The global eyewear industry is a rapidly growing market, with the value of the sector estimated to reach USD 197.05 billion by 2027. The prescription eyewear segment accounts for 50% of this market share and is expected to grow at a CAGR of 6.08% between 2021 and 2025. Luxottica and Essilor completed their $52 billion merger in 2018, further consolidating their position as major players in the industry. Asia-Pacific holds the largest market share due to its large middle-class population and increasing consumer awareness while North America follows closely behind driven by high prevalence of vision problems among consumers there coupled with strong demand for fashionable eyeglasses products such as designer glasses which are forecasted to reach USD 16.1 billion by 2024 in that region alone . Additionally, contact lenses retail sales are projected to hit USD 3.6 billion in 2021 while wholesale optical goods totaled around 734 million dollars last year according US statistics only; not forgetting sports eyewear which will experience 4 percent growth rate over 2020 -2025 period or sunwear segment anticipated 4 point three percent increase from 2021 till 2028 globally speaking Furthermore blue light blocking technology has been gaining traction lately due 90 % American adults using digital devices more than two hours each day contributing significantly on rising demand for these type spectacles worldwide . Finally online Eyeware Market size was valued 31 point 87 Billion Dollars back 2019 but it’s predicted be worth 41 61 Billion Dollars come 2027 registering four one percentage compound annual growth rate during same time frame .
Eyewear Industry Statistics Overview
The prescription eyewear segment accounts for 50% of the global eyewear market.
This statistic is a testament to the importance of prescription eyewear in the global eyewear market. It highlights the fact that prescription eyewear is a major player in the industry, and that it is a key factor in the success of the eyewear market. This statistic is essential for anyone looking to gain a better understanding of the eyewear industry and its dynamics.
Approximately 90% of US adults use digital devices for more than two hours each day, contributing to the high demand for blue light blocking eyewear.
This statistic is a telling indication of the need for blue light blocking eyewear, as it demonstrates the sheer amount of time that US adults are spending on digital devices. With such a large portion of the population exposed to digital screens for extended periods of time, it is no surprise that the demand for blue light blocking eyewear is high.
The online eyewear market is projected to be worth $31.87 billion by 2027.
This statistic is a testament to the immense potential of the eyewear market, indicating that it is set to experience tremendous growth in the coming years. It is a valuable insight for anyone interested in the eyewear industry, as it provides a glimpse into the future of the sector and the opportunities it presents.
The luxury eyewear market will grow at a CAGR of 11.4% between 2021 and 2026.
This statistic is a testament to the potential of the luxury eyewear market, indicating that it is a lucrative industry with a bright future. It is an important piece of information for anyone interested in the eyewear industry, as it provides insight into the growth of the market and the potential for investment. With a CAGR of 11.4%, the luxury eyewear market is set to expand significantly over the next five years, making it an attractive option for those looking to capitalize on the industry’s growth.
The majority of sales in the eyewear industry are attributed to prescription eyeglasses at 63%.
This statistic is a crucial insight into the eyewear industry, as it reveals that prescription eyeglasses are the most popular product in the industry. This information can be used to inform decisions about marketing, product development, and pricing strategies. Additionally, it can be used to identify potential opportunities for growth and expansion in the eyewear industry.
Luxottica and Essilor, two major players in eyewear industry, completed a $52 billion merger in 2018.
This statistic is a testament to the immense power of the eyewear industry, as the merger of Luxottica and Essilor was one of the largest in the industry’s history. It demonstrates the potential for growth and success within the eyewear industry, and serves as a reminder of the importance of staying up-to-date with the latest industry trends and developments.
Asia-Pacific holds the largest market share in the eyewear market, contributed by a growing middle-class population and increasing consumer awareness.
This statistic is a key indicator of the Eyewear Industry’s potential for growth. With the Asia-Pacific region boasting the largest market share, it is clear that the region’s growing middle-class population and increasing consumer awareness are driving the industry forward. This is an important factor to consider when discussing the Eyewear Industry’s current and future prospects.
The Indian eyewear industry witnessed an annual growth rate of 22% in 2020.
This statistic is a testament to the booming success of the Indian eyewear industry in 2020. It highlights the impressive growth rate of the industry, indicating that it is a lucrative and profitable sector to invest in. This statistic is an important indicator of the industry’s potential and should be taken into consideration when discussing the Eyewear Industry Statistics.
