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What is Optical Retail?
The optical retail market refers to the industry that provides eyewear products and services to consumers. This market includes businesses that sell eyeglasses, contact lenses, sunglasses, and other vision-related products, as well as those that provide eye exams, prescription services, and other vision-related services.
Optical Retail Market Overview
The Optical Retail market showcased growth at a CAGR of 2.75% during 2018-2021. The market was valued at USD 26.96 Billion in 2021 which is expected to reach USD 54.09 Billion in 2028. The optical retail market in Europe is a large and competitive industry that provides eyewear products and services to consumers. This market includes businesses that sell eyeglasses, contact lenses, sunglasses, and other vision-related products, as well as those that provide eye exams, prescription services, and other vision-related services. The market is heavily regulated by national and regional health authorities, which set standards for the quality and safety of eyewear products and services.
The Europe Optical Retail Market is expected to grow in the forecast period and register a market value of USD 54.09 Billion in 2028 at a CAGR of 6.57% during the forecast period. The market is characterized by a diverse range of businesses, from large international chains to small independent retailers. In 2020, the largest players in the market included EssilorLuxottica, Specsavers, GrandVision, Fielmann, and Alain Afflelou.
The market is driven by a range of factors, including an aging population, an increased awareness of the importance of eye health, and advances in technology that allow for more advanced and personalized vision care. In recent years, there has also been a trend towards online sales, with many optical retailers now offering e-commerce services to customers.
Rising Consumer Demand for Fashion and Luxury
Rising consumer demand for fashion and luxury is a significant driver of the optical retail market in Europe. In recent years, eyewear has become a fashion accessory in its own right, and consumers are seeking stylish and trendy designs that complement their personal style. High-end brands such as Ray-Ban, Prada, and Chanel have responded to this trend by expanding their offerings in the optical retail sector, offering premium eyewear designs that cater to consumers looking for luxury and fashion-forward options.
This trend is particularly evident in the market for sunglasses, where fashion and style are key factors driving consumer purchasing decisions. Premium sunglasses brands such as Luxottica, Ray-Ban, Oakley, and Maui Jim are popular with consumers seeking high-quality products that combine fashion and function.
Rising significance of Counterfeit Products
Counterfeit products harm the reputation of legitimate eyewear brands. Consumers may purchase counterfeit products unknowingly, which can lead to disappointment and a loss of trust in the brand. This can impact the sales and profitability of legitimate retailers. Also, Counterfeit eyewear products often do not meet the same quality and safety standards as legitimate products. This can lead to potential health risks for consumers who wear counterfeit products, such as damage to their eyesight or the frames breaking.
Furthermore, counterfeit products undermine the sales of legitimate retailers, leading to lost revenue and profits. This is because counterfeit products are often sold at lower prices, which can attract customers away from legitimate retailers. Retailers face legal issues if they unknowingly sell counterfeit products.
Segment-Wise Insights
Spectacles/Glasses accounts for USD 20.53 Billion in 2021
Prescription glasses are the most significant contributor to this segment, accounting for over 60% of the market share. These glasses are prescribed by optometrists or ophthalmologists to correct refractive errors in the eyes such as myopia, hyperopia, astigmatism, and presbyopia. Prescription glasses are available in a wide variety of materials, styles, and designs, which are tailored to meet the individual needs of consumers.
The spectacles and glasses segment of the optical retail market is highly competitive, with a large number of companies offering a wide variety of products to customers. The market is characterized by a high degree of innovation, with companies constantly introducing new materials and designs to enhance the visual experience for consumers.
Online Sales Channel is the fastest growing segment in the Optical Retail Market
Online shopping provides customers with the convenience of shopping from the comfort of their homes. Customers can browse through a wide variety of products, compare prices, and make purchases without having to physically visit a store.
Furthermore, Online retailers often offer lower prices compared to brick-and-mortar stores. They do not have to bear the overhead costs of maintaining physical stores, which allows them to offer products at competitive prices.
Competitive Landscape
The Europe Optical Retail Market is fragmented with the top 8 companies accounting for a significant revenue share in the year 2022. Leading companies and brands in the market are executing different strategies and partnerships to strengthen their foothold and increase their competitiveness and product offerings in the market.
Essilor Luxottica, Fielmann, Hans Anders, Walgreens Boots Alliance, Alain Afflelou, Hartlauer, Krys Group, Optic 2000, amidst others are the leading companies in the Europe Optical Retail Market.
Leading companies in the Europe Optical Retail Market include:
Essilor Luxottica
Fielmann
Hans Anders
Walgreens Boots Alliance
Alain Afflelou
Hartlauer
Krys Group
Optic 2000
Recent Developments in the Optical Retail Market
Segmentations in the Report
By Product Type
By Price Range
By Age Group
By Sales Channel
By Country
Frequently Asked Questions
What is the expected market value of the Global Optical Retail Market in 2028?
The Europe Optical Retail Market is expected to be valued at USD 140.65 Billion in 2028.
At what growth rate is the Europe Optical Retail Market expected to grow in the forecast period?
During 2023-2028, the Optical Retail Market is expected to grow at a CAGR of 6.57%.
Which Country dominates the Optical Retail Market?
Germany contributes the largest revenue share in the Optical Retail Market and is expected to continue in the forecast period as well.
Which are the leading companies in the Optical Retail Market?
The leading companies in Optical Retail Market are Essilor Luxottica, Fielmann, Hans Anders, Walgreens Boots Alliance, Alain Afflelou, Hartlauer, Krys Group, Optic 2000.
At what rate will United Kingdom’s Optical Retail Market Grow?
During 2023-2028, United Kingdom’s Optical Retail Market is expected to grow at a CAGR of 7.82%
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