NORTH AMERICA EYEWEAR MARKET ANALYSIS

The North America Eyewear Market size is valued at US$ 18.4 Bn in 2024 and is expected to reach US$ 46.8 Bn by 2031, growing at a compound annual growth rate (CAGR) of 14.3% from 2024 to 2031.

North America Eyewear - Analyst’s Views:

North America eyewear market continues to grow steadily, driven by increasing consumer spending on fashion accessories and awareness around ocular healthcare. Rising working professional population and inflating disposable incomes in the U.S. and Canada have boosted sales of higher-priced merchandise. The "athleisure" trend has augmented demand for sports eyewear from lifestyle brands. Growing emphasis on product and material innovation among major players is expanding consumer choice.

However, fierce price competition between private labels and designer labels may constrict margins. Moreover, the growing popularity of corrective laser surgeries presents a challenge. The U.S. dominates overall owing to its leading economic position and highly brand-centric consumers. Meanwhile, Canada exhibits higher potential supported by positive demographic trends. Moving ahead, e-commerce can boost the online penetration in the region's eyewear industry.

Overall, the market remains attractive, backed by new product introductions that appeal to changing fashion sensibilities. Collaborations with celebrity endorsements are another strategy adopted by companies to fuel youthful demand. Meanwhile, companies engaging in strategic acquisitions are better positioned to leverage complementary retail networks and technologies. The industry is also keeping up with wider eyewear usage beyond vision correction through technologies that are centered on wellness, lifestyle, and personalization.

North America Eyewear Market Drivers:

Rise in number of visual impairment cases: The rise in the number of people facing visual impairment issues is a key factor fuelling the growth of the North America eyewear market. According to recent data by Prevent Blindness, an international non-profit eye health organization, the number of Americans aged 40 and older who has eye exams has increased from 56.4% in 2014 to 60.3% in 2020. This increased awareness about eye health and regular check-ups has led to early detection of vision issues.

A surge in computer usage due to the spread of digital technologies has also contributed to increased vision problems. Prolonged screen time from activities like work from home, online classes, video streaming, and social media engagement have resulted in higher cases of computer vision syndrome with symptoms like dry eyes, headache, and blurred vision. According to the estimates by the American Optometric Association, around 90% of American adults experience digital eye strain. As more people recognize the importance of utilizing eyewear to reduce digital eyestrain symptoms, demand for computer glasses with blue light filtering lenses is picking up in the region.

Lifestyle diseases have also had a hand in the rising prevalence of impaired vision. Increased stress levels, unhealthy diets, lack of physical activity and obesity have led to greater incidence of diabetes in North America over the past decade. Diabetes is one of the major causes of diabetic retinopathy and blindness according to projections by the Centers for Disease Control and Prevention. To curb the risk of vision loss from diabetes, regular eye checkups and use of protective eyewear are becoming increasingly necessary. For instance, according to a recent data provided by the World Health Organization (WHO), the prevalence of myopia has increased substantially among teenagers and young adults between 2010-2050 across U.S. and Canada.

 Increased popularity of sunglasses and spectacle frames: The popularity of sunglasses and spectacle frames as a fashion accessory in North America is a key factor fueling the growth of the regions eyewear market. In recent years, there has been a notable shift where eyewear is no longer seen solely as a vision correction product but more as a style statement. Leading brands have introduced diverse product lines that match the dynamic tastes and personalities of different customer segments.

This growing trend of "fashion eyewear" is evident across demographics. Sunglasses and frames with bold colors, unique designs, and features like interchangeable lenses have resonated well with millennials and generation Z. Customers desire eyewear that reflects their personal aesthetics and complements different outfits for varying activities like work, travel, casual socializing, and others. At the same time, even older consumers have become more open to experimenting with eyewear beyond basic styles. Brands have aligned their marketing effectively around the changing attitude where eyewear equals self-expression. For instance, according to the American Academy of Ophthalmology, prolonged sun exposure increases the risk of developing cataracts and age-related macular degeneration. This has made sunglasses a year-round accessory rather than just a seasonal item.

