North America Eyewear Market Size Booming to Touch USD 41.3 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the North America eyewear market size at USD 26.55 billion in 2022. During the forecast period between 2023 and 2029, the North America eyewear market size is projected to grow at a CAGR of 6.62% reaching a value of USD 41.29 billion by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the North America eyewear market size at USD 26.55 billion in 2022. During the forecast period between 2023 and 2029, the North America eyewear market size is projected to grow at a CAGR of 6.62% reaching a value of USD 41.29 billion by 2029. Major growth drivers of North America eyewear market include the increasing prevalence of vision disorders, such as myopia, hyperopia, and astigmatism. The adoption of technology advancements in lens and frame materials is increasing rapidly, which increases the durability and comfort of eyewear products. It is also expected to boost the growth of eye wear market in the region.
North America Eyewear Market – Overview
Eyewear includes goods and accessories worn on or over the eyes for aesthetic purposes, environmental protection, and to enhance or improve eyesight. Sunglasses, contact lenses, and glasses—also known as eyeglasses or spectacles—are common types of eyewear. Goggles are an example of more practical eye protection that may be used as eyewear. In addition to shielding the eyes from digital devices, glasses also prevent dust and grime from entering the eyes. Moreover, eyewear might aid in shielding eyes from dangerous UV radiation.
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North America Eyewear Market – By End User
Based on end user, the North America Eyewear market is segmented into men, women, and children. The women segment accounts for the highest market share. According to the Vision Council of America, women make up 58% of the population who wear eyeglasses and own at least one of its pairs, whereas men account for only 42%. The market has seen a rise in female customers' demand, notably for fashionable and branded eyeglasses. The main reasons promoting the adoption of eyeglasses goods among women are the increase in the proportion of female professionals and women's economic independence.
Impact of COVID-19 on the North America Eyewear Market
Initially, the COVID-19 pandemic had a detrimental effect on the expansion of the North America eyewear market. The governments of both nations imposed a lockdown, which stopped people from visiting eye clinics, which had an impact on the sales of prescription glasses. The pandemic also hampered the supply chains for eyewear, which led to huge revenue losses to the market. Nonetheless, the market is anticipated to develop significantly after COVID 19 because of the rise in the use of digital gadgets and their detrimental impact on eye health.
Competitive Landscape
Major players operating in the North America Eyewear market include Luxottica Group S.p.A., EssilorLuxottica, Johnson & Johnson Vision Care, Inc., The Cooper Companies Inc., Bausch Health Companies Inc., Safilo Group S.p.A., National Vision Holdings, Inc., Visionworks of America, Inc., Warby Parker, Zenni Optical, Marchon Eyewear Inc., Marcolin S.p.A., Carl Zeiss AG, and Ray-Ban.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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