Eyewear Market Analysis And Forecast 2024 - 2031 | Luxottica Group SpA, Essilor International S.A

Market Overview:

Eyewear products such as spectacles, sunglasses, and contact lenses are used to correct vision and protect eyes from sunlight. Rapid advances in technology have enabled the development of innovative products such as prescription sunglasses, blue light blocking glasses, and transition lenses.

Market Dynamics:

The Eyewear Market is expected to witness significant growth over the forecast period owing to two key drivers. Firstly, rising incidences of vision impairment disorders such as myopia, hyperopia, and astigmatism are driving increased demand for vision correction products. Secondly, growing popularity of prescription sunglasses among consumers is augmenting market growth. Consumers are increasingly preferring sunglasses that double up as prescription glasses due to convenience. Furthermore, surging adoption of online sales channels by key players to improve accessibility is likely to offer lucrative opportunities for market expansion through the forecast period.

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Increasing demand for prescription lenses due to rising prevalence of vision impairment

The global prevalence of myopia has increased significantly over the past few decades. As per the World Health Organization (WHO) data, around one third of the world's population wears glasses or contact lenses. The increasing prevalence of conditions like myopia, hyperopia and astigmatism is one of the major drivers of the eyewear market growth. As per the statistics, nearly 50% of the Asian and European population is expected to be nearsighted by 2050. Rise in lifestyle diseases and excessive use of digital devices are major causes of deteriorating eyesight among people. With limited treatment options available, prescription eyewear remains the most effective way to correct vision and address refractive errors. This growing demand for corrective lenses and frames is benefitting eyewear manufacturers extensively.

Increasing adoption of luxury and premium brands

With rising disposable incomes and spending power, consumers are willing to spend more on premium and luxury eyewear brands today. Luxury eyewear brands are gaining widespread popularity due to their high-quality materials, fine craftsmanship and contemporary designs. The changing fashion trends are also positively influencing the demand for trendy, unique and designer eyewear products. Luxury brands showcase their products as a style statement rather than just a vision correcting product. Extensive marketing activities on social media and celebrity endorsements have further popularized premium eyewear brands among young customers. The premiumization trend is allowing eyewear companies to charge higher price points and boost their profit margins. This growing demand for expensive high-end brands acts as a key growth driver for the overall eyewear industry.

Fluctuating currency exchange rates

Currency exchange rate fluctuations pose a major challenge for eyewear companies. A large part of the total cost involves procuring raw materials and components from foreign markets. Any volatility in currency exchange rates directly impacts the production costs. For instance, appreciation of US dollar against local currencies increases import costs for companies operating in emerging markets. Also, fluctuations make price forecasting and hedging difficult for eyewear manufacturers. Unfavorable currency movements can erode profit margins, especially for companies relying heavily on international trade. Given the global nature of supply chains, exchange rate risks are difficult to eliminate completely. Companies have to continuously monitor currency risks and take appropriate measures like hedging to minimize adverse effects on business operations and financial performance. Uncertainty over currency values acts as a major restrain for eyewear industry growth.

Increasing popularity of smart glasses

Technology is revolutionizing the eyewear industry at a rapid pace. Convergence of eyewear and technology has paved way for smart glasses that can perform complex tasks beyond vision correction. Innovation in areas like augmented reality, holograms, Bluetooth connectivity and health monitoring is opening up new revenue channels. Tech giants are aggressively investing in next-gen smart glasses focused on applications spanning navigation, healthcare, computing, language translation and entertainment. As the technology matures, prices are expected to drop, making these gadgets more accessible. Growing customer acceptance of wearable tech devices indicates a massive opportunity in the long run. Smart glasses may soon displace smartphones for variety of applications. While still at a nascent stage, smart eyewear segment is touted to be the future growth driver for the entire eyewear industry.

Top Companies Featured in This Report:

★ Luxottica Group SpA
★ Essilor International S.A
★ Carl Zeiss AG
★ Hoya Corporation (Life Care)
★ Johnson & Johnson Vision Care Inc.
★ Cooper Companies Inc.
★ Fielmann AG.
★ Safilo Group Spa
★ Marcolin S.p.A.
★ De Rigo S.p.A.

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Market Segmentation:

By Product Type:

★ By Product Type: Spectacles, Plano Sunglasses, Contact Lenses, Sportswear, and Eye Care
★ By Price Range: Premium, Mid, and Low
★ By Distribution Channel: E-commerce/Online, Company Outlets/Franchises, Hospitals, Clinics, and Multi-brand Stores

Key Regions/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Why Choose Our Comprehensive Market Report:

• Evaluate numerous aspects of the Eyewear Market outlook through Porter's Five Forces analysis.

• Examine the growth rate and market shares of various product types and applications/end-users within the Eyewear Market.

• Gain insights into the Eyewear Market dynamics across different regions.

• Conduct a thorough Covid-19 Impact Analysis using a robust research methodology.

• Stay updated on the latest developments, market shares, and strategies of key players in the Eyewear Market.

• Delve into a detailed assessment of the market strategies, geographical presence, and business segments of the top players in the Eyewear Market.

• Anticipate key challenges, product advancements, and potential solutions that may influence the market's progress and risks.

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Key Inquiries Addressed in this Report include:

• What was the size of the Eyewear Market in 2024, and what is the projected value by 2030?

• What is the present global market landscape for the Eyewear Market?

• What strategies offer optimal opportunities for growth maximization in the business?

• What recent trends are shaping the Eyewear Market?

• How does the market share of Eyewear Market revenue, sales, and size vary across specific geographical regions?

• Who are the prominent industry players in the Eyewear Market?

• Which segment of the Eyewear Market is experiencing heightened demand?

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This release was published on openPR.