North America Eyewear Market Opportunities:

Manufacturing of eyewear with new materials: Manufacturing eyewear by using innovative new materials has strong potential to drive future growth in the North American eyewear market. Existing options like plastic, metal, and wood have served consumers well but advancements in material science are opening up exciting possibilities. Lighter yet durable frames that are made from sustainable composites and newly developed polymers could capture consumer interest if they offer performance advantages over traditional materials. Younger customers those who are focused on health, wellness, and the environment may embrace frames containing renewable biomaterials or made through energy-efficient processes. Such eyewear could promote brands as innovative leaders, if marketed effectively to relevant lifestyle segments.

The use of new materials also allows eyewear designers to get more creative with styles. Frames molded into ergonomic shapes that are optimized for comfort or customizable designs are produced through 3D printing, may satisfy unmet needs. Industrial and technology sectors are investing heavily in advanced materials research which could spawn opportunities for eyewear applications. For example, electroluminescent or photovoltaic components may soon enable "smart" eyewear providing optical display or recharging capabilities. According to the United Nations World Economic Situation and Prospects 2020 report, public and private investment in research in innovative materials can enable new applications benefitting multiple industries.

As an example, the National Science Foundation's (NSF) investments in Materials Research Centers around the U.S have yielded advances in polymers, ceramics, and nanomaterials with applications spanning industries from construction to biomedical devices NSF, 2020. Leveraging such research, eyewear brands launch new product lines that are made from novel, high-performance, and sustainably-sourced materials can boost their stake in the North American eyewear market in the near future.

Emergence of smart eyewear technology: The adoption of smart eyewear technology presents a major growth opportunity for the North American eyewear market in the near future. Smart eyewear allows for augmented reality (AR) features and hands-free communication capabilities by integrating features like cameras, sensors, processors, and connectivity into existing eyeglass frames. As this technology develops further to become more seamless and user-friendly, consumers are expected to increasingly embrace wearable devices for both functional and entertainment purposes. This will open up new revenue streams for eyewear brands beyond basic vision correction. According to the U.S. Census Bureau, usage of augmented reality applications doubled during 2021. If major technical companies and eyewear brands can successfully introduce affordable and fashionable smart eyewear products with compelling use cases, it is likely that consumer adoption will surge over the next 5 years. Not only those who needed vision correction purchase smart glasses, but also those without vision problems who consider value in AR and connectivity on the go.

The ability to access information, stay connected, and experience new contexts through smart glasses, will drive technological innovation within the industry. Current trend data suggests the North America eyewear market is well positioned to capitalize on growing demand for innovative and multifunctional eyewear products. With continued breakthroughs, smart glasses may someday become as ubiquitous as smartphones, radically transforming the market landscape and creating new opportunities for growth. For instance, in 2021, according to the survey conducted by the Pew Research Center, 81% of Americans considers the potential for AR technology in the consumer market. Younger demographics have also shown rising interest in wearable tech solutions.

North America Eyewear Market Trends:

Increasing preference for premium and luxury eyewear products: The preference for premium and luxury eyewear products is significantly influencing the North America eyewear market. Consumers want high quality products that distinctively reflect their style and personality. They are willing to pay more for exclusive designs, cutting-edge features, and superior craftsmanship that are offered by premium brands. This rising demand has boosted several premium players like Oakley, Ray-Ban and Coach in the region. Ray-Ban is a globally recognized leader in the premium eyewear market, offering a wide range of sunglasses and eyeglasses for men, women, and kids.

Premium brands are leveraging new technologies and innovative materials to their offerings. For example, Oakley's “Prizm” lens technology uses specialized designs that enhance visual clarity and contrast specifically for different lighting environments. Luxottica’s Ray-Ban “Green Mercury” collection incorporates lightweight titanium frames with antibacterial and fingerprint-resistant coatings. These advanced features justify the premium pricing and appeal to the tech-savvy and status-conscious customers. The brands also focus on exclusive limited editions that are frequently launched in collaboration with fashion houses and celebrities. For example, Coach partnered with Juergen Teller, in 2020 on an ultra-exclusive capsule collection with less than 50 units of each style worldwide.

