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World Market for Eyewear

November 2020

Rising consumer awareness of eye health, combined with ageing populations with myopia and presbyopia are driving value growth for eyewear globally, led by Asia Pacific. As a result of Coronavirus, more discretionary eyewear, mainly sunglasses, is expected to underperform in comparison to more essential eye care categories, such as spectacles. The industry is also seeing an acceleration of the e-commerce shift, supported by the adoption of digital tools, such as virtual try-on and tele-optometry.

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Key Findings

Consumers expect eyewear players to be purpose-driven

Beyond sustainability initiatives, consumers will demand from eyewear companies to also be purpose-driven, to support social initiatives and local communities. For example, during the pandemic EssilorLuxottica has donated over two million units of protective gear to frontline workers across the world.

Growing offer of digital tools to reach consumers at home

Increasingly, eyewear players will be expected to deploy digital services to replicate virtually their in-store offer. Examples include the likes of US company Warby Parker, offering virtual and home try-ons for free, catering to consumers increasingly staying at home and preferring virtual try-ons to avoid contact.

E-commerce expansion towards an omnichannel strategy

Historically overreliant on the single retailing channel of optical shops, the eyewear industry will have to invest in a more omnichannel approach. While brands should invest in upping their e-commerce capabilities, developing digital tools alongside will also prove essential.

Digital health supports socially distant eye care

COVID-19 has accelerated digitalisation, moving beyond transactional websites only towards digital health and remote eye care, to answer the need for accessibility, convenience and immediacy of treatment. Increasingly, offering virtual consultations, mimicking the in-store experience and services will be key.

Introduction

Scope
Examining four trends shaping Eyewear
COVID-19 impact on eyewear

Global Outlook

Eyewear strongly impacted by the COVID-19 pandemic
Eyewear in context
Consumers in top markets mainly spend on spectacles
Asia Pacific to overtake North America by 2025
Spectacles account for the majority of eyewear sales globally
The US and China, top contributors to absolute growth over 2020-2025
Optical shops continue to dominate but e-commerce is gaining ground
As e-commerce is gaining ground, eyewear players embrace digitalisation

Leading Companies and Brands

Eyewear remains a fragmented industry
In a highly fragmented industry, EssilorLuxottica holds 18% share in 2019
Asia Pacific players led company sales growth over 2014-2019

Top Four Trends Shaping the Industry

COVID-19 themes and their impact on Eyewear
Examining four trends shaping Eyewear
Definition of sustainability expands to include purpose-driven action
Virtual try-on to reach at-home consumers in need of eyewear
Digital health and remote eye care on the rise
Eyewear players deploy e-commerce capabilities to reach consumers dire

Impact of COVID-19

Revisiting the forecast for global eyewear under various future scenarios
Slower global recovery expected due to second wave of pandemic
Contact lenses and solutions, the brightest spot of eyewear into 2025
Digitalisation, diversification and consolidation will be key priorities

Market Snapshots

Global snapshot of spectacles
Global snapshot of sunglasses
Global snapshot of contact lenses and solutions
Regional snapshot: North America
Regional snapshot: Western Europe
Regional snapshot: Asia Pacific
Regional snapshot: Latin America
Regional snapshot: Eastern Europe
Regional snapshot: Middle East and Africa
Regional snapshot: Australasia

Appendix

Definitions
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