1:55 PM The changing dynamics in Spectacle Market with covid-19 impact assessment |
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The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Spectacle Market.
It was estimated prior to this unanticipated outbreak Spectacle Market will reach CAGR of 2.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Spectacle Market Insights
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.
Market Share Analysis
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.
Spectacle Market Share: By Region
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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