Eyewear Market Performance and Future Insights Overview 2024 - 2031 | Luxottica Group SpA, Essilor International S.A

Market Overview:

Global eyewear market is expected to reach US$ 388.48 Bn by 2031, from US$ 216.65 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 8.7% during the forecast period (2024-2031).

Market Dynamics:

The eyewear market is expected to witness significant growth over the forecast period owing to increasing adoption of smart glasses and rising cases of nearsightedness among youth. Smart glasses are gaining traction in applications related to healthcare, enterprise solutions and gaming. They offer additional features like augmented reality, camera, connectivity and more. Various companies are focusing on developing innovative smart glass products to capitalize on opportunities in this space. Additionally, growing prevalence of myopia and hyperopia due to excessive use of digital devices is boosting the demand for prescription eyewear products worldwide.

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Rising Adoption of Thin and Lightweight Eyewear Frames

The eyewear market has seen a rising adoption of thinner and lighter eyewear frames in the recent years. Consumer preference for frames that are comfortable yet stylish have spurred glasses manufacturers to develop frames that are minimalist in design while offering flexibility. Some key factors contributing to this driver are increased focus on active lifestyles and health, growing popularity of sports and fitness activities, along with an evolving sense of aesthetics that values simplicity over bulk. Thinner frames allow for more discreet wear and don't obstruct the field of vision as much as older, thicker frames. Leading brands have diversified their portfolio with collections entirely focused on lightweight titanium, acetate or specialized plastic alloys that reduce weight by up to 30% compared to traditional materials. This has boosted sales considerably as consumers seek multipurpose eyewear for both casual and workout needs.

Potential of AR Smart Glasses

One significant growth opportunity for the eyewear market lies in augmented reality (AR) smart glasses. Major tech companies are investing heavily in next-gen AR devices that overlay digital information seamlessly onto the real world. Unlike VR headsets, AR glasses are designed for portable, all-day use without being too obtrusive. As components miniaturize and batteries improve, AR spectacles could perform diverse tasks from navigation and translation to interactive shopping and teleconferencing. The military, healthcare, education and manufacturing sectors present an addressable market for specialized productivity and training applications of AR. Stylish consumer variants may follow to enable immersive experiences in entertainment and gaming too. While large-scale adoption is still years away pending technology and cost optimizations, AR represents immense future potential for diversifying revenues beyond conventional eyecare needs into a new era of smart, connected glasses. Pioneering efforts by players like Meta are expected to drive the AR wave in partnership with eyewear giants.

Rising Fashion Consciousness and Increasing Spending on Designer Brands

A noteworthy trend in the eyewear industry is the rising prominence of luxury, designer labels. Where eyeglasses were once considered strictly utilitarian, they are increasingly viewed as accessible accessories to reflect personal style. High fashion brands have augmented their clout in opticals along with other categories. Players like Gucci, Prada, Dior and Burberry have brought couture aesthetics into frame design, finishing and limited edition collaborations with artists and celebrities. Online influencers regularly feature unique eyewear looks further

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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.

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 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)

Trends in Navigation Keyword Market:

Increasing Demand: Notice a surge in demand for navigation keywords due to the widespread adoption of GPS-enabled devices and the need for precise mapping data.

Technological Innovations: Witness innovative breakthroughs enhancing the accuracy and reliability of navigation keywords, such as real-time traffic updates, 3D mapping, and augmented reality.

Tailored Solutions: Explore industry-specific navigation keyword solutions designed to meet the unique needs of automotive, aviation, and maritime sectors.

Integration with Advanced Technologies: Embrace the integration of navigation keywords with cutting-edge technologies like artificial intelligence and the Internet of Things, unlocking advanced functionalities.

Mobile Applications: Embrace the convenience and accessibility of navigation keywords through mobile applications, catering to the evolving needs of consumers.

Environmental Sustainability: Embrace environmentally conscious navigation keyword solutions that address issues like traffic congestion and air quality, promoting sustainable transportation options.

Report Highlights:

📈 Examination of navigation keyword market share at both country and regional levels

📈 Thorough analysis of the competitive landscape and emerging trends

📈 Detailed review of product advancements, technological developments, drivers, and limitations

📈 Strategic recommendations tailored for key business segments based on market insights

📈 Valuable guidance for newcomers venturing into the navigation keyword market

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Author Bio:

Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.

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