The North America Eyewear market was valued at US$ 40.49 billion in 2021, according to North America Eyewear Market Report, by Product Type (Spectacles, Sunglasses, and Others (Contact Lens)), by Distribution Channel (Hypermarkets, Supermarkets, Independent Stores, Online Stores, and Others), by End User (Men and Women), and by Region (North America (U.S., and Canada), published by Coherent Market Insights.
The North America eyewear market is expected to surpass US$ 57.29 billion by 2028, exhibiting a CAGR of 5.03% during the forecast period (2021-2028). Eyewear comprises accessories that are worn over the eyes for vision correction or to protect eyes from debris, harmful radiations or excessive light. Eyewear includes spectacles, lenses and sunglasses worn for vision correction or protection of eyes from harmful UV lights and dust particles. Factors such as increasing life span, growing geriatric population, and changing fashion trends have fostered the demand for eyewear, worldwide. In the present scenario, consumers not only wear eyewear for vision correction, but also for enhancing one’s appearance. Numerous market players offer innovative spectacles and lenses, owing to technological advancements and availability of lightweight materials. The growing disposable income has encouraged people to buy quality eyewear products that are in perfect amalgamation with their increasing living standards. Moreover, people are now opting for trendy and designer sunglasses according to latest trends prevailing in the market. Youth prefer to wear contact lenses in an effort to accentuate their overall appearance. Thus, lofty living standards and increasing fashion consciousness, would contribute to the growth of the eyewear market, thereby positively affecting the market growth.
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Key Trends and Analysis of the North America Eyewear Market:
- Among countries, China accounted for the share of 91.8% in 2020 in the North America eyewear market. Increasing spending on fashion eyewear by men has bolstered eyewear sales. Sunglasses and luxury eyewear products, which are largely categorized as fashion accessories have been the largest benefactors of this trend. High disposable income and brand-consciousness among North American men is expected to propel demand for luxury eyewear sunglasses and spectacles over the forecast period.
- Increasing incidence of myopia in the U.S. and Canada is the result of increased exposure to screens such as phones, tablets, and laptops. According to the American Academy of Ophthalmology, one in two people in North America will be myopic by the year 2030. This is another factor expected to aid in growth of the market.
Key Takeaways of the Eyewear Market:
- Among distribution channel, independent stores accounts for the highest market share of 46.8% in 2020 in the North America eyewear The Independent stores segment was valued US$ 18.10 Bn in 2020 and is expected to witness a CAGR of 5.26% over the forecast period. Independent stores distribution channel includes company outlets. Major players in the market such as Luxottica, Essilor, GrandVision, and Safilo have achieved high degree of vertical integration by moving into eyewear retail. Aforementioned companies operate several stores, which showcase the company’s products such as Sunglass Hut, Pearle Vision, LensCrafters, Vision Source, ForEyes, and Vision Express among others.
- The growing disposable income has encouraged people to buy quality eyewear products that are in perfect amalgamation with their increasing living standards. Furthermore, individuals are now opting for contemporary and designer sunglasses in line with current market trends. Young people choose to wear contact lenses to enhance their overall appearance. As a result, rising living standards and a growing fashion consciousness are likely to drive the eyeglasses market forward.
- Rising occurrence of eye health concerns is expected to bolster the market growth in the region. A larger population of individuals undergoing ocular ailments is projected to be one of the significant factors impacting the eyewear market growth.
- Major players operating in the North America eyewear market include 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., and Fielmann AG.
- Prominent companies in the market have adopted various growth strategies, such as acquisition and product launch, to sustain themselves amidst intense market competition. For instance, In February 2020, Blenders Eyewear and Prive Revaux, two digitally native brands with a strong e-commerce business model, have been added to the Safilo Group's exclusive brand portfolio at a crucial moment in the company's development and the industry's transformation.
North America Eyewear Market - Impact of Coronavirus (Covid-19) Pandemic
- The COVID-19 pandemic has positively impacted eyewear adoption trends in 2020. Countrywide lockdowns and the implementation of work from home (WFH) models by several companies resulted in people spending more time on their laptops, desktops, and mobile phones for work and entertainment purposes. The longer screen times and the resulting rise in eye fatigue have facilitated the need to use vision correction and anti-fatigue glasses. This has allowed eyewear companies to capture higher sales of anti-fatigue and blue light canceling lenses, thereby resulting in the overall market growth.