Saudi Arabia E-commerce Eyewear Market Outlook (2022-2027): Refractive Error Prevalence in Children Up 18.5%
DUBLIN, April 11, 2022–(BUSINESS WIRE)–The “Saudi Arabia E-commerce Eyewear Market – Growth, Trends, Impact of COVID-19, and Forecast (2022-2027)” report has been added to from ResearchAndMarkets.com offer.
The Saudi e-commerce eyewear market was valued at USD 129.08 million in 2020, and it is expected to register a CAGR of 4.55% during the forecast period (2021-2026).
The COVID-19 pandemic has been a major challenge for the country’s market due to transportation and logistics restrictions. During the pandemic, the time spent in front of screens for children and adults has increased dramatically, which has led to a demand for eyewear solutions. Due to the lack of operations of the highly penetrated retail channel in the eyewear market, emerging consumer demand has shifted to e-commerce platforms, which has had a positive impact on the market.
The country’s harsh climate, along with a growing share of smartphone users, has led the eyewear market to gain momentum in the region. That said, most of the demand is met by tourists, who often include eyewear products in their daily wear or as part of souvenir culture.
On the other hand, the presence of brands has also leveraged the eyewear platform and made it a highly competitive industry for established players. Online retail for the same has embarked on a recovery, driven by the millennial population vying for new and improved products that go along with regular fashion.
Main market trends
Booming online retail industry
The growth opportunity in sales of consumer goods through online channels has compelled online sellers to improve shopping processes, in terms of security and reliability, which, in turn, has propelled the demand for these products. Also, many foreign investors are vying for the opportunity offered by online platforms and registering their business accounts with the Ministry of Commerce of Saudi Arabia. These registration numbers have increased from 14,154 in 2015 to 25,238 in 2020, according to the Saudi Ministry of Commerce. Additionally, sellers are adopting online retail strategies to increase their reach to consumers and offer low-cost products to attract users; thus increasing their margins which will benefit the market during the forecast period. Social media influencers, celebrity endorsements, and video/beauty bloggers, on the other hand, are part of the niche group of sources that markets like Saudi Arabia need. Moreover, the availability of rare products in the online market is likely to boost consumer confidence and similarly, the quality at reasonable prices should make these consumers spoiled for their choices.
Shows Holds Largest Market Share
The growth of the corrective eyewear segment is primarily driven by increasing population suffering from refractive errors, awareness and cost-effectiveness of eye care devices over refractive surgeries. According to research conducted by the University of Hail, Saudi Arabia, the prevalence of refractive error in children has increased by 18.5%. It has been established that myopia is the result of a complicated interaction between genetic predisposition and environmental factors. Additionally, the increasing use of smartphones and computers is triggering cases of Computer Vision Syndrome (CVS). This factor has also been influencing the sales of corrective glasses for some years.
In the Saudi Arabia e-commerce eyewear market, companies are striving for their market share, with mergers and acquisitions (M&A) and expansion being the most adopted strategies, followed by partnerships and product innovation. Players operating in the Saudi Arabia e-commerce eyewear market have gained prominent positions owing to the expansion of their distribution channels through the establishment of stores and warehouses at different locations across the country, which contributes to an easier and faster delivery. Some of the major players in the market studied are Amazon.com Inc., Awok.com, Noon, Emaar Malls (Namshi), EssilorLuxottica SA (Persol), and Al Barakat Group Co. Ltd., among others.
Main 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 Constraints
4.3 Porter’s Five Forces Analysis
4.3.1 Bargaining power of suppliers
4.3.2 Bargaining power of buyers
4.3.3 Threat of new entrants
4.3.4 Threat of Substitutes
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By product category
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.
6.3.8 EssilorLuxottica SA (Persol)
6.3.9 LuLu International Group
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
For more information on this report, visit https://www.researchandmarkets.com/r/5rerh9
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220408005528/en/
Laura Wood, Senior Press Officer
For EST business hours, call 1-917-300-0470
For US/CAN call toll free 1-800-526-8630
For GMT office hours call +353-1-416-8900