Spectacle market to witness a CAGR of 2.1% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Spectacle market
Spectacle market to witness a CAGR of 2.1% during the forecast period. The growing demand for spectacle is mainly due to the high predominance of vision-related issues among the youthful age due to extensive usage of smartphones, televisions, computers, and other digital devices..
In terms of regions, North America is estimated to be the largest market for spectacles during the forecast period, with the USA, Canada, and Mexico being the major countries offering substantial growth opportunities. The growth of the region’s market is owing to the increasing aged population and their concerns regarding eyesight..
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Report Scope & Market Segmentation
spectacle Market Share: By Parts Type
Based on the parts type, the market is segmented as frames and lens. The lens segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. The growth of the segment can be attributed due to the rising concerns in the eyesight of every age group on account of extensive usage of electronic devices and increasing age. In addition, the demand for single vision, bifocal, and trifocal is increasing because of these reasons.
Spectacle Market Share: By Distribution Channel Type
Based on the distribution channel type, the market is segmented as offline and online. The offline segment is expected to remain dominant during the forecast period due to personal assistance, customization, and convenience to the consumers in physical stores such as optical shop or specialty stores. Further, they provide easy repair and exchange services to customers.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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