Saudi Arabia E-commerce Eyewear Market (2022 To 2027):
Dublin, April 13, 2022 (GLOBE NEWSWIRE) — The report “Saudi Arabia E-commerce Eyewear Market – Growth, Trends, COVID-19 Impact, and Forecast (2022-2027)” 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, screen time for children and adults has increased dramatically, leading to demand for eyewear solutions. Due to the lack of operations of the highly penetrated retail channel in the eyewear market, the emerging consumer demand is shifting to e-commerce platforms, which has a positive impact on the market.
- The country’s harsh and humid climate, along with a growing share of smartphone users, has helped the eyewear market gain momentum in the region. That said, most of the demand is met by tourists, who often include eyewear as a daily requirement or 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 opportunity for growth in sales of consumer goods through the online channel 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 try to grab the opportunity offered by the online platform and register their business account 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. Moreover, vendors are adopting online retail strategies to increase their reach to consumers and offer them low cost to attract users thereby 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 among the niche group of sources that markets like Saudi Arabia crave. Also, the availability of rare products in online marketplaces is likely to boost consumer confidence and likewise, 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 thriving for 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 in 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/7cr5dg