Summary

The global eyewear market has been exhibiting promising growth, with a projected compound annual growth rate (CAGR) of 8.39% from 2022 to 2030, expecting to increase its value from $169.83 billion to $323.77 billion. In the United States, the vision care market grew from 28.43 million USD in 2011 to 38.302 million USD in 2021, and the reading glasses segment is expected to expand from $14.31 billion in 2021 to $21.21 billion in 2029. The U.S. import value of goods under HS Code 9004 has risen consistently over the years, reaching $3.04 billion in 2022, although the country relies heavily on eyewear imports mainly from China and Europe, with over 90% of its market needs fulfilled by these regions. Key companies like Luxottica and Vision Source are leading the optical retail in the U.S., while new trends such as personalization, sustainability, and a shift toward e-commerce are influencing consumer behavior. Regulatory frameworks such as FDA’s impact resistance requirements for lenses are imposed to ensure product safety. Tax deductions are available for eyewear as medical expenses, contributing to the affordability and increased demand..

Evolving Demands in the Eyewear Market

As we delve into the trends shaping the eyewear market in the United States, it is evident that the demand for vision correction is profoundly significant. A substantial majority, approximately between 65% and 75% of American adults aged over 18, are reported to require some form of vision correction. This considerable need is propelled by several factors, including increasing screen time, the natural aging process, and genetic predispositions. When it comes to the adoption of corrective measures, it is notable that between 60% and 65% of adults opt for some type of vision aide, predominantly glasses. The prevalence of glasses as the top choice is noteworthy, followed by other corrective measures such as contact lenses and surgery, though these are less common. The interplay between demographics and eyesight cannot be overstated. With projections indicating that by 2060, between 20% and 25% of the American populace will fall into the older adult category, there is an implicit expectation for a surge in the demand for eyewear. Age-related deterioration in eyesight is set to significantly influence the need for corrective eyewear, positioning the eyewear industry for growth as this demographic transition unfolds. Within the eyewear market, there is a distinction between non-corrective and corrective use, each serving different consumer needs. Non-corrective eyewear, such as fashion sunglasses, serves more of an accessory role, whereas corrective eyewear, which covers both eyeglasses and contact lenses, caters to the essential vision correction requirements of consumers. Given this backdrop, it is evident that the eyewear market is shaped by the confluence of lifestyle adaptations, demographic transitions, and conscious health choices of Americans, ensuring a steady and robust demand for a variety of eyewear products.

Giants of the Global Eyewear Industry: Leading Market Innovators and Trendsetters

The global eyewear market is a dynamic and highly competitive field with several key players that have made significant contributions to the industry. These companies have not only innovated in terms of product development but also set trends that have shaped consumer behavior worldwide.

  • Luxottica stands as a titan in the luxury eyewear segment, renowned for its extensive portfolio of high-end brands including iconic names such as Ray-Ban and Oakley. Luxottica has become synonymous with style and quality, steadfastly holding a leading position in the industry thanks to its commitment to craftsmanship and sophisticated design.
  • Visionworks of America caters to a range of consumers through its accessible pricing and robust nationwide retail presence. As a provider of an array of eyewear solutions, the company has established itself as a reliable source for customer-centric optical services.
  • Vision Source commands notable acclaim within the medium pricing segment, making quality eyewear accessible to a wider audience. Their network of independent optometrists ensures personalized care, reflecting a blend of convenience and professional expertise.
  • National Vision Holdings operates under the principle of offering value to customers, making it a prominent name in the low pricing segment. They focus on providing affordable eyewear without compromising on style, effectively addressing the market demand for budget-friendly optical options.
  • Walmart and Costco Optical are giants in the retail space that have successfully extended their reach to the optical market, offering eyewear as part of their diverse product range. Their optical services have gained traction for providing consumers with economical and convenient access to vision products.
  • Association Eyecare Partners represents a group that highlights the importance of comprehensive eye care services. Through their integrated model, they have been able to offer a full spectrum of eyewear and eye health services to their clientele.
  • EssilorLuxottica, born from the merger of Essilor and Luxottica, is a powerhouse in the industry, merging Luxottica’s strong brand portfolio with Essilor's technological prowess in lens manufacturing. This consolidation has created a formidable entity that is reshaping the future of eyewear with innovative solutions and an unmatched global distribution network.
  • Bausch and Lomb Inc., Carl Zeiss AG, Charmant Group, CooperVision, and Warby Parker are also noteworthy players in the market, each with its unique strengths. 
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  • Last update : 21/06/2023
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Summary and extracts

1 Market overview

1.1 Presentation and definition of the eyewear market

The optical market includes items and accessories worn for the eyes. Glasses are worn for a number of reasons, among the most common being their use as a fashion accessory, due to poor vision or for protection. The three largest categories in the optical market are :

  • The glasses;
  • The sunglasses;
  • Contact lenses.

The market therefore includes all players and processes involved in the design, production and retailing of optics-related products. At the global level, growth projections are promising The ageing of the population and increasing life expectancy around the world should make eyewear indispensable to more people. In developed countries, estimates are reinforced by rising disposable income, which should encourage premiumization in all segments, particularly for non-corrective eyewear.

