The Global Eyewear Market Size was valued at US$ 124.9 billion in 2017 and expected to expand at a CAGR of 2.70% in terms of value sales during the forecast period 2017 – 2025.
Affluent customers continue to seek luxury eyewear as an important fashion accessory and are willing to spend on these products. Focus on the design and the materials are driving affluent customers to opt for a luxury eyewear. For instance, vintage, rounds, dark lenses are highly popular among the women population whereas demand for avaitors and wayfares continue to dominate the men’s segment.
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Focus on Innovation
In addition to focusing on new product launches and marketing activities, several companies are offering innovation and focusing on technological factors to remain competitive. For instance, US based Opternative offers online vision tests while also offering a prescription for glasses and contact lenses from a licensed ophthalmologist. This procedure is helping in eliminating the barriers in the requirement of a professional lenses prescription. Additionally, production innovation in terms of designs, materials, and processes stands to play a key role in driving market growth. In 2018, Essilor introduced the new Crizal Sapphire UV that claims to be the first anti-reflecting coating that is designed to reduce the reflections from all angles both from the front and back of the lens that is caused by natural and artificial light.
Brands Continue To Focus On Marketing
With increasing competition and companies fighting for market share, major companies are engaged in various marketing activities to increase product and brand awareness. As a result, several major companies have tie-ups with different organizations and associations as well as tie-ups with clinics to promote prescription glasses and lenses. For instance, the Crizal Sapphire UV for Essilor lenses is endorsed by the Cancer Council of Australia. Furthermore, companies are engaging in several awareness campaigns that not only helps them to increase awareness regarding the eye diseases but also helps them in marketing their products. For instance, Essilor’s PUTVISIONFIRST is a global campaign created to increase awareness regarding the importance of good vision.
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Europe Stands As One Of The Important Market For Eyewear
Europe stands as one of the leading markets for eyewear witnessing a market share of around 37.52% in 2017 with major markets being UK, Germany, Italy and France. With ongoing innovative features and technological up-gradation in place, leading manufacturers in the region are focused on enhancing the quality of products and offering trendy and latest models which is further expected to drive growth in this region. For instance, there is a growing trend for using combination materials such as plastic and metal together that is being introduced by several leading manufacturers. Additionally, with high presence of fashion conscious consumers along with high awareness of leading brands and treating them as a luxury fashion accessory, the demand for luxury eyewear is further expected to grow.
Furthermore, with rising ageing population in the region, rising incidence of myopia and presbyopia along with increasing awareness for eye health is further expected to boost the demand for eyewear in the region.
The market for eyewear continues to remain competitive owing the presence of major players in this market space. The merger of two global companies Luxottica and Essilor expected to be completed at a valuation of $59 billion by 2018 will make them the largest eyewear company globally challenging its major competitor Safilo. According to Insights and Reports, Luxottica has a market share of over 50% in the sunglasses segment while Safilo had a market share of around 15% in 2017. However, the growing presence of medium sized and startup companies is expected to increase competitiveness during the forecast period. Presence of companies such as Warby Parker, Ace & Tate, Hubble, JINS, Quattrocento are expected to create market disruption in the coming years.
Key Market Players
Some of the major players operating in the eyewear market include Luxottica Group S.p.A., Essilor International S.A, Valeant Pharmaceuticals, Safilo Group S.p.A., The Cooper Companies, Inc., Johnson & Johnson among others.
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