EYEWEAR MARKET

 The CAGR for the worldwide eyeglasses market is anticipated to be 4.69% from 2022 to 2027. The COVID-19 pandemic had an effect on the eyewear business globally at every point along its value chain, including job losses, the availability of raw materials (lens materials, frame materials, polishing materials), trade and logistics, and uncertain consumer demand. The manufacturing, distribution, and stocking rates for eyewear were particularly negatively impacted by the epidemic. For instance, Q1 2020 sales for Luxottica Group SpA were down 10.1% from the same period last year. The pandemic continued to have a detrimental influence on its Q2 revenue and profitability, and did so more so than in Q1 2020. GrandVision GVNVS.AS, an optical retailer, also disclosed a 4.4% drop in Q1 sales at constant currencies as a result of the pandemic.

The number of people joining the global workforce is rising, and a sizeable portion of them are more inclined to embrace sports and fitness as leisure pursuits that are in line with shifting lifestyle choices. Sports eyewear sales are being positively impacted by the fact that endurance sports have opened the door for enthusiasts seeking a variety of sports accessories. Over the past several years, there has been an increase in the number of people participating in outdoor activities including the UK's first open water 10K race, Heliskiing across Canada, the Tour de France, and Ironman 70.3 Pays d'Aix. Additionally, by focusing exclusively on skiing, companies like Persol, Mr. Leight, Prada Linea Rossa, and Cartier are providing consumers with the newest styles in the sports sunglasses market.

In Asia-Pacific, there has been a noticeable paradigm shift in how consumers view eyeglasses, moving away from function and toward fashion. Customers in the area are buying eyewear as a fashion statement, which is attributed to the region's expanding economy and rising spending power. The largest potential consumer base and top spectacles producer in the world are both in China. Additionally, it has the greatest population rate of myopes, indicating enormous potential for the eyewear sector. Luxottica, Johnson & Johnson, Hoya Corp., and other significant market participants compete on the basis of the quantity of in-house and licensed brands, price range, product variations for each brand, variety of glasses, and other factors.

The most active businesses in the global eyeglasses market are Luxottica Group, Essilor International SA, The Cooper Companies Inc., and De Rigo Vision SpA. In accordance with a multi-year licensing deal, Ferrari SpA and Luxottica Group collaborated to create, produce, market, and sell a variety of eyewear items with the Ferrari and Ray-Ban brands.

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