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The prescription sunglasses market has taken a leap in recent years. This is attributed to improved awareness about eye care, increased disposable incomes, and rising fashion accessories. Prescription sunglasses are used for dual purposes, namely correcting the eyesight and also to protect one from the UV radiation; therefore, for many people, it is an essential item.
Market Overview
The global market for prescription sunglasses is expected to witness fast growth from 2023 to 2030, moving at a quick pace. This growth in the market can be attributed to an increase in vision problems among the population and fashion awareness. A greater variety in design, lens type, and material has also contributed to the growth of the market.
Drivers
The people have nowadays become more conscious about eye health. They fear the bad UV rays effects. Thus, many customers will opt for prescription sunglasses to keep them safe and improve their vision.
Fashion Trends: Eyewear design has been brought to a whole new level in the fashion industry hence, people are interested in stylish prescription sunglasses.
New technology: New types of lenses, such as polarized and photochromic lenses are drawing consumers to prescription sunglasses.
Restraints
High cost: Generally, prescription sunglasses cost more than regular sunglasses hence, not every patient can afford them.
Poor awareness in developing regions: Lack of awareness about prescription sunglasses and their benefits in some areas is a growth dampener.
Opportunities
E-commerce Boom: More people are shopping online now. This might be a great opportunity for the companies, as people could get many types of prescription sunglasses very easily.
Differentiation: The trend for personalized everything provides companies with opportunities to offer prescription sunglasses tailored to consumer's individual tastes.
Market Segmentation
By Type:
Polarized Prescription Sunglasses
Non Polarized Prescription Sunglasses
Photochromic Prescription Sunglasses
By Material:
Plastic
Glass
Polycarbonate
By End-User:
Men
Women
Unisex
By Distribution Channel:
Online Retailers
Optical Stores
Specialty Stores
Regional Insights
North America: Occupies the largest market share for prescription sunglasses in the world due to high disposable income and enhanced focus on eye health.
Europe is also not far behind, with a trend of fashion and big aging population.
Asia Pacific: Expected to witness significant growth because of increasing awareness and rising disposable income in emerging economies.
Competitive Landscape
The prescription sunglasses market is highly competitive, with key players focusing on innovation and product differentiation. Major companies include Luxottica Group, Essilor, Safilo Group, and Maui Jim.
Key Developments
Luxottica Growth: With the firm's new designs and improved lens technology, its product line has been expanding in capturing more market share.
Partnerships: Companies are creating strategic partnerships to enhance their distribution networks and products on offer.
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