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Australia Eyewear Market (2024-2030) | Outlook, Companies, Industry, Value, Growth, Forecast, Analysis, Trends, Share, Size, Revenue

Market Forecast By Product Type (Prescription glasses/spectacles, Sunglasses, Contact lenses), By Mode of Sale (Retail stores, Online stores), By End User (Men, Women) And Competitive Landscape

Product Code: ETC369635	Publication Date: Sep 2024	Updated Date: May 2024	Product Type: Report
Publisher: 6Wresearch	No. of Pages: 75	No. of Figures: 35	No. of Tables: 5

Australia Eyewear Market Competition 2024

Australia Eyewear market currently, in 2024, has witnessed an HHI of 3295, Which has decreased slightly as compared to the HHI of 3539 in 2017. The market is moving towards concentrated. Herfindahl index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means fewer numbers of players or countries exporting in the market.

Australia Export Potential Assessment For Eyewear Market (Values in USD Thousand)

Australia Eyewear Market Highlights

Report Name	Australia Eyewear Market
Forecast period	2024-2030
CAGR	6.5%
Growing Sector	Fashion and Eye Care

Topics Covered in Australia Eyewear Market Report

Australia Eyewear Market report thoroughly covers the market by product, end-user and distribution channels. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Australia Eyewear Market Synopsis

Australia Eyewear Market is experiencing significant growth and projected to attain more growth in the coming years due to increasing health awareness and fashion trends. With a focus on both prescription glasses and sunglasses, the market caters to a diverse consumer base, including millennials who prioritize style alongside functionality. Factors such as the rise of digital device usage have intensified the need for eyewear solutions, particularly blue light-blocking glasses. Additionally, online sales channels have expanded access, allowing consumers to explore a wider range of brands and styles with the convenience of home shopping.

According to 6Wresearch, Australia Eyewear Market size is expected to grow at a CAGR of 6.5% during 2024-2030. Several factors are driving the growth of Australia Eyewear Market such as the rising prevalence of vision impairment and the increasing aging population have led to a higher demand for prescription eyewear. Additionally, the escalating use of digital devices has resulted in increased awareness of eye strain and related issues, prompting consumers to invest in blue light-blocking glasses and other protective eyewear. Apart from this, the growing trend of sustainability drives demand for eco-friendly eyewear, as consumers become more conscientious about their purchasing decisions. Furthermore, the expansion of e-commerce platforms allows for easier access to a wide range of products, making it simpler for consumers to find eyewear that meets their needs and preferences.

However, Australia Eyewear Market faces few restraints such as the high price sensitivity among consumers, particularly in times of economic uncertainty. This sensitivity can limit the adoption of premium eyewear products. Additionally, the market faces stiff competition from both established brands and new entrants that offer attractive pricing and innovative products, which can lead to market saturation and decreased profit margins for existing players. Furthermore, the quick pace of technological advancement may pose challenges for companies to keep up with the latest trends and consumer demands, requiring continuous investment in research and development.

Australia Eyewear Market: Leading Players

Key players include Ray-Ban, Oakley, Specsavers, Sunglass Hut, Warby Parker, Prada, Maui Jim. These companies are recognized for their innovative designs and performance-driven eyewear, particularly in the sports and eyecare segment.

Australia Eyewear Market: Government Regulations

Australia Eyewear Market is growing and government’s regulation and policies are helping in extension of the market. One significant effort is the establishment of public health campaigns that focus on educating the population about common vision-related issues, such as myopia and age-related vision impairment. These campaigns often encourage regular eye examinations and highlight the importance of protective eyewear, especially for children and those who spend prolonged periods using digital devices. Additionally, the government supports programs that provide subsidised eyeglasses for individuals from low-income households, ensuring equitable access to vital eyewear solutions. Collaborations with health organizations to conduct vision screenings in schools and community centres further enhance accessibility, aiming to detect vision problems early and encourage timely intervention.

Future Insights of the Market

The future of Australia Eyewear Market looks promising due to adaptive and smart lenses, is anticipated to gain traction, offering consumers enhanced functionality that caters to their dynamic lifestyles. Additionally, the integration of augmented reality (AR) into eyewear will create opportunities for brands to offer unique experiences, appealing particularly to tech-savvy consumers. Sustainability will remain a paramount concern, prompting manufacturers to develop biodegradable materials and low-impact production processes, which may further boost the popularity of eco-friendly options. Furthermore, as telehealth and online consultations become more prevalent, consumers may increasingly opt for virtual eyewear fittings and prescription validations, enhancing the online shopping experience.

Market Segmentation by Product

According to Ravi Bhandari, Research Head, 6Wresearch, sunglasses segment is expected to experience the most significant growth in coming years due to increasing awareness of the harmful effects of UV radiation and a growing trend towards outdoor activities and fashion, leading consumers to invest more in stylish and protective eyewear.

Market Segmentation by End-User

Unisex segments of the Australian eyewear market are projected to experience the most substantial growth in coming year due to increasingly embracing eyewear not just as a functional necessity but also as a fashion statement, leading to heightened interest in trendier styles and designer brands.

