The sunglasses and eyeglasses market - Italy

1.1 Definition and presentation

Sunglasses protect your eyes from the sun and, in some cases, have built-in vision correction. Depending on your tastes and preferences, there are numerous frame and lens options. Sunglasses are both a style statement and a necessity for some sports. Sunglasses have been a hugely successful market for manufacturers in recent years, particularly luxury labels. Despite the fact that sales dropped in 2020 due to the pandemic, the market has suffered less than other industries. Design, production and sales are the three main components of the highly competitive and fragmented global eyewear market. According to several researches, sales of sunglasses will continue to expand in the future due to a number of variables, including demographics, the development of emerging markets, improved living standards, and increased accessibility of particular products. Increased awareness of health issues, as well as the emergence of new sales channels, such as e-commerce, are all key effects.

The global sunglasses market has been valued at $21.97 billion in 2021, and is expected to grow at a CAGR of 4.86 percent from 2021 to 2027, to $29.68 billion by 2027.

Italy is second only to China in terms of global production and the undisputed leader in the high-end segment. The Italian eyewear sector is dominated by a few large companies with a strong presence in international markets, flanked by a multitude of small and medium-sized companies specializing in eyewear sales and repair or subcontracting. They are concentrated in the northeast, where about 75 percent of domestic production takes place and where the main industry players are located. Recent mergers and acquisitions have reshaped the competitive landscape of European high-end eyewear, leading to a shift in manufacturing leadership, previously dominated by Italian firms and now shared in part by major French luxury groups. The market leader is Luxottica, followed by Safilo and De Rigo.

Although in-store trials are still significant, online sales now account for 12.8 percent of total sales. Consumer habits are changing and virtual try-on systems are evolving. In a few seasons, e-commerce will explode, and some companies are already preferring to sell only online.