Unlocking Opportunities in the Extruders Market: Key Growth Trends and Forecast Insights
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What is the Growth Potential of the Extruders Market, and How Will It Perform by 2034?
The expansion of the eyewear market has been swift and significant in the past few years. The market which is projected to be at $158.53 billion in 2024, is expected to escalate to $175.31 billion in 2025, representing a compound annual growth rate (CAGR) of 10.6%. Various factors can be credited for the growth observed during the historic period, including fashion and style trends, a surge in vision ailments, increased knowledge about UV protection, celebrity influence and endorsements, as well as the effects of an aging population.
In the coming years, the eyewear market is anticipated to experience swift expansion, with projections indicating a growth to $268.57 billion by 2029. This progression represents a compound annual growth rate (CAGR) of 11.3%. Factors contributing to this anticipated surge during the forecast period encompass advances in smart eyewear, adoption of eco-friendly and sustainable initiatives, market globalization and expansion, increased emphasis on personalization and customization, and the emergence of online try-on services. During this period, influential market trends are expected to be an enhanced awareness of digital eye strain, technological advances, emphasis on sustainable eyewear, dominance of e-commerce, and the introduction of blue light filtering technology.
What Key Drivers Are Accelerating the Growth of the Market During the Forecast Period?
The eyewear market is experiencing growth due to the rise in cases of declining eye health. This refers to the inability to see clearly or the development of some eye defects. Common reasons for this decline include age-related macular degeneration, cataract, diabetic retinopathy, glaucoma, and extended screen usage. This growing occurrence of eye deterioration will significantly increase the demand for eyewear as it can correct eye conditions and assist in obtaining clear sight. For example, in May 2024, data from the US-based government agency, Centers for Disease Control and Prevention, showed that nearly 60% of Americans over the age of 40, which equates to about 90 million people, have vision and eye problems. By 2050, vision-related issues in America like diabetic retinopathy will increase by 72%, cataracts by 87%, and both glaucoma and age-related macular degeneration will double. Moreover, the rate of vision impairment and blindness is set to rise by 150%, with the cost of vision problems projected to increase by 157% to $373 billion. As a result, the escalating cases of declining eye health are set to enhance the demand for eyewear during the forecast period.
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Who Are the Major Companies Shaping the Competitive Landscape of the Extruders Market?
Major companies operating in the eyewear market include:
• Silhouette International Schmied AG_x000D_
• JAND Inc._x000D_
• LVMH Moët Hennessy Louis Vuitton SE_x000D_
• Essilor International S.A._x000D_
• Carl Zeiss AG_x000D_
What Are the Key Emerging Trends in the Extruders Market for the Next Decade?
The enhancement in technology is a notable trend becoming increasingly popular in the eyewear industry. Innovations such as smart glasses are rising in popularity in the market. A smart glass is essentially a device that places a computer screen or display in a person’s field of vision, utilizing suitable technology to deliver data from a supporting information system. This display can be projected/reflected on the lens or provided as a separate entity to the vision. Along with this, smart glasses come equipped with a range of intelligent features such as Bluetooth connectivity, open ear speakers, and fitness tracking systems among others. They feature a modular design, providing ease and convenience to the wearer. Market leaders are emphasizing the provision of smart glasses in a bid to strengthen their grip in the market. For instance, Titan, an upscale Indian company, launched its new smart glasses – Titan EyeX in January 2022. These glasses boast impressive features such as open-ear speakers, touch controls, and built-in fitness trackers. Moreover, the Bluetooth v5.2 enabled device is compatible with both Android and iOS smartphones and has resistance against dust and water. Its open-ear speakers also facilitate voice navigation and send alerts during intensive usage.
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What Major Market Segments Define the Scope and Growth of the Extruders Market?
The eyewear market covered in this report is segmented –
1) By Product: Contact Lenses, Spectacles, Sunglasses
2) By Gender: Men, Women, Unisex
3) By Distribution Channel: Optical Stores, Independent Brand Showrooms, Online Stores, Retail Stores
Subsegments:
1) By Contact Lenses: Soft Contact Lenses, Rigid Gas Permeable (RGP) Lenses, Colored Contact Lenses
2) By Spectacles: Prescription Glasses, Reading Glasses, Blue Light Blocking Glasses
3) By Sunglasses, Polarized Sunglasses, Fashion Sunglasses, Sports Sunglasses
Which Regions Are Making a Mark in the Extruders Market Growth?
North America was the largest region in the eyewear market in 2024. Asia-Pacific is expected to be the fastest-growing region in the eyewear market during the forecast period. The regions covered in the eyewear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does the Definition of the Extruders Market Include?
Eyewear refers to devices and accessories worn on the eyes to protect or improve vision or eyesight. Eyewear is also used as an accessory for fashion or beautification. Spectacles, sunglasses, goggles, and contact lenses are some of the most commonly used eyewear.
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