Saudi Arabia E-Commerce Eyewear: Market Trends, Share, Size, Growth, Opportunity and Forecast till (2021 - 2026)
Market Reports on Saudi Arabia Provides the Trending Market Research Report on “Saudi Arabia E-Commerce Eyewear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)”under Consumer Goods Market Research Reports category. The Saudi Arabia E-Commerce Eyewear is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports.
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 transporation and logistics. During the pandemic, the screen time for childrens 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, the consumers emerging demand shifting to e-commerce platforms, thus, positively impacting the market.
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. Also, numerous foreign investors are vying the opportunity posed by online platform, and they are registering their business account 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 conumer reach and offer them low cost to entice the 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 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 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 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. 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 ineasy 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.
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