The eyewear industry helps billions of people see the world more clearly, and yet it is also an area about which most of its customers know little.
To remedy this, here are a few key insights and talking points pertaining to the eyewear industry that will demystify it and explain some of its quirks.
Significant growth is expected
Although you might assume that this industry is beholden to a relatively mature marketplace, it is actually one which is projected to grow substantially in the coming decade.
By 2027 the global market will swell to $255 billion, representing an average annual increase of a little over 8% year on year.
Much of this growth is attributed to the fact that fashion is tilting towards eyewear once more, with celebrities and social media influencers helping to catalyze demand amongst consumers.
Another factor at play is that levels of eye fatigue are on the rise, with more customers needing eyewear to correct their vision, as well as seeking out specialist products, such as migraine glasses for light sensitivity relief.
Asia will fuel the lion’s share of the industry growth in the next 10 years, and although online sales are set to rise, the bricks and mortar market will remain robust as well.
Tech-inspired innovations are gaining traction
Another facet of modern life that the eyewear industry is responding to is the growing concern about the impact that blue light produced by devices like smartphones and tablets is having on people’s sleep, as well as their overall eye health.
Both standard glasses and sunglasses are being equipped with the ability to filter out unwanted light from the spectrum, without otherwise hampering the user’s experience.
As the use of screens is only increasing at the moment, the need for such capabilities will also rise, giving eyewear manufacturers new ways of marketing their offerings to consumers.
An ageing population provides further growth opportunities
While the rich and famous may be showcasing stylish glasses via their Instagram accounts, and shaping the styles of specs that younger generations are interested in buying, a lot of the momentum in the industry is coming about as a result of the increasing average age of people in developed nations.
Reading glasses are especially popular in Europe and North America, and while opticians can prescribe this type of eyewear, in many cases customers are snapping up pre-made, over-the-counter products that are more affordable and accessible than ever.
Durability & material choice is increasing
The final insight worth noting in the modern eyewear industry is that advancements in material sciences have not only allowed manufacturers to produce lenses and frames that are more durable, but also to give consumers more variety in terms of the materials and designs that are available.
Glasses which are made entirely of glass itself, for example, are now a viable option, and a cavalcade of other innovations are pouring into the market, helping to perpetuate public interest in all it has to offer.