets. 

Introduction

Scope
Key findings from eyewear market attractiveness index
Overview of metrics for eyewear market attractiveness index
Value behind different metrics groups

Drivers of Demand

3 pillars of eyewear consumption worldwide
Global consumer base to expand and grow (older)
Rising disposable incomes to boost spending
Eye health expected to keep deteriorating
Top 10 largest populations with myopia by 2023
Top 10 largest populations with presbyopia by 2023
Access to (and awareness of) eye health to keep growing
Expanding consumer base in the digital age

Market Opportunity Assessment

Score rankings: correction eyewear market attractiveness index
Emerging and mature markets offer equal potential
China and US lead in terms of potential for correction to 2023
Score rankings: fashion eyewear market attractiveness index
Consistent ranking from a fashion perspective
China, US and Japan also lead on the fashion side

Case Study: India

India: gigantic untapped potential
India: a promising market with important caveats
Still more “eyecare” than “eyewear”
ERC Eye Care: affordable, accessible, inclusive
Aravind Eye Care System: a pioneer
India SWOT Analysis

Appendix: Competitor Analytics

Competitor Analytics tool
Overview
Competitors
Market Overlap
Treemap
Overlap Matrices

Appendix

Definitions
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