If you are an entrepreneur looking to break into the eyewear market US then you can find some interesting details about the eyewear market size and examples that will help you in your research.
How Big is the eyewear market US?
Approx. total revenue in the Eyewear market amounts to US$31,901 million in 2018. The eyewear market is expected to grow annually by 1.2% (CAGR 2018-2021).
The total eyewear market in the US is approx. US $35billion and out of which US $218 was alone generated by plano sunglasses selling over 5.7 million units in the year 2014. Considering the numbers it is easier to figure out how steadily the eyewear marker in the US is increasing.
Eyewear market US has been growing steadily since 2009 and has witnessed a healthy growth in the year 2107.
The growth in sales of eye wear across the United States has increased in the four main categories: prescription (Rx) eyeglasses, plano sunglasses, over-the-counter (OTC) readers, and contact lenses.
The growing number of middle-aged and senior consumers, along with longer lifespans, led to strong demand for solutions to age-related vision conditions.
Age-related vision conditions and problems among the middle-aged and the senior citizens have led to an increase in the demand for the eyewear in the United States.
Not only among the adults the vision related problems are also increasing in children due to the longer hours of exposure to the electronic devices such as smartphones, tablets, TV and Gaming consoles and so the demand for the eyewear in the US is also increasing.
With the increasing penetration of digital devices among consumers in the United States, eyewear manufacturers in the US are also focusing on the promotion of blue light filtering spectacle lenses from the digital devices that are helpful in the relieving the strain on the eyes.
Some Interesting facts about the eyewear market US
Luxottica a leading eyewear retailer in the United States that operates a network of 4628 optical retail stores has generated revenues in excess of US $2.5 billion in the year 2015.
From 2011 to 2016 total sales of frames in the US stood at US $9,710 million.
The demand for the comfortable eye wear among consumers is also a major reason for the growth that the eye wear industry has witnessed in the recent years. One of the major examples of consumers shifting towards the comfortable eye wear is the increasing demand for the daily disposable lenses.
Consumers who were dependent on the conventional contact lenses have shifted to the daily disposable lenses due to a comfortable lens wearing experience it offers.
In terms of distribution, optical shops remained the most popular destinations for consumers to purchase eyewear. However, online spectacle retailer Warby Parker is offering a home trial programme to allow consumers to try its products at home and is testing telemedicine by launching a mobile app, Prescription Check, to allow consumers to take a vision assessment test without having to visit an eye doctor’s office.
Looking at the distribution, optical shops are the most popular destination among consumers in the US for purchasing eyewear. Companies such as Plano sunglasses and Warby Parker are leaving no stone unturned to tap into the growing eyewear market and attract online consumers.
One such example is of Warby Parker a well known online spectacle retailer in the United States that has started offering a home trial programme to the consumers that allows consumers to test spectacles and lenses at home.
Another example that strengthens the fact that the eyewear market US is growing at a healthy pace is that the Luxottica group which is a major eyewear retailer in the US has announced its merger with the Essilor International SA which is the leading manufacturer of spectacle and contact lenses to dominate the eyewear market and increase the market share.
Family owned businesses that were earlier into the imports of the spectacle frames and sunglasses have also shifted to manufacturing domesticallyconsidering the increasing demand among consumers for fancy and high quality frames.
Chicago based eye frame maker State Optical Co. founded by Scott Shapiro in 2012 is one such example that manufactures high quality eye frames priced between $300 and $350 and sells across United States in over 500 retail stores.
Although, online retailers such as Plano Sunglasses and Warby Parkers contribute to the major eye wear sales in the United States but physical Optical shops are still going strong as manufacturers of spectacle lenses and contact lenses encourage patients to visit optical shops as these shops have professional eye care experts and can provide valuable advice to the patients and complete details about the company’s products.
The other advantage that optical shops have is that patients can go for eye testing, consult with an optometrist and try different eye frames before the purchase all under one roof.
The outlook for the eyewear market US looks positive, as the demand for prescription spectacles, blue light filtering spectacle lenses and contact lenses is increasing due to the changing lifestyle habits, longer hours of exposure to the digital devices and other factors.
Eye strain, dryness and the increasing prevalence of near-sightedness among children and adults will result in the growth of eyewear demand among consumers. Apart from children and adults the ageing US population is also creating a huge demand for the eyewear to tackle their age related vision problems.
Consumers are no longer interested in old fashioned eye frames that they want to use for medical reasons only. They prefer more trendy, more colorful and fashionable eye frames that can complement their personality and for some eye frames are no less than a fashion statement. They spend equal amount time in purchasing eye frames as for clothes.
The Bottom Line
Changing consumer trends, preferences and with an increase in disposable income consumers are ready to spend on comfortable eye wear in the years to come. Entrepreneurs and companies with innovative eye wear products that can provide both comfort and style will find their place easily in the increasing US eye wear market.
For entrepreneurs there’s no better time to get into the eye wear business than now as the demand for the eye wear is increasing. You can enter the market as a manufacturer or as a retailer depending on your choice and finances but you can create jobs for the Americans and contribute to the economy while making profits for you at the same time.
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