Eyewear Market -Saudi Arabia
Eyewear refers to goods that are used to correct vision or protect the eyes from external influences such as light, harmful radiation, debris, and harsh environmental changes.
Products in the eyewear market include eyeglasses, sunglasses, and contact lenses. With many local and international competitors, the industry is highly fragmented. These items provide vision correction as well as protection from damaging UVA and UVB solar rays. Wearing spectacles is often considered a fashion statement in both developing and developed countries.
KSA Eyewear Market Size and Potential Growth (2022-2027)
➟ In 2022, the KSA eyewear Market is estimated to be valued at $767.2 million ($0.77 billion) with an approximate share of 27% of the GCC eyewear market.
➟ During 2022-2027, the market is extrapolated to grow at a CAGR of 5.8% and would reach $1,015 million ($1.01 billion) in 2027.
KSA Eyewear Market, By Type of Eyewear in 2022 (%)
In 2022, the spectacles segment holds the largest market share of the KSA eyewear industry with a share of 62%, followed by Sunglasses with a 29% market share.
Market Trends
Booming Online Retail Industry
➟ Online merchants have had to improve security and reliability to sell consumer goods through online channels, which has increased the demand for eyewear.
➟ Foreign investors are registering business accounts with the Saudi Ministry of Commerce to take advantage of the online platform’s possibilities. Such registration numbers increased from 14,154 in 2015 to 25,238 in 2020.
➟ In March 2021, Amazon.com Inc. announced its expansion into Saudi Arabia, with a storage capacity of more than 867,000 sq. ft, and to expand its geographical reach by 58%.
Increasing Use of Eyewear Products by Tourists in the KSA Region
➟ The harsh and humid climate of the Kingdom of Saudi Arabia, along with an increasing number of smartphone users, has enabled the region’s eyewear sector to gain pace.
➟ However, the majority of the demand is satisfied by tourists, who frequently include eyewear products as a daily essential or as part of their souvenir culture.
Increasing Demand for Soft Contact Lenses Generates Revenue for Manufacturers
➟ The Saudi Arabian eyeglasses market has been increasing with developments in eyewear production technologies. Soft contact lenses, spectacle lenses, contact lenses, spectacles, and other eyewear are becoming increasingly popular in the region. People are increasingly opting for soft contact lenses in order to avoid wearing spectacles. Contact lenses are often used by athletes because they allow them to conduct more intense sports with greater freedom.
Data Sources: Statista, Persistence Market Research, Transparency Market Research, Mordor Intelligence, GlobeNewsWire, and others
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