Eyewear Market In United States | Fortune Business Insights

 The global eyewear market size was USD 105.56 billion in 2020. The market is projected to grow from USD 114.95 billion in 2021 to USD 172.42 billion in 2028 at a CAGR of 6.0% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Eyewear Market, 2021-2028.”

As per our expert analysts, in the present situation, people desire to utilize eyeglasses owing to the increasing consciousness about optical conditions, pooled with the rising occurrence of vision irregularity. For example, in 2020, as per the Lancet Global Health, it is anticipated that approximately 43.3 million people were blind, out of which 23.9 million were evaluated to be female.

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The global eyewear market has witnessed a notable growth in the recent years, especially in the emerging countries of Asia-Pacific, such as India and China. Surge in visual impairment and eye defects cases coupled with inclination toward latest fashion trends are the major factors that drive the growth of the global eyewear market. Rise in use of digital devices and gadgets by the young generation have led to an upsurge in the number of eye disorders, thereby, increasing the demand for vision correction products. In addition, factors such as increased disposable income and improved standard of living in the developing economies, such as India and Brazil have led to the adoption of premium quality and branded eyewear.

The increased distribution further propels the market growth through e-commerce websites and the proliferation of social media. The eyewear companies are widely advertising on popular social media platforms such as Instagram, Twitter, and Facebook, which offer them an opportunity to analyze audience preferences, thereby offering specially curated products. These platforms help companies incorporate innovative marketing strategies such as influencer and affiliate marketing to make their business more profitable.

Eyewear Market Report Scope :

Report Coverage	Details
Forecast Period	2021 to 2028
Forecast Period 2021 to 2028 CAGR	6.0%
2028 Value Projection	USD 172.42 Billion
Base Year	2020
Market Size in 2020	USD 105.56 Billion
Historical Data for	2017 to 2019
No. of Pages	120

Drivers and Restraints

Rising Occurrence of Eye Health Concerns to Bolster Market Growth

On a global foundation, there is an upsurge in the alertness linked with optical conditions in emerging nations, which is anticipated to inflate the acceptance of eyeglass products.  A greater population of individuals undergoing ocular ailments is projected to be one of the significant factors impacting the eyewear market growth.

On the basis of predictions given by the World Health Organization in the year 2015, by 2020, there will be around 2.2 billion novel frequencies of myopia worldwide. In nations such as South Korea, Japan, and China, individuals embrace colored contact lenses for augmented aesthetic intention.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/eyewear-market-101749

Buying Rate of Glasses and Sunglasses Sternly Affected by COVID-19 Pandemic

The regional spread of the coronavirus has considerably impacted the sales of eyewear, such as sunglasses, contact lenses, and prescribed eyeglasses, and sunglasses. Moreover, government organizations across the world had inflicted stringent lockdown regulations in the early phase of the pandemic spread. This resulted in the shutdown of ophthalmic clinics, as well as retail stores selling glasses for a prolonged period. These factors have hampered the demand for eyewear amid the pandemic.

Segmentation

On the basis of product type, the market can be segregated into spectacles, sunglasses, and contact lenses. The spectacles segment was anticipated to hold the largest share in the overall market in 2020. The segment is estimated to uphold its dominating position at the end of the forecast period. It generated 79.1% in terms of share in 2020.

By distribution channel, the market is classified into retail stores, online stores, and ophthalmic clinics. In terms of region, the market is categorized into North America, Asia Pacific, Latin America, the Middle East & Africa, and Europe.

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Regional Insights

North America to Lead Backed by Surging Approval of Vision Care Products

North America held the maximum eyewear market shares and formed an income worth USD 30.87 billion in 2020. The growing approval of vision care products is assessed to increase the growth of the market in this region.

Europe held the second-largest market share. Aspects such as the inclination towards superior eye care products, greater consciousness of ocular conditions, and surging ability to buy exclusive sunglasses are expected to fuel the market in European nations.

On the contrary, Asia Pacific is expected to follow the lead after North America in the global market for eyewear in terms of income by 2028.

List of Key Players Covered in the Report

·         Alcon (Part of Novartis AG) (Switzerland)

·         EssilorLuxottica (France)

·         CooperVision (U.S.)

·         Johnson & Johnson Services, Inc. (U.S.)

·         Bausch Health Companies Inc. (U.S.)

·         Carl Zeiss (Germany)

·         Fielmann AG (Germany)

·         Safilo Group S.p.A (Italy)

·         Other Prominent Players

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