US Eyewear Market 2024–2033

Reports Description

As per the current market research conducted by the CMI Team, the US Eyewear Market is expected to record a CAGR of 5.2% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 19,140.9 Million. By 2033, the valuation is anticipated to reach USD 30,322.1 Million.

The US eyewear market encompasses a diverse range of products catering to vision correction, fashion, and eye protection needs. With a growing aging population and increasing prevalence of vision disorders, the demand for prescription glasses, contact lenses, and reading glasses remains robust.

Additionally, fashion trends and technological advancements drive sales of designer frames and specialty lenses. The market is characterized by a mix of established players like Luxottica and EssilorLuxottica, as well as innovative disruptors such as Warby Parker.

Distribution channels range from traditional optical stores to online retailers, reflecting the evolving preferences of US consumers for convenience and choice in eyewear purchases.

US Eyewear Market – Significant Growth Factors

The US Eyewear Market presents significant growth opportunities due to several factors:

• Aging Population: The aging population in the US contributes to increased demand for eyewear as individuals are more likely to experience age-related vision changes, such as presbyopia, driving the need for reading glasses and progressive lenses.

• Technological Advancements: Continuous advancements in lens technology, coatings, and frame materials enhance the performance, durability, and aesthetics of eyewear products, driving consumer interest and adoption.

• Fashion and Style Trends: Eyewear is increasingly viewed as a fashion accessory, with consumers seeking trendy frames and designer brands to express their style, leading to higher sales in fashion-forward eyewear segments.

• Digital Device Usage: Prolonged use of digital devices like smartphones and computers has led to increased awareness of digital eye strain, driving demand for specialized eyewear solutions such as blue light blocking lenses to alleviate eye discomfort.

• Direct-to-Consumer Model: The rise of direct-to-consumer eyewear brands presents an opportunity to bypass traditional retail channels, offering consumers more affordable options and personalized shopping experiences.

• Focus on Eye Health: With growing awareness of the importance of eye health, there is an opportunity for eyewear companies to expand their product offerings beyond vision correction to include preventive eyecare solutions and specialized lenses tailored to specific eye health needs.

US Eyewear Market – Mergers and Acquisitions

The US Eyewear Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the US Eyewear Market include:

• In 2023, Carl Zeiss Meditec AG acquired the Dutch Ophthalmic Research Center (International) B.V. (D.O.R.C.) from Eurazeo SE. This acquisition will enhance ZEISS Medical Technology’s ophthalmic portfolio and digitally connected workflow solutions, addressing various eye conditions like retinal disorders, cataracts, glaucoma, and refractive errors.

• In 2023, Alcon introduced TOTAL30 Multifocal, a monthly Water Gradient multifocal contact lens designed for enhanced comfort and vision. These lenses are now available in the United States and select international markets, offering individuals with presbyopia a convenient and effective solution for clear vision at all distances.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the US Eyewear Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

US Eyewear Market – Significant Threats

The US Eyewear Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

• Competition from Online Retailers: The rise of online retailers poses a threat to traditional brick-and-mortar optical stores, as consumers increasingly opt for the convenience of purchasing eyewear online, potentially leading to decreased foot traffic and sales for physical stores.

• Counterfeit Products: The proliferation of counterfeit eyewear products poses a threat to legitimate eyewear manufacturers and retailers, undermining brand reputation and consumer trust while potentially compromising product quality and safety.

• Price Pressure and Margin Compression: Intense competition within the eyewear market, coupled with the emergence of budget-friendly eyewear brands, exerts pressure on pricing and margins, potentially impacting profitability for established players.

• Changing Consumer Preferences: Shifts in consumer preferences and purchasing behaviors, such as prioritizing budget-friendly options over premium brands or opting for contact lenses over traditional eyeglasses, pose challenges for eyewear manufacturers and retailers in adapting to evolving market demands.

• Regulatory Challenges: Regulatory changes or compliance issues related to product safety, labeling requirements, or advertising standards may pose challenges for eyewear companies, requiring investment in compliance efforts and potentially leading to disruptions in operations or market entry barriers.

Category-Wise Insights:

By Product Type

• Prescription Eyeglasses: Prescription eyeglasses are custom-designed corrective lenses prescribed by an eye care professional to address refractive errors such as nearsightedness, farsightedness, and astigmatism. Trends include advancements in lens materials and coatings, customizable frame designs, and the integration of technology such as blue light blocking features to address digital eye strain.

• Sunglasses: Sunglasses are eyewear designed to protect the eyes from harmful UV rays and glare from sunlight. Trends include the popularity of oversized frames, retro-inspired designs, and sustainable materials. Additionally, there is a growing demand for polarized lenses and customizable options to cater to varying fashion preferences and outdoor activities.

• Contact Lenses: Contact lenses are thin, curved lenses placed directly on the eye’s surface to correct vision or for cosmetic purposes. Trends include the growing popularity of daily disposable lenses for convenience and hygiene, advancements in silicone hydrogel materials for enhanced comfort and breathability, and the rise of colored and specialty lenses for cosmetic and therapeutic use.

• Frames: Frames refer to the structural component of eyeglasses that holds the lenses in place. Trends include the prevalence of lightweight and durable materials such as titanium and acetate, customizable frame shapes and colors to suit individual preferences, and the integration of eco-friendly materials and manufacturing practices to appeal to environmentally conscious consumers.

• Others: This category encompasses a range of eyewear products beyond traditional prescription glasses, sunglasses, and contact lenses, including reading glasses, safety glasses, and specialty eyewear for sports and occupational use. Trends include the adoption of blue light blocking glasses to reduce digital eye strain, the incorporation of smart technology features such as fitness tracking and augmented reality, and the customization of eyewear solutions for specific professional and lifestyle needs.