Market Segmentation by Distribution Channels

Online distribution channels segment is expected to experience substantial growth in coming years due to increasing shift towards e-commerce, accelerated by the COVID-19 pandemic, has transformed consumer shopping habits, making online platforms a convenient option for purchasing eyewear.

Key Attractiveness of the Report

10 Years Market Numbers.
Historical Data Starting from 2020 to 2023.
Base Year: 2023
Forecast Data until 2030.
Key Performance Indicators Impacting the Market.
Major Upcoming Developments and Projects.

Key Highlights of the Report

Australia Eyewear Market Overview
Australia Eyewear Market Outlook
Australia Eyewear Market Forecast
Australia Eyewear Market Size and Australia Eyewear Market Forecast until 2030
Australia Eyewear Market Share, By End-user
Australia Eyewear Market Share, By Product
Australia Eyewear Market Share, By Distribution Channels
Australia Eyewear Market Share, By Region
Historical Data of Australia Eyewear Market Revenues and Volume for the period, 2020-2030
Market size and forecast of Australia Eyewear Market Revenues and Volume until 2030
Historical Data of Australia Eyewear Market Revenues and Volume, By End-user, for the Period 2020-2030
Market size and forecast of Australia Eyewear Market Revenues and Volume, By End-user, until 2030
Historical Data of Australia Eyewear Market Revenues and Volume, By Product, for the Period 2020-2030
Market size and forecast of Australia Eyewear Market Revenues and Volume, By Product, until 2030
Historical Data of Australia Eyewear Market Revenues and Volume, By Distribution Channels, for the Period 2020-2030
Market size and forecast of Australia Eyewear Market Revenues and Volume, By Distribution Channels, until 2030
Historical Data of Australia Eyewear Market Revenues and Volume, By Region, for the Period 2020-2030
Market size and forecast of Australia Eyewear Market Revenues and Volume, By Region, until 2030
Australia Eyewear Market Drivers and Restraints
Australia Eyewear Market Trends and Industry Life Cycle
Porter’s Five Force Analysis
Australia Eyewear Market Opportunity Assessment
Australia Eyewear Market Revenue Share, By Company
Australia Eyewear Market Overview on Competitive Benchmarking
Company Profiles
Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Product

Spectacles
Sunglasses
Contact Lenses
Others

By End-User

Male
Female
Unisex

By Distribution Channels

Online
Offline

Australia Eyewear Market (2024-2030): FAQs

What are the key factors driving the growth of the market?

What are the key challenges faced by the market?

Who are the key companies/ players operating in this market?

What are the key government initiatives introduced in the Market?

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2022 Aug 18 : Market Research Report

Market Forecast By Product Type (Prescription glasses/spectacles, Sunglasses, Contact lenses), By Mode of Sale (Retail stores, Online stores), By End User (Men, Women) And Competitive Landscape

Product Code: ETC369635	Publication Date: Aug 2022	Product Type: Market Research Report
Publisher: 6Wresearch	No. of Pages: 75	No. of Figures: 35	No. of Tables: 5

Australia Eyewear Market Highlights

Report Name	Australia Eyewear Market
Forecast period	2024-2030
CAGR	6.7%
Growing Sector	Healthcare

Topics Covered in the Australia Eyewear Market Report

Australia Eyewear Market report thoroughly covers the market by product type, Mode of sale and end -user. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Australia Eyewear Market Synopsis

Australia Eyewear Market has been continuously growing over the past few years. The demand for eyewear products is driven by factors such as increased awareness about eye health, changing fashion trends, and rising disposable income. In addition to traditional corrective eyeglasses and sunglasses, there has been a surge in demand for gaming glasses, safety glasses, and blue light blocking glasses. With the growing aging population in Australia, there is also a rise in demand for progressive lenses and multifocal eyeglasses.

According to 6Wresearch, the Australia Eyewear Market size is projected to grow at the CAGR of 6.7% during the forecast period of 2024-2030. One of the key drivers of growth in the Australian eyewear market is the increasing awareness and importance of eye health. With a growing aging population and increased usage of digital devices, there has been a rise in demand for prescription glasses and contact lenses. Furthermore, with the rising trend towards outdoor activities and sports, there is an increasing demand for sunglasses with UV protection. Another driver of growth is the fashion industry's strong influence on consumer preferences. With eyewear becoming a popular fashion accessory, consumers are willing to spend more on trendy and stylish frames, leading to a rise in sales of designer eyewear. Despite the growth opportunities, the Australian eyewear market also faces certain challenges. One of the primary challenges is the increasing competition from online retailers. With the convenience and lower prices offered by online retailers, brick-and-mortar stores have been facing a decline in sales. Additionally, the high cost of frames and lenses can be a deterrent for some consumers. Another challenge is the lack of awareness about eye health and the importance of regular eye exams. This poses a challenge to eyewear manufacturers and retailers in educating consumers about the need for eye care and the benefits of investing in quality eyewear. There are several opportunities for growth in the Australia eyewear Industry. The growing popularity of online shopping presents an opportunity for traditional retailers to expand their reach by establishing an online presence. Additionally, there is a shift towards sustainable and eco-friendly products, which presents an opportunity for manufacturers to introduce environmentally-friendly eyewear options. Another area of growth is the rising demand for prescription eyewear. With an aging population and increasing cases of vision impairment, there is a growing need for quality prescription glasses

