Here are three key opportunities for global eyewear market growth

Eyewear companies are urged to embrace technology and enhance affordability.

The global eyewear market, whilst facing challenges such as geopolitical tensions and economic uncertainty, has three key opportunities for recovery and growth into 2025 and beyond. 

According to Euromonitor International, these opportunities are: advancements in technology, innovations in functional eyewear like myopia control, and bridging the gap between budget and luxury segments.

The global eyewear market is expected to grow by 6% in current USD terms and 3% in constant terms in 2024, a slowdown from 2023.

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 $5 billion acquisition of a 5% stake in EssilorLuxottica in July 2024 could reshape the industry, 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.

Additionally, the market for myopia control eyewear is also 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. 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.