The Latest Optical Industry Statistics Explained
The optical industry is expected to reach $210.8 billion by 2026.
The statistic ‘The optical industry is expected to reach $210.8 billion by 2026’ refers to the projected total value of the optical industry’s market size by the year 2026. This forecast suggests significant growth in the industry over the coming years, indicating increased consumer demand for optical products and services such as eyeglasses, contact lenses, and vision care. The estimated value of $210.8 billion highlights the industry’s potential for expansion and economic impact, showcasing opportunities for businesses and investors operating within the optical sector to capitalize on this growth trend.
In the US, there are over 43,000 optical stores.
The statistic “In the US, there are over 43,000 optical stores” indicates that there is a significant presence of optical retail locations across the country. This number reflects the high demand for eyewear products and services in the US, highlighting the importance of vision care and eyewear in the population. The large number of optical stores suggests a competitive market with a wide range of choices for consumers seeking vision correction, eye examinations, and fashionable eyewear. Additionally, the presence of over 43,000 optical stores also contributes to employment opportunities within the optical industry, serving as a significant sector in the US economy.
Retail sales of eyewear in the United States was approx. $41.38 billion in 2018.
The statistic indicates that the total revenue generated from the sales of eyewear products in the United States in 2018 amounted to approximately $41.38 billion. This figure captures the collective monetary value of a wide range of eyewear items, including prescription eyeglasses, sunglasses, contact lenses, and related accessories. The substantial market size reflects the significant demand and purchasing behavior of consumers in the United States for various types of eyewear products. This statistic serves as a key indicator of the economic significance of the eyewear industry in the country, highlighting its considerable contribution to the retail sector and overall economy.
About 75% of the adult population worldwide use some sort of vision correction product.
The statistic indicates that a significant majority of the adult population worldwide utilize vision correction products to address impaired vision. This could include glasses, contact lenses, or even eye surgeries. The high prevalence of vision correction product usage suggests a widespread issue of vision impairment among adults globally. Access to vision care and products may vary depending on factors such as economic status, healthcare resources, and geographical location. This statistic underscores the importance of regular eye exams and appropriate vision care to address and manage visual impairments effectively.
Europe holds the leading share in the global eyewear market reaching 39% in 2020.
The statistic indicates that Europe had the largest market share in the global eyewear market in 2020, accounting for 39% of the total market. This suggests that Europe was the dominant region in terms of sales and consumption of eyewear products such as glasses, sunglasses, and contact lenses. The high market share held by Europe signifies a strong demand for eyewear products in the region, likely driven by factors such as fashion trends, eye health awareness, and a growing aging population. This statistic highlights Europe as a key player in the global eyewear industry, with significant influence over market trends and developments.
In 2019, 64% of people in the United States used prescription eyeglasses.
The statistic that 64% of people in the United States used prescription eyeglasses in 2019 represents the proportion of the population that required corrective vision aid during that year. This figure indicates that a majority of individuals in the country had visual impairments necessitating the use of prescription eyeglasses for clear vision. The statistic is significant for understanding the prevalence of vision problems among the population and highlights the importance of eye care and access to corrective lenses for a large portion of Americans. Additionally, this data point can inform healthcare providers, policymakers, and eyewear manufacturers in ensuring appropriate eye care services and products are available to meet the visual needs of the population.
6% of consumers in the US purchased eyeglasses online in 2020.
The statistic “6% of consumers in the US purchased eyeglasses online in 2020” indicates the proportion of the total consumer population in the United States who opted to buy eyeglasses through online platforms during the year 2020. This data point highlights a relatively small, but growing, segment of the market that is choosing the convenience and accessibility of online shopping for eyewear. Understanding this statistic can provide insights into evolving consumer preferences, the impact of technology on retail trends, and potential areas for growth or adaptation within the eyeglass industry to cater to online shoppers.
The global optical coatings market was valued at USD 13 billion in 2020.
This statistic indicates that the total market size of optical coatings worldwide was estimated to be USD 13 billion in the year 2020. Optical coatings are specialized thin films applied to various optical components such as lenses, mirrors, and filters to enhance their performance by improving light transmission, reducing reflection, and providing other optical properties. The market value represents the combined revenue generated from the sale of optical coatings by manufacturers, suppliers, and distributors across different industries such as electronics, telecommunications, automotive, and aerospace. This figure serves as a crucial metric for assessing the economic importance and growth potential of the optical coatings industry on a global scale.
There are about 154,000 opticians in the United States as of 2020.
The statistic that there are approximately 154,000 opticians in the United States as of 2020 indicates the total number of individuals employed in the opticianry profession within the country during that year. Opticians are trained professionals responsible for assisting patients in selecting and fitting eyeglasses or contact lenses based on prescriptions provided by optometrists or ophthalmologists. This statistic highlights the significant presence of opticians in the U.S. healthcare system, playing a crucial role in providing essential eye care services to the population. Understanding the size of the optician workforce can inform planning and resource allocation within the vision care industry and is valuable for policymakers, healthcare stakeholders, and optician training programs.
In 2021, Luxottica, a leader in the optical industry, made sales revenue of about 11 billion euros.
The statistic indicates that Luxottica, a prominent company in the optical industry, generated approximately 11 billion euros in sales revenue in the year 2021. This figure underscores the significant financial success of Luxottica and highlights its strong position within the industry. The substantial sales revenue reflects Luxottica’s ability to attract customers, grow its market share, and effectively capitalize on consumer demand for optical products. The company’s impressive performance in sales revenue suggests a successful business strategy, strong brand recognition, and possibly also an increasing global presence. Additionally, this statistic may also imply positive implications for Luxottica’s profitability, competitiveness, and overall market positioning within the optical industry.
