North America Eyewear Market to Surpass US$ 27.60 Bn by 2031, Owing to The increasing prevalence of vision problems and the need for corrective eyewear
North America Eyewear Market, By Type ((Spectacles, Sunglasses, and Others (Contact Lens)) and By Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores (Optical Stores), Franchise Outlets, Multi-Brand Stores, Hospitals/Clinics, Online, Others) was valued at US$ 18.40 Bn in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 5.2% during the forecast period (2024 -2031), as highlighted in a new report published by Coherent Market Insights.
Increasing research initiatives by various organization is expected to drive the North America eyewear marketgrowth.
In December 2022, Authentic Brands Group and Innovative Eyewear, Inc. announced a multi-year international licensing agreement for Eddie Bauer smart eyewear.
Authentic Brands Group (ABG) is a U.S.-based brand management company.. The company owns more than 50 consumer brands, as well as the likeness rights or estates of celebrities, including Muhammad Ali, Elvis Presley, and Marilyn Monroe. ABG's mission is to evolve, transform, and reimagine global brands through innovative business models, powerful storytelling, compelling content, and immersive experiences.
Innovative Eyewear, Inc. is a U.S.-based developer of tech eyewear and smartglass apps, and the operator of the Lucyd brand. The company is known for its cutting-edge smart eyewear, including the Lucyd, Nautica & Eddie Bauer brands. It offers a range of innovative products, such as smart eyewear powered with ChatGPT, which enables hands-free voice-accessible queries.
North America Eyewear Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets.
With many people working from home and social distancing, there has been a change in consumer priorities and a reduction in consumer spending on non-essential goods, including eyewear. This pivot has led to a decrease in sales for fashion eyewear but an increase in demand for blue-light-blocking glasses due to prolonged digital screen exposure.
Non-essential business closures have resulted in a drop in foot traffic in optical retail stores, thus, impacting sales significantly. Businesses have had to quickly adapt to new operating models, including private appointments and enhanced e-commerce capabilities to sustain sales.
Eyewear companies have been adjusting their marketing strategies, focusing on online channels and promoting products that are relevant in the context of the pandemic (protective eyewear, blue-light-blocking glasses).
The economic downturn that is caused by the pandemic has led consumers to limit discretionary spending. High unemployment rates and economic uncertainty may cause consumers to delay purchases of new eyewear or opt for less expensive options.
Increased awareness of health and hygiene has influenced how retail stores operate, with added safety measures like sanitization, personal protective equipment, and social distancing, which could impact the consumer retail experience.
There has been an increasing shift toward online services, including virtual try-on technology and telehealth eye exams, to adhere to social distancing measures and minimize in-person interactions.
Link: https://www.coherentmarketinsights.com/market-insight/north-america-eyewear-market-4810
North America Eyewear Market– Key Developments
- In October 2023, Alcon launched TOTAL30 Multifocal, the monthly water gradient multifocal contact lens. The lenses have begun to roll out in the U.S. Alcon is the largest eye care device company in the world, operating in the ophthalmic surgical and vision care markets. The company offers a wide range of eye care products and solutions, including surgical and vision care products. The TOTAL30 Multifocal lenses are part of Alcon's TOTAL30 portfolio, which also includes TOTAL30 sphere lenses and TOTAL30 for astigmatism.
- In September 2023, The Fielmann Group acquired SVS Vision. These acquisitions constitute an important milestone in the internationalization that business pursues with its Vision 2025 growth strategy. The Fielmann Group is a prominent European eyewear retailer and a leading provider of eyewear, contact lenses, and hearing aids. The company operates over 1,000 retail stores. Fielmann is known for its customer-centric approach and has a significant market share in Europe, particularly in Germany. The company has a strong focus on customer service and has recently expanded its presence in the U.S. through the acquisition of SVS Vision, a leading optical retailer. SVS Vision is a well-established eyewear retailer with a significant presence in the U.S. The company operates over 80 locations across nine U.S. states, with a strong focus on providing a wide range of eyewear products and comprehensive eye care services. SVS Vision offers a diverse selection of eyeglasses and sunglasses, including hundreds of frames to choose from.
Browse 36 Market Data Tables and 33 Figures spread through 180 Pages and in-depth TOC on “North America Eyewear Market, By Type (Spectacles, Sunglasses, and Others (Contact Lens) and By Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores (Optical Stores), Franchise Outlets, Multi-Brand Stores, Hospitals/Clinics, Online, Others),
Key Takeaways of the North America Eyewear Market:
- North America eyewear market is expected to exhibit a CAGR 5.2% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the North America eyewear market.
- Major players operating in the North America eyewear market include Luxottica Group S.p.A, Safilo Group S.p.A, Carl Zeiss G., Essilor International, GrandVision, Johnson and Johnson Inc., State Optical Co., CooperVision, Bausch & Lomb Inc., De Rigo Vision S.p.A., and Fielmann AG.