The North American market is also expected to be influenced by continued exposure to digital applications (such as desktops and smartphones) that have significantly intensified vision problems. In addition, the government is strengthening its prevention campaigns on vision problems and has made mandatory presence of at least one vision screening centre in each primary health care facility .

1.2 A growing global market

CAGR, or Compound Annual Growth Rate, is a metric used to determine the average annual growth rate of an investment or a company's revenue over a specific period. In this case, the CAGR between **** and **** is calculated to *.**% for the global eyeswear market, indicating that the market is expected to grow ...

1.3 Growth in eyewear sales in the United States

The total value of the vision care market in the United States experienced growth from **.** million USD in **** to **.*** million USD in ****. The market saw a dip in revenue in **** but recovered in ****.

Total value of the vision care market United States, **** to ****, in million USD Source: ****

One of the reasons ...

1.4 International trade

The U.S. export value of goods under HS Code **** experienced fluctuations between **** and ****. In ****, the export value was $***.* million, which increased to $***.** million in ****. A slight uptick was observed in **** with $***.** million, followed by a significant rise to $***.** million in ****. The export value peaked at $***.** million in **** before dropping to ...

2 Demand Analysis

2.1 Summary of the application

There are many sub-segments in the eyewear industry, a relevant distinction in the analysis of demand is based on the use of eyewear:

Non-corrective use (***) Corrective use (***)

The share of the population benefiting from the product is undoubtedly a relevant variable influencing the current and future turnover of the industry. Nevertheless, ...

2.2 The average spectacle wearer

Gender-based Eyewear Statistics

Over **% of women require glasses for vision correction, indicating a high prevalence of vision issues such as nearsightedness, farsightedness, astigmatism, and presbyopia among them. In comparison, only **% of men wear glasses, possibly due to a lower likelihood of seeking eye check-ups or addressing health concerns.

Share of woman ...

2.3 Factors determining the demand

Visual problems in the population

In the sub-segment of eyeglasses, Nearly **% of American adults aged ** and older require some form of vision correction. Factors such as increased screen time, aging population, and genetic predisposition contribute to this high prevalence. About **% of adults use vision correction methods, including glasses, contact lenses, and/or ...

3 Market structure

3.1 Value chain & Distribution channels

This is a simplified value chain form, which includes customer retention and relationship management after the distribution stage. Customer service and relationship management are vital in maintaining strong customer connections.

While a significant portion of eyeglasses is still purchased in brick-and-mortar shops, e-commerce is experiencing rapid growth. The following statistics provide ...

3.2 Production

The traditional dominance of specific distribution channels

Based on export and import statistics, US eyewear production is not very large compared to the rest of the market. In fact, more than **% of eyewear sold in the United States is manufactured in China or Europe. [***]

During the second half of the **th ...

4 Analysis of the offer

4.1 Companies in the market

The global eyewear market is a highly competitive industry, with several key players dominating the market. Some of the major companies include Bausch and Lomb Inc., Carl Zeiss AG, Charmant Group, CooperVision, Warby Parker, and EssilorLuxottica. These companies are known for their innovative products, quality, and wide-ranging consumer base.

In the ...

4.2 A wide gap between prices and willingness to pay

To each his own glasses

Prices vary considerably within the different product categories of the eyewear industry. Products that are intended to last longer (***) have higher prices than products that are limited in time.

The largest gap is observed between spectacle lenses and contact lenses. The estimated number of contact lens ...

4.3 Possible threats to the current market structure

A number of social, demographic, and economic factors are expected to enhance market dynamics, both globally and nationally (***). However, several potential threats are developing, which could also have an impact on market developments

Latest innovations

About **% of the world's population will be nearsighted by ****. In the future, this may not translate ...

4.4 Distribution trends

Customization

A trend affecting prescription and non-corrective eyewear is the gradual impact of personalization on consumer buying habits. According to a study conducted by Deloitte. One in three consumers base their purchases on the ability to personalize a product. The trend affects all industries and is particularly interesting to the consumer ...

5 Regulations

5.1 Regulation of the sale of eyeglasses

Due to the particular nature of the product categories, all eyewear, whether worn for vision correction or not, is subject to specific and strict regulations at national and international level.

In the United States, sunglasses, eyeglass frames, eyeglass lenses and magnifying glasses are medical devices exempt from the notification ***(***), several other ...

5.2 Fiscal aspects of regulation

Tax advantages are possible, both for product categories and for medical visits. According to the U.S. tax agency, the purchase of eyeglasses may be deductible because they count as a "medical expense," which can be claimed as a deductible itemized expense on Form ***, Schedule A.

To be eligible for this ...

List of charts

  • Value of the global eyewear market
  • Total value of the vision care market
  • Estimated size of the reading glasses market
  • U.S. export value of goods of HS Code 9004
  • U.S. import value of goods of HS Code 9004
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Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Visionworks of America
Costco Optical
Eyecare Partners
National Vision Holdings
Vision Source

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