Higher focus on product promotion through celebrity endorsements and fashion shows: The eyewear industry in North America has witnessed a significant rise in the use of celebrity endorsements and fashion show marketing in recent years. Major brands have chosen to invest heavily in partnering with popular celebrities from film, television, and music to promote their newest eyewear collections. This taps into the immense influence celebrities have on consumer trends and preferences. For example, in 2022, Luxottica partnered with pop star Ms Beyoncé Giselle Knowles-Carter to launch an exclusive collection with Beyoncé as the face of the campaign. This led to extensive free publicity and a spike in online searches and sales related to the collection.

By pairing their products with celebrities at the height of their popularity, eyewear companies are able to generate buzz and excitement around new launches. Celebrity endorsements also help connect eyewear with lifestyle and fashion and shifting perceptions of glasses as merely vision aids. They bring intrinsic cool factor and cachet to brands. Similarly, high profile fashion shows that debut new collections with Hollywood stars in attendance garner invaluable media coverage. For instance, the 2022 Paris Fashion Week eyewear show staged by independent brand Mykita drew attendance from A-listers like Ms. Nina Dobrev, further elevating the brand profile.

This increased focus on marketing spectacles as trendy, must-have accessories through promotions relying on celebrity appeal and major fashion events has driven significant changes in consumer attitudes and spending patterns within the North American eyewear market. Younger consumers especially feel more comfortable experimenting with bold eyewear choices influenced by their favorite celebrities and runway trends. This has translated to higher sales of more costume and optically incorrect eyewear serving primarily as fashion items rather than vision aids.

North America Eyewear Market Restraints:

High costs associated with branded eyewear products: High costs associated with branded eyewear products are significantly restraining the growth of North America eyewear market. Branded products like Ray Ban, Oakley, Versace, and others come with premium pricing which is not affordable for average consumers. This premium pricing is to maintain exclusivity of the brand and fund heavy marketing & celebrity endorsements. However, it limits their customer base only to affluent sections of the population.

Many consumers prefer cheaper alternatives available in the market rather than spending hundreds of dollars on a single pair of branded sunglasses or eyeglasses. The unorganized local producers and China based manufacturers provide low cost copies of branded designs which consumers happily settle for a fraction of the price. This has severely dented the potential sales volumes of the famous brands. They are unable to penetrate deeper into middle and lower income households where majority of population resides.

The COVID 19 pandemic has in addition exacerbated this difficulty because it stagnated monetary increase and activity losses accelerated poverty stages withinside the region.

Counter balance: By providing a spectrum of products at different price points, companies can cater to both premium and cost-conscious customers. This includes introducing mid-range and budget lines alongside luxury collections. Company can also offer financing options or flexible payment plans that make high-cost eyewear more accessible to a broader range of customers by spreading the cost over time.

 Low penetration in certain countries: While the eyewear market has witnessed significant growth across major countries in North America like the U.S. and Canada, the penetration of eyewear products is still low in certain Latin American countries. This low penetration is acting as a restraining factor for the overall growth of the North America eyewear market. Countries like Brazil, Mexico, Colombia, and others  have witnessed  lower adoption of prescription eyewear, sunglasses, and other vision correction products compared to developed markets. According to the studies by International Diabetes Federation (IDF), lack of awareness about eye health, lesser disposable incomes and inadequate availability of eye care facilities are some of the major reasons behind lower penetration of eyewear in Latin American regions IDF, Diabetes Atlas 9th edition, 2019.

Since Latin American countries contribute significantly to the total population size of North America, low penetration here is restricting the potential market size that could have been achieved. For example, according to the estimates provided by the World Bank, Brazil with a population of over 200 million has less than 45% of its population using any form of eyewear regularly in 2020. If this number was higher, it would have meant tens of millions of additional customers for eyewear brands and retailers in the North America region. Similarly, other emerging markets like Mexico and Colombia also have sizable addressable populations where eyewear adoption can be improved further. Unless concerted efforts are made to increase awareness, availability and affordability of eyewear products in these countries, the North America eyewear market may fail to realize its full growth potential in the near future.