The Eyeglasses segment in the eyewear market is expected to reach a market volume of $94,087.3 million by 2023.
The statistic indicates that the Eyeglasses segment within the eyewear market is projected to experience growth and reach a market volume of $94,087.3 million by the year 2023. This suggests an increasing demand for eyeglasses among consumers, potentially driven by factors such as an aging population, increased awareness of eye health, and evolving fashion trends. Companies operating in the eyeglasses industry may benefit from this growth opportunity by offering innovative and attractive products, expanding their market presence, and catering to the diverse needs and preferences of consumers. The forecasted market volume figure serves as a valuable insight for industry stakeholders to make informed business decisions and capitalize on the anticipated growth in the Eyeglasses segment leading up to 2023.
Global sales revenue of sunglasses was $20 billion in 2019.
The statistic “Global sales revenue of sunglasses was $20 billion in 2019” represents the total amount of money generated worldwide from the sale of sunglasses during the year 2019. This figure reflects the significant economic impact of the sunglasses industry on a global scale, indicating a high demand for sunglasses across various countries and markets. The sales revenue amount serves as a key indicator of the industry’s size and growth, highlighting the continued popularity and consumer interest in purchasing sunglasses as a fashion accessory and for practical use like sun protection. Additionally, it provides valuable insights for businesses, policymakers, and researchers in understanding market trends, consumer behavior, and potential opportunities for growth and investment within the sunglasses sector.
Online sales of optical goods in the U.S. are projected to reach $505 million in 2021, up from $390 million in 2016.
The statistic indicates that the online sales of optical goods in the U.S. are expected to increase significantly from $390 million in 2016 to $505 million in 2021. This projected increase of $115 million over a five-year period reflects a positive growth trend in the online optical goods market. The rise in online sales can be attributed to various factors such as increasing consumer preference for online shopping, convenience, wider product selection, and possibly even the impact of the COVID-19 pandemic, which has accelerated the shift towards online retail. The forecasted growth suggests a growing market opportunity for businesses operating in the online optical goods sector and indicates a continued shift towards online shopping in the eyewear industry.
The eyewear industry in India is expected to reach $3.8 billion by 2025.
The statistic that the eyewear industry in India is expected to reach $3.8 billion by 2025 indicates a significant growth projection for the market within the next few years. This figure suggests that the demand for eyewear products in India is anticipated to increase substantially, likely driven by factors such as a growing population, rising disposable incomes, and increasing awareness about eye health and fashion trends. This growth potential presents opportunities for eyewear companies to expand their operations, introduce innovative products, and cater to a larger consumer base. It also signals a promising outlook for stakeholders in the industry, including manufacturers, retailers, and investors, who may benefit from the projected expansion of the market.
China is the leading exporter of spectacles globally, with an export value of $5.23 billion in 2020.
The statistic indicates that China held the top position as the largest exporter of spectacles worldwide in 2020, with a total export value of $5.23 billion. This demonstrates China’s significant role in the global market for eyewear products, showcasing its competitive edge and manufacturing capabilities in producing and exporting spectacles. The sizeable export value further highlights the country’s dominance in meeting the demand for eyewear products on a global scale, reflecting China’s strong presence and influence in the international optical industry.
The contact lens segment in the North American optical market was valued at $5 billion in 2018.
This statistic indicates the total value of the contact lens segment within the North American optical market in the year 2018, which amounted to $5 billion. This figure represents the revenue generated by the sales of contact lenses in North America during that time period. The contact lens market is an important component of the optical industry, catering to individuals who require vision correction without the use of traditional eyeglasses. The $5 billion valuation demonstrates the significant demand and financial contribution of the contact lens market to the overall optical industry in North America in 2018.
Over 60% of North American consumers prefer to buy eyewear from independent optical retailers.
The statistic that over 60% of North American consumers prefer to buy eyewear from independent optical retailers indicates a significant preference among this consumer group for purchasing eyewear from smaller, specialized businesses rather than from larger chain stores or online retailers. This preference may stem from factors such as personalized service, unique product offerings, and a desire to support local businesses. The statistic suggests that independent optical retailers have successfully differentiated themselves in the market and have built strong relationships with their customer base. This trend also highlights the importance of understanding consumer preferences and adapting business strategies to meet the evolving needs and desires of customers in the eyewear industry.
Approximately 45% of consumers prefer to buy eyewear in-store than online.
The statistic ‘Approximately 45% of consumers prefer to buy eyewear in-store than online’ suggests that a significant portion of consumers have a preference for purchasing eyewear through physical retail locations rather than online platforms. This finding implies that aspects such as the need for trying on eyewear in person, receiving personalized assistance from store staff, or concerns regarding the accuracy of online product descriptions and fitting could be influencing consumers’ decisions. As nearly half of surveyed consumers lean towards in-store purchases, this information can be valuable for eyewear retailers looking to understand consumer behavior and tailor their marketing strategies to better cater to customer preferences and shopping habits.
In Canada, the eyewear market is expected to grow at a CAGR of 6.1% from 2021 to 2028.
This statistic indicates that the eyewear market in Canada is projected to experience a Compound Annual Growth Rate (CAGR) of 6.1% from the year 2021 to 2028. CAGR is a measure of the average annual growth rate over a specific period of time. In this context, a CAGR of 6.1% suggests that the eyewear market in Canada is expected to steadily expand at a consistent rate over the specified time frame. This growth could be driven by factors such as increasing awareness about eye health, changing fashion trends, and advancements in eyewear technology. Overall, this statistic reflects a positive outlook for the eyewear industry in Canada, with opportunities for businesses and investors to capitalize on the projected growth.
References
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