The Canadian eyewear market is expected to reach a value of USD 3.55 billion by 2025.
This statistic is a testament to the potential of the Canadian eyewear market, indicating that it is a lucrative industry with a bright future. It is a valuable piece of information for anyone interested in the eyewear industry, as it provides an insight into the growth of the market and the potential for investment. Furthermore, it serves as a reminder of the importance of staying up-to-date with the latest industry trends and developments.
The sports eyewear market is forecast to grow at a CAGR of 4.1% over the period of 2020-2025.
This statistic is a valuable insight into the future of the eyewear industry, indicating that the market is expected to experience steady growth over the next five years. This is great news for those in the eyewear industry, as it suggests that there will be plenty of opportunities for businesses to capitalize on the increasing demand for sports eyewear. Furthermore, this statistic can be used to inform decisions about investments, product development, and marketing strategies.
The sunwear segment is expected to grow at a CAGR of 4.3% from 2021 to 2028.
This statistic is a key indicator of the potential for growth in the sunwear segment of the eyewear industry. With a projected CAGR of 4.3%, it is clear that the sunwear segment is expected to experience a steady increase in demand over the next seven years. This is an important statistic to consider when discussing the overall health of the eyewear industry, as it provides insight into the potential for growth in this particular segment.
The global eyewear market’s revenue is forecast to grow at a CAGR of 6.08% between 2021 and 2025.
This statistic is a key indicator of the potential growth of the eyewear market in the coming years. It provides insight into the industry’s future prospects and can be used to inform decisions about investments, product development, and marketing strategies. With a projected CAGR of 6.08%, the eyewear market is expected to experience significant growth in the near future, making it an attractive option for those looking to capitalize on the industry’s potential.
The retail sale of contact lenses in the United States is expected to reach USD 3.6 billion in 2021.
This statistic is a testament to the growing demand for contact lenses in the United States, indicating that the eyewear industry is thriving. It is a clear indication that the eyewear industry is a lucrative market, and that there is a strong consumer base for contact lenses. This statistic is a valuable insight into the current state of the eyewear industry, and can be used to inform decisions about future investments and strategies.
The wholesale value of the optical goods market in the United States totaled USD 7.34 billion in 2020.
This statistic is a testament to the immense size of the optical goods market in the United States. It highlights the fact that the eyewear industry is a major player in the US economy, and that it is a lucrative sector for businesses to invest in. This statistic is a valuable insight for anyone looking to gain a better understanding of the eyewear industry and its potential for growth.
The designer glasses segment of the U.S. eyewear market is forecasted to reach USD 16.1 billion by 2024.
This statistic is a testament to the immense potential of the U.S. eyewear market, particularly in the designer glasses segment. It highlights the fact that the eyewear industry is growing rapidly and is expected to reach a staggering USD 16.1 billion by 2024. This is a great opportunity for businesses to capitalize on the growing demand for designer glasses and tap into the lucrative market.
There were around 74,000 optometrists in the United States in 2020.
This statistic is a key indicator of the size of the eyewear industry in the United States. With 74,000 optometrists, it is clear that the eyewear industry is a major player in the US economy. This statistic provides insight into the number of people employed in the eyewear industry, as well as the number of customers that optometrists serve. It also provides a glimpse into the potential for growth in the industry, as the number of optometrists is likely to increase in the coming years.
The global reading glasses market size is expected to reach USD 41.61 billion by 2027, with a CAGR of 4.1%.
This statistic is a testament to the growing demand for reading glasses, indicating that the eyewear industry is on the rise. It shows that the market size is expected to expand significantly over the next few years, with a compound annual growth rate of 4.1%. This is a clear indication that the eyewear industry is a lucrative and profitable sector, and one that is likely to continue to grow in the future.
Conclusion
The eyewear industry is a rapidly growing market, with global sales expected to reach USD 197.05 billion by 2027 and the online eyewear market projected to be worth $31.87 billion by 2027. The prescription eyeglasses segment accounts for 50% of the global eyewear market, while luxury glasses are forecasted to grow at a CAGR of 11.4%. Asia-Pacific holds the largest share in this sector due to its large middle-class population and increasing consumer awareness, followed closely by North America where there is strong demand for fashionable frames as well as contact lenses and reading glasses. With major players such as Luxottica and Essilor merging together in 2018, it’s clear that this industry will continue expanding over time with new products being developed every day catering towards different needs across all demographics worldwide.
References
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