Australia Eyewear Market Overview, 2028

Australia Eyewear Market Overview, 2028

The eyewear market in Australia is driven by several factors, including the aging population, increased awareness of eye health, and the growing demand for fashionable and high-quality eyewear. As the Australian population continues to age, the incidence of vision-related problems, such as presbyopia, cataracts, and age-related macular degeneration, is expected to increase, which will drive demand for corrective eyewear. Additionally, the increasing awareness of eye health among Australians, particularly among younger generations, is leading to more frequent eye exams and early detection of eye problems, which in turn is driving demand for corrective eyewear. Finally, the growing demand for fashionable and high-quality eyewear is being fueled by changing fashion trends and the availability of a wide range of products and styles, including designer eyewear, sports eyewear, and prescription sunglasses. Moreover, there is a growing interest in eco-friendly and sustainable eyewear products in Australia. With increasing concern over environmental issues, consumers are becoming more conscious of the impact of their purchases on the environment. This has led to a demand for eyewear products made from sustainable and environmentally friendly materials, such as recycled plastic or bamboo. Brands that can meet this demand for eco-friendly eyewear products are likely to see growth opportunities in the Australian market. In addition, martini glasses are gaining popularity in Australia due to their ability to provide a hands-free experience to users. These glasses are equipped with sensors, cameras, and microphones, allowing users to interact with the world around them in new ways. They can be used for activities such as sports, gaming, and even as a tool for healthcare professionals.

According to the research report ""Australia Eyewear Market Overview, 2028,"" published by Bonafide Research, the Australia eyewear market is expected to add more than USD 140 Million by 2028.Based on product type; this market can be segmented into spectacles, sunglasses, contact lenses, and others. Among them, Spectacles segment has highest market share in 2022. Like many other developed countries, Australia has an aging population, with a significant proportion of people over the age of 50. This demographic is more likely to need vision correction, and they tend to prefer spectacles over contact lenses. As a result, there is a steady demand for spectacles in Australia. Furthermore, Spectacles are well-suited to this purpose, as they can be easily fitted with prescription lenses that provide both vision correction and sun protection. However, there have been significant technological advancements in contact lens manufacturing, leading to the development of more comfortable, breathable, and durable lenses. This has helped to improve the overall experience of wearing contact lenses, making them more appealing to consumers.

Based on distribution channel, the market is divided into Hypermarket/supermarket, Optical store, Franchises, Online and others. Among them, optical store has highest market share in 2022. Optical stores in Australia often work with health insurance providers to offer coverage for eyewear purchases, which can be an incentive for consumers to purchase from optical stores. Furthermore, optical stores also often offer repair and maintenance services for eyewear products, such as adjustments, replacements, or cleaning, which can be a valuable service for consumers and promote loyalty to the store. For instance, some popular optical store chains in Australia include OPSM, Specsavers, Bailey Nelson, Oscar Wylee, Clearly, EyeQ Optometrists, Eyecare Plus, Laubman & Pank, ProVision, Optical Superstore, and more. Furthermore, the Australia eyewear market based on distribution channel shows that online has the highest CAGR. With the increasing availability of the internet and the rise of e-commerce platforms, more Australian is shopping online, including for eyewear products. For instance, some popular online platforms for eyewear in Australia include Vision Direct, Clearly, Bailey Nelson, Oscar Wylee, The Iconic, Sunglass Hut, SmartBuyGlasses, Specsavers, EyeBuyDirect, Glasses Gallery and more.

However, the medium-price segment dominates the Australia eyewear market. The medium price range strikes a balance between affordability and quality. Consumers are willing to pay a little more for eyewear that is durable, comfortable, and provides good visual clarity, but they do not want to overspend. On the other hand, the premium price range in the Australia eyewear market is expected to experience a high CAGR during the forecast period due to the fact that many consumers are looking for eyewear products that reflect their personal style and social status and are willing to pay a premium for luxury products that offer exclusivity and prestige.

Start-ups:
• Dresden Optics - a company that creates customizable glasses made from recycled materials. They have already established a strong presence in Australia and are expanding to other countries.
• Bailey Nelson - a brand that offers stylish and affordable eyewear for both men and women. They have been expanding rapidly in Australia and have opened stores in other countries as well.
• Otis Eyewear - a company that produces sunglasses made from sustainable materials. They have a strong focus on environmental sustainability and have been gaining popularity in Australia.
• Banton Frameworks - a startup that offers custom-made glasses frames using 3D printing technology. They have been gaining popularity in the UK and are expanding to other countries, including Australia.

Considered in this report
• Geography: Australia
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Australia Eyewear market with its value and forecast along with its segments
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type:
• Spectacles
• Sunglasses
• Contact Lenses
• Other Product Type (Eye Care)

By Distribution Channel:
• Hypermarket and Supermarket
• Speciality Stores ( Optical Stores )
• Franchises/ Company outlets
• Online stores
• Others (Hospitals & Clinics)

By Gender:
• Men
• Women
• Unisex
• Kids

By Price Range:
• Premium
• Medium
• Low

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Eyewear industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.