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Summary of our market study
The global eyewear market is showing promising growth, with a forecast compound annual growth rate (CAGR) of 8.39% between 2022 and 2030, which should increase its value from USD 169.83 billion to USD 323.77 billion.
In the United States, the vision care market has grown from USD 28.43 million in 2011 to USD 38.302 million in 2021, and the reading glasses segment is expected to grow from USD 14.31 billion in 2021 to USD 21.21 billion in 2029.
The value of US imports of HS 9004 code goods has risen steadily over the years, reaching USD 3.04 billion in 2022, although the country relies heavily on eyewear imports mainly from China and Europe, with more than 90% of market needs met by these regions.
Regulatory frameworks such as FDA impact resistance requirements for lenses are imposed to ensure product safety.
Tax deductions are available for eyewear as a medical expense, contributing to affordability and increased demand.
Demand trends in the eyewear market
Between 65% and 75% of American adults over the age of 18 will require some form of vision correction.
This considerable need is fuelled by increasing screen time, the natural aging process and genetic predisposition.
Between 60% and 65% of adults opt for some type of vision aid, mainly glasses. Contact lenses and surgery are less common.
The interaction between demographics and eyesight cannot be overstated. Projections indicate that by 2060, between 20% and 25% of the US population will belong to the elderly category, so we implicitly expect an increase in demand for eyewear.
In the eyewear market, a distinction is made between non-corrective and corrective eyewear. Non-corrective eyewear, such as sunglasses, plays more of an accessory role, while corrective eyewear, which covers both glasses and contact lenses, meets consumers' essential needs.
The market's leading innovators and trendsetters
The global eyewear market is a dynamic and highly competitive field, in which several key players have made significant contributions to the industry.
Luxottica with the Ray-Ban and Oakley brands.
Visionworks of America appeals to a wide range of consumers thanks to its affordable prices
Vision Source is well known in the mid-price segment
National Vision Holdings a leading name in the low-price segment.
Walmart and Costco Optical are retail giants
Eyecare Partners is a group that emphasizes the importance of comprehensive eye care services.
EssilorLuxottica**, formed from the merger of Essilor and Luxottica, is a favrication and distribution powerhouse
Bausch and Lomb, Carl Zeiss AG, Charmant Group, CooperVision, Warby Parker** are also major market players.
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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 ...
6 Positioning of the players
6.1 Segmentation
- Visionworks of America
- Costco Optical
- Eyecare Partners
- National Vision Holdings
- Vision Source
List of charts presented in this market study
- 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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