The global eyewear market, despite facing headwinds from geopolitical tensions and economic uncertainty, has identified three key opportunities for recovery and expansion in the coming years.
According to Euromonitor International, these opportunities are: technological advancements, innovations in functional eyewear, particularly myopia control, and bridging the gap between budget and luxury segments.
While the global eyewear market is anticipated to grow by 6% in current US dollar terms and 3% in constant terms in 2024, a slowdown from the previous year, these opportunities offer promising pathways for growth in the longer term.
Embracing Technological Innovations
Digitalisation is transforming the eyewear industry, with innovations impacting 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, showcasing the growing integration of technology into the eyewear market. Further illustrating this trend, Meta's acquisition of a 5% stake in EssilorLuxottica in July 2024 for $5 billion signifies a significant move towards 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 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 such as scanning and 3D printing to offer more personalised services.
The Rise of Functional Eyewear
The market for myopia control eyewear is experiencing rapid growth driven by the rising prevalence of myopia, increased awareness among parents and healthcare professionals, and supporting clinical studies. Leading companies like Johnson & Johnson, CooperVision, EssilorLuxottica, and Hoya are driving this trend, with new entrants such as Shamir Optical contributing innovative solutions.
Bridging the Price Gap
Economic pressures are also stimulating innovation within the industry. For instance, 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 may also benefit from collaborations with fashion labels to attract younger Gen Z consumers.
Conclusion
The global eyewear market faces challenges, but technological advancements, functional eyewear innovations, and strategies to address affordability are key opportunities for growth. By embracing these opportunities, eyewear companies can navigate the changing landscape and position themselves for success in the years to come.