By Material Type

• Plastic: Plastic frames dominate the US eyewear market due to their versatility, lightweight construction, and affordability. Trends include the adoption of eco-friendly materials like bio-based plastics and recycled acetate, as well as innovative designs incorporating bold colors and transparent frames.

• Metal: Metal frames offer durability and a sleek aesthetic, appealing to consumers seeking a classic and sophisticated look. Trends include the resurgence of retro-inspired styles like aviators and round frames, as well as the use of lightweight titanium alloys for enhanced comfort.

• Others: This category encompasses materials such as wood, titanium, and acetate blends. Trends include the growing popularity of sustainable and eco-friendly materials like bamboo and wood, as well as experimental designs featuring unconventional materials for avant-garde fashion statements.

By Lens Type

• Single Vision: Single vision lenses correct vision for one distance, either near or far. They remain popular in the US eyewear market, especially among younger individuals requiring clear vision at a single distance.

• Bifocal: Bifocal lenses offer two distinct focal lengths within a single lens, catering to individuals with both near and far vision needs. Demand for bifocals persists among older demographics seeking convenience in vision correction.

• Progressive/Varifocal: Progressive lenses provide a seamless transition between different focal lengths, offering clear vision at all distances without visible lines. Their popularity continues to rise among individuals seeking multifocal vision correction with aesthetic appeal.

• Polarized: Polarized lenses reduce glare and improve visual clarity by filtering out horizontal light waves. They are increasingly favored for outdoor activities like driving and sports, driving demand in the US eyewear market, especially among those seeking enhanced vision in bright conditions.

• Photochromic: Photochromic lenses darken in response to UV exposure, providing automatic sun protection. Their convenience and functionality appeal to consumers seeking versatile eyewear options for varying light conditions, contributing to steady demand in the US eyewear market.

• Others: This category encompasses specialty lens types such as anti-fatigue, high-index, and blue light blocking lenses. These lenses address specific vision concerns and emerging trends in the US eyewear market, catering to consumers seeking enhanced visual comfort and protection in modern lifestyles.

By End Users

• Men: The US eyewear market for men includes a wide range of products tailored to their vision correction and style preferences. Trends show a growing demand for sleek and sophisticated frames, as well as performance-focused eyewear suited for sports and outdoor activities.

• Women: In the US, the women’s eyewear market features a diverse array of fashionable and trend-forward designs. Trends include oversized frames, cat-eye shapes, and bold colors, reflecting women’s desire for both style and functionality in their eyewear choices.

• Children: The US children’s eyewear market caters to the vision needs and preferences of young wearers. Trends indicate a focus on durable and lightweight frames, as well as fun and colorful designs to make wearing glasses appealing to children. Additionally, there is a growing emphasis on safety features and UV protection in children’s eyewear.

By Distribution Channel

• Optical Stores: Optical stores are traditional brick-and-mortar establishments specializing in eyewear products and services. Trends include personalized eyecare services, advanced diagnostic technology, and exclusive brand partnerships to enhance customer experience.

• Online Retailers: Online retailers offer a wide range of eyewear products through digital platforms, catering to convenience-seeking consumers. Trends include virtual try-on tools, home try-on programs, and customization options for personalized shopping experiences.

• Specialty Stores: Specialty stores focus on niche eyewear segments such as luxury, designer, or eco-friendly eyewear. Trends include curated selections, experiential retail concepts, and collaborations with fashion influencers to attract discerning consumers.

• Eyewear Chains: Eyewear chains operate multiple retail locations offering a variety of eyewear brands and styles. Trends include loyalty programs, in-store promotions, and omnichannel strategies to drive customer engagement and loyalty.

• Others: Other distribution channels may include department stores, mass merchandisers, and boutique shops. Trends in this segment vary widely, from exclusive product launches and limited-edition collections to partnerships with healthcare providers for integrated eyecare solutions.

Report Scope

Competitive Landscape – US Eyewear Market

The US Eyewear Market is highly competitive, with a large number of manufacturers and retailers operating in the US. Some of the key players in the market include:

• Luxottica Group S.p.A.
• EssilorLuxottica
• Johnson & Johnson Vision Care Inc.
• CooperVision Inc.
• Alcon a Novartis company
• Safilo Group S.p.A.
• Marchon Eyewear Inc.
• Carl Zeiss Vision Inc.
• Hoya Corporation
• Warby Parker
• National Vision Holdings Inc.
• Eyewear Brands Limited
• Charmant Group
• Maui Jim Inc.
• Oakley Inc.
• Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.

New players in the US eyewear market are adopting innovative strategies to enter the industry. Companies like Warby Parker have disrupted the market with direct-to-consumer models, offering affordable, stylish eyewear and virtual try-on experiences.

Similarly, DITTO Technologies introduced 3D virtual try-on technology for online eyewear shopping. However, key players like Luxottica and EssilorLuxottica dominate the market through extensive brand portfolios, retail presence, and vertical integration, controlling various stages of the eyewear supply chain from manufacturing to retail distribution, ensuring market dominance and brand recognition.

The US Eyewear Market is segmented as follows:

By Product Type

• Prescription Eyeglasses
• Sunglasses
• Contact Lenses
• Frames
• Others

By Material Type

• Plastic
• Metal
• Others

By Lens Type

• Single Vision
• Bifocal
• Progressive/Varifocal
• Polarized
• Photochromic
• Others

By End-User

• Men
• Women
• Children

By Distribution Channel

• Optical Stores
• Online Retailers
• Specialty Stores
• Eyewear Chains
• Others