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

Retail sales in the optical market reached $***.* billion in ****. Average annual market growth is expected to be *.**% between **** and **** for a market in the last year of $***.* billion.

Source: ****

Despite its relative maturity, the growing demand for eyewear was mainly driven by the increase in cases of myopia and presbyopia related ...

1.3 Growth in eyewear sales in the United States

Over the ****-**** period, the U.S. market recorded the strongest growth in value in the world with sales up by *.* billion The company's overall sales in **** will reach $**.* billion. A positive growth forecast predicts a similar pace for the next * years.

However, given its high level of penetration, future growth ...

1.4 International trade

Value

The export of American eyeglasses represents only *% of total world exports although it is still the third largest exporter (***). However, the United States is the largest importer of this type of product, with **% of world imports . [***] The coverage rate in recent years shows an imbalance between exports and imports is ...

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 Factors Determining Demand

Eyeglasses

Visual problems in the population

In the sub-segment of eyeglasses, the number of Americans with optical disabilities is undoubtedly a key variable. About **% of Americans are nearsighted and must use glasses for activities such as driving or attending classes [***]

Demographic change

The correction segment of the eyewear industry is influenced ...

3.1 Market organization and dynamics

With the exception of eyeglass frames, the eyewear segment was consolidated in the United States. Characterized by giants that are conquering the largest market shares, the industry is saturated both in terms of production and distribution

The breakdown of the market into categories shows the importance of eyewear (***), which accounted for ...

3.2 Production

Traditional dominance of certain 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 century, ...

3.3 Market value chain

Source: ****

3.4 Evolution of distribution

As explained above, eyewear distribution is dominated by a single channel: optical stores. Given the need for a complete eye exam before renewing a prescription, and the convenience and safety of purchasing contact lenses, eyeglass frames and sunglasses through one's own certified eye care professional, optical stores remained the main distribution ...

4.1 Sales and volumes by product

Sales

A segmentation by category allows us to identify three broad sectors within the optical market:

Eyeglasses (***) Sunglasses Contact Lenses

Source: ****

In ****, U.S. eyewear sales in the United States amounted to ** billion dollars the market leader in eyewear with **% of sales . In the eyewear category are both frames and lenses. ...

4.2 A wide gap between prices

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, a number of 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 ...

4.4 Distribution trends

Customization

A trend that affects both 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 of particular interest ...

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 ...