DUBLIN, April 11, 2022–(BUSINESS WIRE)–The “Saudi Arabia E-Commerce Eyewear Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The Saudi Arabian e-commerce eyewear market was valued at USD 129.08 million in 2020, and it is projected to register a CAGR of 4.55% during the forecast period (2021-2026).
The COVID-19 pandemic has been a major challenge to the market in the country on account of the restrictions imposed on transportation and logistics. During the pandemic, the screen time for children and adults increased significantly resulting in demand for eyewear solutions. Due to the lack of operations by the highly penetrated brick and mortar retail channel in the eyewear market, consumers’ emerging demand shifted to e-commerce platforms, thus, positively impacting the market.
The country’s harsh climate, along with a growing share of smartphone users, has led the eyewear market to gain traction in the region. That said, most of the demand is supplied by tourists, often including eye wear products as part of their daily wear or as a part of souvenir culture.
On the other hand, the presence of brands has also leveraged the eyewear 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 channels has forced online vendors to improve purchase processes, in terms of security and reliability, which, in turn, has propelled the demand for these products. Also, numerous foreign investors are vying for the opportunity posed by online platforms, and they are registering their business accounts with the Ministry of Commerce, Saudi Arabia. Such registration numbers increased from 14,154 in 2015 to 25,238 in 2020, according to the Saudi Arabia Ministry of Commerce. Moreover, vendors are adopting online retail strategies to increase their consumer reach and offer products at low cost to entice users; thus increasing their margins, which will 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. Furthermore, availability of rare products in online marketplace is likely to build more confidence among consumers and likewise, quality at reasonable prices is expected to make such consumers spoilt for their choices.
Spectacles Holds 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 cases of computer vision syndrome (CVS). This factor has also been influencing the sales of corrective eyewear for the past few years.
In the Saudi Arabia e-commerce eyewear market, companies are striving for their market share, with merger and acquisition (M&A) and expansion being the most adopted strategies, followed by partnerships and product innovation. Players operating in the e-commerce eyewear market in Saudi Arabia gained prominent positions due to the enlargement of their distribution channels through the establishment of stores and warehouses at different locations across the country, which helps in easy 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.
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
4.3.1 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 Group International
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/5rerh9
View source version on businesswire.com: https://www.businesswire.com/news/home/20220408005528/en/
Laura Wood, Senior Press Manager
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