Advancements in technology, innovations in functional eyewear like myopia control, and bridging the gap between budget and luxury segments are the three key opportunities for global eyewear market growth, according to a new report.
Euromonitor International, a London-based market and industry analyst, says the global eyewear sector has faced numerous challenges in 2024, including geopolitical tensions and economic uncertainty.
It is tipping the market to grow by 6% in current US dollar terms and 3% in constant terms this year, a slowdown from 2023.
Looking ahead to 2025, the analyst says digitalisation is revolutionising the eyewear industry, with innovations in factory processes, supply chain management, 3D printing, virtual try-on solutions, and smart glasses. In September 2023, Safilo launched Carrera Smart Glasses featuring Alexa open-ear technology.
Additionally, Meta’s $US5 billion acquisition of a 5% stake in EssilorLuxottica in July 2024 could reshape the industry, it claims, integrating augmented reality experiences and advancing Meta’s AI vision.
Despite the rise of digital channels, physical optical stores remain crucial for eyewear sales due to the demand for try-on experiences. The pandemic has accelerated the adoption of digital distribution, prompting retailers to enhance their omnichannel strategies. Online platforms are expanding their offerings and social content, while physical stores are leveraging digital technologies like scanning and 3D printing to offer more personalised services.
Also, the market for myopia control eyewear is rapidly growing, driven by the rising prevalence of myopia, increased awareness among parents and health professionals, and supportive clinical studies. Leading companies like Johnson & Johnson, CooperVision, EssilorLuxottica, and Hoya are advancing this trend, with new entrants such as Shamir Optical also contributing innovative solutions.
Economic pressures are also driving innovation in the industry, says the firm.
For example, CooperVision is enhancing affordability with new contact lens partnerships in Thailand and Malaysia. Meanwhile, luxury eyewear brands face pressure to highlight product quality, as one-third of consumers are willing to pay more for high-quality accessories in 2024. Luxury brands might also benefit from collaborations with fashion labels to attract younger Gen Z consumers.
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