Competitor Strategies in Eyewear

June 2024

Despite economic pressures, eyewear players continue show resilience in 2024. Strategies include integration of technology, investment in educational content and portfolio adjustments to include low-cost brands that speak consumers on a budget. In luxury, an exploration of high-end brands with meaningful stories to address longevity and sustainable claims is key. Myopia control is grabbing attention and businesses should offer a holistic approach by considering the full experience of the child.

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This report comes in PPT.

Key findings

Eyewear companies show resilience amid persistent challenges

Economic pressures have resulted in raised costs of living and depressed purchasing power, with consumers opting for low-cost eyewear goods over premium and luxury items. Nevertheless, eyewear companies continued to gradually recover from the pandemic, with all of the top 10 players witnessing solid growth since 2020. In the near term, signs of progress are evident.

Luxury companies face uphill battle for value creation

Premiumisation moves by eyewear businesses require a stronger pitch to resonate with end-consumers’ long-term purchasing patterns moving towards quality and product mileage. In order to stay ahead of the curve, optical retailers in the luxury end will need to reinforce their clinical and sustainable credentials and strengthen communication on product materials and features that are beneficial to the customer.

Myopia control products gaining ground in functional eyewear

The development of the control of myopia is evolving at an incredibly fast rate, driven by the escalating prevalence of myopia worldwide, the growing awareness among parents and health professionals and the mounting clinical studies supporting its efficacy, with Johnson & Johnson, CooperVision, EssilorLuxotticaand Hoya all supporting the drive.

Stores and online platforms expand their omnichannel strategies

Online initiatives concentrate on offering a wider selection, including social content, to boost brand visibility and direct traffic to physical stores. Meanwhile, in physical stores, the focus lies in leveraging digital technologies such as scanning and 3D printing to deliver more professional and personalised services.

Sustainability develops as source of differentiation

Finally, with climate change coming to the fore for a growing number of consumers, businesses are now prioritising sustainability, not only as part of their core product offering, but also in terms of production processes, as they take greater responsibility about the future impact their business has on the environment.

Key findings
Companies at a glance
Leading optical giant Essilorluxottica continues to prove its strength in eyewear
Eyewear competitors show near-term resilience amid persistent challenges
Nonetheless, high inflation sees consumer behaviour shifts across global eyewear
Luxury remains top of the agenda for eyewear players, turning bullish in their investment
Selected major M&A activity over 2018 to 2023
Luxury drives business in developed markets, but emerging countries still offer prospects
Players eye Latin America and Africa and the Middle East as mature markets reach saturation
Leading eyewear companies’ active market share stands firm
Eyewear players heavily reliant on top three brands in one single category
Mixed outlook for future growth of leading players
Macroeconomic challenges drive a widening gap between luxury and budget segments
Uphill battle for value creation in Luxury eyewear
Visco Vision launches new contact lens, Eiyan, geared towards affordability in the US
UK start-up Pop Specs sets new archetype in eyewear with rapid services and fair prices
Fresh to market, Swiss high-end eyewear brand Akoni captivates luxury optics
Varied health concerns lead to a broad definition of functional eyewear
Asia Pacific leads global growth for myopia control in 2024
Shamir Optimee Management is launched to control myopia, while also promoting posture
Two Oak introduces Southeast Asia’s first vitamin-infused contact lenses, Halo, in Singapore
Eyewear undergoes modernisation of production and distribution with new tech
Optik Seis is moving beyond livestreaming e-commerce to the metaverse in Indonesia
The increasing prevalence of sustainability in eyewear
Two Oaks extends its recycling programme to public for raised brand awareness in Singapore
LOHAS offers complimentary monthly eyewear maintenance and deep clean in Taiwan
Key findings
Eyewear: How to win?


Eyewear is the aggregate of contact lenses, spectacles and sunglasses.

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