The global eyewear market was valued at approximately AU$177bn in 2016, and is expected to be worth approximately $352bn by 2025, representing a compound annual growth rate of 8.3 per cent between 2017 and 2025, according to Transparency Market Research.
The organisation predicts “a substantially competitive vendor landscape comprising a plethora of large scale as well as small scale organisations”.
Transparency Market Research predicts frequent entries of new players that will contribute to competition, and cause “significant changes to dynamic consumer preferences and associated regulations, as businesses in this market are working on bringing about improved product quality”.
Additionally, they said, a majority of eyewear companies are investing heavily on product branding, especially in emerging markets, and prominent companies are keen to partner with peers to attain market strength and woo a wider audience with a more extensive product portfolio.