Government policies and schemes introduced in the Australia Eyewear Market

The Australian government has introduced several policies and schemes aimed at improving eye health among its citizens. These include subsidized eye exams for children and the elderly, and initiatives to increase public awareness about eye health risks and the importance of regular check-ups. Furthermore, the government supports initiatives promoting the development and adoption of sustainable and eco-friendly eyewear products, aligning with global environmental goals. By partnering with eyewear manufacturers and retailers, the government aims to improve access to quality eyewear for all Australians. These policies and schemes not only benefit consumers but also create opportunities for growth in the eyewear market

Leading players in the Australia Eyewear Market

The eyewear market in Australia is home to a mix of local and international brands, with leading players including Luxottica Group, Specsavers, and Bailey Nelson making significant impacts. These companies have been instrumental in shaping market trends, introducing innovative products, and providing comprehensive eye care services. Their efforts towards expanding online presence and commitment to sustainability further strengthen their positions in the industry.

Future Insight of the Australia Eyewear Market

The outlook for the Australian eyewear market is promising, with expectations of sustained growth driven by technological advancements, increasing health consciousness among consumers, and a growing aging population requiring vision correction. Innovations such as augmented reality (AR) fitting solutions and the introduction of smart glasses equipped with health monitoring features are anticipated to revolutionize the way consumers choose and use eyewear. Additionally, the rise in digital screen usage among all age groups is expected to boost the demand for protective eyewear that shields eyes from harmful blue light, further expanding the market. Environmental sustainability will also continue to be a significant trend, influencing consumer choices towards eco-friendly products and practices. This evolving landscape presents an array of opportunities for both established players and new entrants to innovate and capture market share in Australia's dynamic eyewear industry.

Market analysis by product Type

According to Shivankar, Research Manager, 6Wresearch, the contact lenses segment is expected to grow in the Australian eyewear market, driven by an increasing demand for convenient and affordable vision correction options. This growth can also be attributed to advancements in technology, resulting in a wider range of contact lens options available on the market.

Market analysis By Mode of sale

The online segment is expected to grow in the coming years and would lead to major rise in Australia Eyewear Market Share as more consumers turn to e-commerce for their eyewear needs. The convenience of shopping from home and the availability of a wide range of products make online stores an attractive option for customers.

Key attractiveness of the report

10 Years Market Numbers.
Historical Data Starting from 2020 to 2023.
Base Year: 2023.
Forecast Data until 2030.
Key Performance Indicators Impacting the Market.
Major Upcoming Developments and Projects.

Key Highlights of the Report:

Australia Eyewear Market Outlook
Market Size of Australia Eyewear Market, 2023
Forecast of Australia Eyewear Market, 2030
Historical Data and Forecast of Australia Eyewear Revenues & Volume for the Period 2020-2030
Australia Eyewear Market Trend Evolution
Australia Eyewear Market Drivers and Challenges
Australia Eyewear Price Trends
Australia Eyewear Porter`s Five Forces
Australia Eyewear Industry Life Cycle
Historical Data and Forecast of Australia Eyewear Market Revenues & Volume By Product Type for the Period 2020-2030
Historical Data and Forecast of Australia Eyewear Market Revenues & Volume By Prescription glasses/spectacles for the Period 2020-2030
Historical Data and Forecast of Australia Eyewear Market Revenues & Volume By Sunglasses for the Period 2020-2030
Historical Data and Forecast of Australia Eyewear Market Revenues & Volume By Contact lenses for the Period 2020-2030
Historical Data and Forecast of Australia Eyewear Market Revenues & Volume By Mode of Sale for the Period 2020-2030
Historical Data and Forecast of Australia Eyewear Market Revenues & Volume By Retail stores for the Period 2020-2030
Historical Data and Forecast of Australia Eyewear Market Revenues & Volume By Online stores for the Period 2020-2030
Historical Data and Forecast of Australia Eyewear Market Revenues & Volume By End User for the Period 2020-2030
Historical Data and Forecast of Australia Eyewear Market Revenues & Volume By Men for the Period 2020-2030
Historical Data and Forecast of Australia Eyewear Market Revenues & Volume By Women for the Period 2020-2030
Australia Eyewear Import Export Trade Statistics
Market Opportunity Assessment By Product Type
Market Opportunity Assessment By Mode of Sale
Market Opportunity Assessment By End User
Australia Eyewear Top Companies Market Share
Australia Eyewear Competitive Benchmarking By Technical and Operational Parameters
Australia Eyewear Company Profiles
Australia Eyewear Key Strategic Recommendations