DUBLIN, Oct. 3, 2022 /PRNewswire/ -- The "United States Eyewear Market, By Product Type, By End User, By Distribution Channel, By Region, Competition Forecast & Opportunities, 2027F" report has been added to ResearchAndMarkets.com's offering.
United States eyewear market is anticipated to grow at a CAGR of 5.84% during the forecast period to reach USD40.62 billion by 2027 due to changing lifestyles and growing fashion taste across the country.
Another key element driving this market's expansion is that eyeglasses, regarded as a necessity for people with poor eyesight, are in high demand in the United States, along with sunglasses and contact lenses.
To increase their consumer base, corporations also offer new items, such as smart sunglasses and spectacles. Furthermore, the growing presence of big enterprises on online sales platforms is fueling the market's growth in the country, and this trend is expected to continue during the projected period.
In the United States, almost 85% of the population uses sunglasses because extended exposure to the sun's UV radiation can cause cataracts, macular degeneration, and pterygium. The sunglasses shield the eyes from dangerous UV rays and reduce glare and increase the color and contrast of the vision, making driving and other activities easier. Sunglasses are also worn to protect the eyes after surgery and alleviate headaches and migraines, commonly caused by strong sunlight.
The COVID-19 pandemic hindered the eyewear industry's growth. Demand for eyeglasses declined marginally in the market due to the pandemic and store closures. The lockdown impacted labor and resource availability, impacting the eyewear industry's manufacturing scale. The eyeglass supply chain has been harmed because of transportation constraints.
Rising Standard of Living of Consumers Boosting the Market Growth
The living standards of consumers are rising in the United States as per capita income rises. People are opting for a more leisurely lifestyle that prioritizes safety, and this tendency has fueled the growth of various modern technology businesses.
According to the Federal Reserve Bank of St. Louis, Americans' per capita disposable income was around USD42.44 thousand in January 2015, grew to USD50.74 thousand in January 2020, and increased again to USD58.04 thousand in January 2021. These are some of the most important aspects that will influence eyewear demand in the upcoming years.
Rising Demand for Smart Eyewear Among the Consumers
The eye care industry has seen a new trend in developing smart glasses since Google introduced their smart glasses in 2013. Although it was pulled from the market after 18 months due to its high cost and inconvenience, smart glasses with better functions are constantly being introduced by manufacturers.
In 2021, for example, Meta (formerly known as Facebook) teamed up with Ray-Ban to release the first smart glasses, dubbed 'Ray-Ban Stories.' Users may listen to music, make phone conversations, and capture photos and short films using the glasses, which they can share across Meta's services via a companion app. In the same way, Amazon will offer an improved version of its smart eyeglasses, the Echo Frames, in 2020. The new Echo Frames connect to an iOS or Android phone through Bluetooth and then to the Alexa app.
Rising Online Sales of Eyewear Fueling the Market Growth
Due to the growing internet penetration in the United States, an increasing share of consumers prefer to purchase eyewear through online channels. Manufacturers may be able to reach out to the most remote regions of cities without the need for a physical facility due to online sales, which are backed up by a range of distribution networks and logistics. Customers are increasingly turning to the internet to purchase eyewear due to various factors such as a huge number of products to pick from, discounts, and deals offered online.
United States Eyewear Market, By Product Type:
United States Eyewear Market, By End User:
United States Eyewear Market, By Distribution Channel:
United States Eyewear Market, By Region:
Company Profiles: Detailed analysis of the major companies present in United States eyewear market.
Bausch Health Companies Inc.
Johnson & Johnson Vision Care, Inc.
Alcon Vision LLC
The Cooper Companies, Inc.
Safilo USA, Inc.
Menicon America, Inc.
Hoya Vision Care
Carl Zeiss Vision Inc.
Zenni Optical, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ox2x6b
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