According to the report by Expert Market Research (EMR), the Australia eyewear market is projected to grow at a significant CAGR between 2024 and 2032. Aided by the increasing demand for prescription glasses, rising awareness about eye health, and the growing popularity of fashion eyewear, the market is expected to witness substantial growth by 2032.
Eyewear, encompassing products such as prescription glasses, contact lenses, and sunglasses, has become an essential part of daily life. Beyond vision correction, eyewear serves as a fashion accessory and a protective measure against harmful UV rays. The market’s expansion is propelled by an aging population requiring vision correction, increasing screen time among all age groups leading to eye strain, and a growing inclination towards branded and stylish eyewear.
The burgeoning awareness regarding eye health and regular eye check-ups has led to a surge in demand for prescription glasses and contact lenses. As more consumers recognize the importance of addressing vision issues promptly, the market for corrective eyewear has expanded. Additionally, the rising prevalence of myopia, hyperopia, and astigmatism, especially among the younger population, has further fueled this demand.
Moreover, the fashion industry significantly influences the eyewear market. Sunglasses and designer frames have transitioned from being mere utility items to essential fashion accessories. This trend is particularly strong among the younger demographic, who view eyewear as a statement piece. The continuous introduction of new designs, collaborations with fashion brands, and celebrity endorsements have kept the market dynamic and appealing.
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Market Segmentation
The market can be divided based on product type, distribution channel, and region.
Market Breakup by Product Type
- Prescription Glasses: This segment includes eyewear used for vision correction, driven by the increasing incidence of vision problems across all age groups.
- Sunglasses: Sunglasses not only protect against UV rays but also serve as a fashion accessory, contributing significantly to the market growth.
- Contact Lenses: With advancements in technology, contact lenses have become more comfortable and versatile, catering to both vision correction and cosmetic purposes.
Market Breakup by Distribution Channel
- Offline Stores: This includes optical shops, department stores, and exclusive brand outlets where consumers can physically try on products before purchasing.
- Online Stores: The convenience of online shopping, coupled with virtual try-on features and home delivery services, has made this channel increasingly popular among consumers.
Market Breakup by Region
- New South Wales: Being the most populous state, it holds a significant share of the eyewear market, with high demand for both prescription glasses and fashion eyewear.
- Victoria: The presence of numerous optical shops and increasing health awareness contribute to the market’s growth in this region.
- Queensland: Rising disposable income and the growing popularity of online shopping platforms are driving the market here.
- Western Australia: Increasing urbanization and the influence of fashion trends have led to a steady demand for eyewear.
- South Australia: The aging population and government initiatives promoting eye health are significant drivers of the market in this region.
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Competitive Landscape
The EMR report explores the market shares, capacities, investments, and key developments of the leading companies operating in the Australia eyewear market. Some of the major players examined in the report include:
- Luxottica Group S.p.A.: A dominant player in the eyewear market, known for its extensive brand portfolio and strong retail presence.
- Safilo Group S.p.A.: Recognized for its innovative designs and collaborations with high-end fashion brands.
- Essilor International S.A.: A leader in the vision correction segment, offering a range of high-quality lenses and frames.
- Bausch & Lomb Incorporated: Specializes in contact lenses and eye care products, contributing significantly to the market.
- Johnson & Johnson Vision Care, Inc.: Known for its advanced contact lens technology and extensive distribution network.
- Specsavers Optical Group Ltd.: A major retail chain providing a wide range of eyewear products at competitive prices.
- Maui Jim, Inc.: Renowned for its premium sunglasses, focusing on both style and eye protection.
- Others: Including local players and new entrants, continuously innovating to capture market share.
The Australia eyewear market is poised for robust growth, driven by increasing demand for vision correction, the influence of fashion trends, and the rising awareness about eye health. Market players are investing in research and development to introduce innovative products and expand their distribution channels, ensuring they cater to the evolving consumer preferences. As the market grows, addressing environmental concerns and adopting sustainable practices will be crucial for long-term success.