North America Eyewear Market Insights, Industry Trend, Forecasts to 2032
- The North America Eyewear Market Size was valued at USD 27.13 Billion in 2022.
- The Market is Growing at a CAGR of 5.9% from 2022 to 2032
- The North America Eyewear Market Size is expected to reach USD 48.29 Billion by 2032
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The North America Eyewear Market Size was valued at USD 27.13 Billion in 2022. The North America Eyewear Market is projected to exceed USD 48.29 billion by 2032, growing at a CAGR of 5.9% from 2022 to 2032. Millennials' changing lifestyle habits and rising use of opulent accessories are major growth factors for the North American Eyewear market. An increase in cases of vision impairment and eye problems, as well as a desire to keep up with current fashion trends, are expected to drive market growth during the forecast period.
Eyewear includes items worn on or over the eyes for aesthetic reasons, environmental protection, and to enhance or improve vision. Common types of eyewear include sunglasses, contact lenses, and glasses, also known as eyeglasses or spectacles. Goggles are an example of more practical eyewear that can be used as eye protection. In addition to protecting the eyes from digital devices, glasses keep dust and grime out of the eyes. Furthermore, eyewear may help to protect the eyes from harmful UV radiation.
The North American eyewear market is currently being driven by a number of factors. The region's high per capita incomes, combined with changing fashion trends and preferences for luxury goods, have propelled the region's eyewear market growth. As a result, manufacturers are producing a varied selection of frames while keeping in mind the various needs and tastes of consumers. Furthermore, changing consumer lifestyles and technological advancements in the industry have resulted in the introduction of novel products such as smart glasses with liquid lenses, removable temples, laser glasses, and pediatric glasses. Apart from that, the region's demand for eyewear products has increased due to an increase in the number of optical deficiencies in the geriatric population.
North America Eyewear Market Report Coverage
|Market Size in 2022:||USD 27.13 Billion|
|Forecast Period 2022-2032 CAGR:||5.9% CAGR|
|2032 Value Projection:||USD 48.29 Billion|
|Historical Data for:||2020 to 2022|
|No. of Pages:||120|
|Tables, Charts & Figures:||93|
|Segments covered:||COVID-19 Impact Analysis, By Product Type, By Sales Channel, By End User, By Country, Country Statistics (Demand, Price, Growth, Competitors, Challenges)|
|Companies Covered:||Luxottica Group S.p.A., EssilorLuxottica, Johnson & Johnson Vision Care, Inc., The Cooper Companies Inc., Bausch Health Companies Inc., Safilo Group S.p.A., National Vision Holdings, Inc., Visionworks of America, Inc., Warby Parker, Zenni Optical, Marchon Eyewear Inc., Marcolin S.p.A., Carl Zeiss AG, Ray-Ban, Others|
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This research report categorizes the market for North America eyewear market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America eyewear market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America eyewear market.
Based to the Centers for Disease Control and Prevention, 12 million people aged 40 and older in the United States have a visual impairment, with 1 million being blind, 3 million having it after having their vision corrected, and 8 million having it due to uncorrected refractive error. The leading causes of blindness and impaired vision are age-related eye conditions such as age-related macular degeneration, cataract, diabetic retinopathy, and glaucoma. Strabismus and amblyopia are two more common eye conditions. With the rising prevalence of vision disorders in North America, demand for eyewear is expected to rise over the forecast period.
As the prevalence of vision disorders rises, so does the demand for eyewear. However, a significant number of people in North America who wear glasses opt for corrective eye procedures such as LASIK, PRK, LASEK, EpiLasik, and others if they can. Furthermore, tax breaks and insurance coverage are two beneficial government policies that promote corrective eye surgery in North America. Even if the cost of laser eye surgery is not covered by insurance, it is eligible for a Health Spending Account in Canada. This may limit the region's demand for eyewear.
The North America Eyewear Market share is segmented into product type and end user.
- The spectacles segment is expected to hold the largest share of the North America eyewear market during the forecast period.
The North America eyewear market is classified into spectacles, sunglasses, and contact lenses. Among these, the spectacles segment is expected to hold the largest share of the North America eyewear market during the forecast period. The increase can be attributed to the region's increasing number of visually impaired people. Spectacles are also more convenient than contact lenses because they require less maintenance, are easier to wear and remove, and do not require strict hygiene habits. Contact lenses account for a sizable market share. Contact lenses are worn by approximately 45 million people or 14% of the US population.
- The women segment is witnessing the fastest growth rate in the North America eyewear market during the forecast period.
Based on the end user, the North America eyewear market is classified into men, women, and children. Among these, the women segment is witnessing the fastest growth rate in the North America eyewear market during the forecast period. In accordance with the Vision Council of America, women account for 58% of those who wear eyeglasses and own at least one pair, while men account for 42%. Female customers' demand for fashionable and branded eyeglasses has increased in the market. The increase in the proportion of female professionals and women's economic independence is the main reasons driving the adoption of eyeglasses goods among women.
The report offers the appropriate analysis of the key organizations/companies involved within the North America eyewear market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Luxottica Group S.p.A.
- Johnson & Johnson Vision Care, Inc.
- The Cooper Companies Inc.
- Bausch Health Companies Inc.
- Safilo Group S.p.A.
- National Vision Holdings, Inc.
- Visionworks of America, Inc.
- Warby Parker
- Zenni Optical
- Marchon Eyewear Inc.
- Marcolin S.p.A.
- Carl Zeiss AG
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- On December 2022, Authentic Brands Group and Innovative Eyewear, Inc. have announced a multi-year international licensing agreement for Eddie Bauer smart eyewear.
This study forecasts revenue at, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the North America Eyewear Market based on the below-mentioned segments:
North America Eyewear Market, By Product Type
- Contact Lenses
North America Eyewear Market, By Sales Channel
- Retail Stores
- Online Store
- Ophthalmic Clinics
North America Eyewear Market, By End User
North America Eyewear Market, By Country
- United States
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