Counter balance: Conduct in-depth market research to understand local consumer preferences, pricing sensitivity, distribution channels, and potential barriers to entry. Tailor marketing and product strategies to meet the specific needs and preferences of these markets.

Recent Developments:

In October 2023, Bausch + Lomb announced the U.S. launch of SeeNa, an ophthalmic diagnostic system for refractive cataract patients that is fully integrated with Bausch & Lomb’s Eyetelligence surgical planning software to help streamline surgical planning and information flow.

Bausch + Lomb is a renowned U.S. based eye health products company that develops, manufactures, and markets a wide range of optical and ophthalmic products. The company offers contact lenses, lens care products, prescription and over-the-counter pharmaceuticals, intraocular lenses, and other eye surgery products for cataract and refractive surgery. Bausch + Lomb is dedicated in providing modernized vision care, consumer health care, surgical, and pharmaceutical products to help millions of people worldwide see better to live better.

In December 2022, Authentic Brands Group and Innovative Eyewear, Inc. disclosed a multi-year international licensing agreement for Eddie Bauer smart eyewear.

Innovative Eyewear Inc. is a U.S.-based developer and retailer of cutting-edge smart eyewear, under the Lucyd, Nautica, Eddie Bauer, and Reebok brands. The company offers a range of smart eyewear products, including prescription and non-prescription glasses, sunglasses, and contact lenses. Innovative Eyewear Inc. is committed to providing modernized vision care, consumer health care, surgical, and pharmaceutical products to help millions of people worldwide see better to live better. The company has a global presence, serving customers across the Americas, Europe, the Middle East, Africa, and Asia Pacific. Innovative Eyewear Inc. is dedicated to research and development, and it invests in new technologies and innovations to improve the quality of life of its customers.

Authentic Brands Group LLC (ABG) is an American brand management company headquartered in New York City. The company was founded in 2010 by Jamie Salter and has since become a major player in the brand management industry. ABG's portfolio includes over 50 consumer brands, as well as the likeness rights or estates of celebrities, such as Muhammad Ali, Elvis Presley, and Marilyn Monroe.

Acquisation & Partnership :

• In December 2023, Carl Zeiss Meditec AG acquired Dutch Ophthalmic Research Center (International) B.V. (D.O.R.C.) from the investment firm Eurazeo SE, Paris, France. The acquisition will enhance and complement ZEISS Medical Technology’s broad ophthalmic portfolio and range of digitally connected workflow solutions for addressing a wide variety of eye conditions, including retinal disorders, cataracts, glaucoma, and refractive errors.
• Carl Zeiss Meditec AG is a leading medical technology company headquartered in Jena, Germany. The company manufactures ophthalmic diagnostic and therapeutic products, including examination and surgical microscopes, diagnostic systems, laser surgery equipment, and other medical devices. Carl Zeiss Meditec AG is one of the world's leading medical technology companies, supplying innovative technologies and application-oriented solutions to improve the quality of life of patients and drive progress, efficiency, and access to healthcare.
• Dutch Ophthalmic Research Center (International) B.V. (D.O.R.C.) is a global leader in the field of ophthalmic surgical instruments, equipment, and liquids. The company has been at the forefront of innovation for over 40 years, collaborating closely with top surgeons to develop highly innovative products. D.O.R.C. exports its instruments and equipment to more than 80 countries worldwide and has its own sales and marketing organizations in several countries.

Figure 2. North America Eyewear Market Share (%), By Type, 2024

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Top Companies in the Space Medicine Market:

• Luxottica Group S.p.A,
• Safilo Group S.p.A
• Carl Zeiss A.G.
• Essilor International
• GrandVision
• Johnson and Johnson Inc.
• State Optical Co.
• CooperVision
• Bausch & Lomb Inc.
• De Rigo Vision S.p.A.
• Fielmann AG.

Definition: North American eyewear market encompasses a diverse range of products and accessories worn for various purposes, including fashion, eye protection, and vision enhancement. This market includes items such as glasses (eyeglasses or spectacles), sunglasses, contact lenses, and more utilitarian forms of eye protection like goggles.