DUBLIN–(BUSINESS WIRE)–The “Saudi Arabia E-Commerce Eyewear Market – Growth, Trends, and Forecast (2020-2025)” report has been added to ResearchAndMarkets.com’s offering.
Saudi Arabia’s E-Commerce Eyewear Market is projected to grow at a CAGR of 5.56% during the forecast period (2020-2025).
The country’s harsh and humid climate, along with a growing share of smartphones users, has let the eye wear market to gain traction in the region. That said, most of the demand is met by tourists, often including eye wear products as their daily requirement or as a part of souvenir culture.
On the other hand, the presence of brands has also leveraged the eye wear platform and made it a highly competitive sector for established players. Online retailing for the same has undertaken an upswing, driven by the millennial population vying for new and enhanced products that go along with regular fashion.
Key Market Trends
Booming Online Retail Industry
The growth opportunity for the sales of consumer goods through online channel has forced online vendors to improve purchase processes, in terms of security and reliability, which, in turn, has propelled the demand for these products. Moreover, vendors are adopting online retail strategies to reduce cost and increase their margins, which may benefit the market during the forecast period. Social media influencers, celebrity endorsement, and video/beauty bloggers on the other hand, are some of the niche group of sources that markets like Saudi Arabia crave for. Furthermore, availability of rare products in the online marketplaces are likely to build more confidence around consumers and likewise, quality at reasonable prices is expected to make such consumer spoilt for their choices.
Spectacles Hold the Largest Market Share
The growth of the corrective glasses segment is mainly driven by the increasing population suffering from refractive errors, raising awareness, and the cost-effectiveness of eye care devices over refractive surgeries. According to the research conducted by the University of Hail, in Saudi Arabia, the prevalence of refractive error among children was up by 18.5%. It has been stated that myopia is the result of a complicated interaction between genetic predisposition and environmental factors. Moreover, the increasing use of smartphones and computers is triggering the cases of computer vision syndrome (CVS). This factor has also been influencing the sales of corrective eyewear from the past few years.
In the Saudi Arabia e-commerce eyewear market, companies are thriving for their market share with merger and acquisition (M&A) and expansion being the most adopted strategies followed by partnerships and product innovation. The growing prevalence of social media among Saudi population also boosted the market value of e-commerce websites as with the increasing technology in Big Data, these e-commerce companies analyze consumer behaviors and market their product on the social media, such as Instagram and Facebook, according to the most searched products by the user. Some of the major players in the market studied are Amazon.com Inc., Awok.com, Noon, Emaar Malls (Namshi), EssilorLuxottica SA (Persol) among others.
Key Topics Covered
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter’s Five Forces Analysis
4.4 Consumer Behavior Analysis
4.4.1 Purchasing and Spending Pattern
4.4.2 Consumer Demand Analysis
4.4.3 Demographic Strength and Weakness
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.3 Contact Lenses
5.2 By End User
6 COMPETITIVE LANDSCAPE
6.1 Strategies Adopted by Key Players
6.2 Market Positioning of Players
6.3 Company Profiles
6.3.1 Al Barakat Group Co. Ltd.
6.3.2 Amazon.com Inc.
6.3.4 Emaar Malls (Namshi)
6.3.6 Jolly Information Technology Co. Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/b1crju