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Note: This article’s statistics come from third-party sources and do not represent the opinions of this website.
The glasses industry, otherwise known as the eyewear industry, is one of the most lucrative. Although very few people stop to think about this industry, it is worth billions of dollars, and its worth is only increasing.
Interestingly, eye disease and eye problems are increasing, likely due to our use of digital devices. This growth in ocular disease contrasts with our general improvement in health and wellbeing. As a result, the eyeglass industry is snowballing rapidly to account for the speedy increase in eye disease.
Needless to say, keeping track of the eyeglass industry is important. Below, learn about 12 glasses industry statistics and data for this year.
To understand the eyewear industry today, it’s important to understand what it is now and how it has changed over the past few years. Overall, the eyewear industry is at an all-time high, and it is most popular in the United States.
At the end of 2021, the global eyewear market reached a total of $140 billion. To put that in perspective, the global eyewear market was worth $131.32 billion in 2018. This means that the industry increased by nearly $10 billion in just 4 years. This is an increase of about 8%.
(Research and Markets)
Just as the industry has grown over the last 4 years, most experts predict it will grow in 2022 as well. In fact, most experts predict that it will have an annual growth of 4.13%, which is about $31 million. That is a massive jump in value in just one year.
To further prove just how lucrative the eyewear industry is, most experts believe that the industry will be up by 8% at the beginning of next year. This shows that the industry is not just improving this year but at the beginning of the next year as well. It only looks like the stats are going up from here.
Even though the eyewear industry is prevalent everywhere, it is most lucrative for the United States. The vast majority of the industry’s net worth comes from the US. Of the $140 billion worth, about $30 billion of it comes from the United States alone.
If you were to break this number down based on per person revenues, each person in the United States would pay about $94 this year for eyewear purposes.
The stats about the eyewear industry get interesting if you break them down based on US statistics alone. If you were to distribute eyewear products sold in the United States evenly among every citizen, each United States citizen would have about 3.34 eyewear pieces in 2022.
That is quite a lot of products if you think about it in this way.
It’s easy to assume that the eyewear industry is primarily dominated by luxury goods. After all, eyeglasses and sunglasses are considered some of the most basic accessories, which explains why there are so many luxury sunglasses and eyeglasses brands.
However, the vast majority of eyewear sales are non-luxury. As much as 71% of sales fall into this category. In other words, 71% of these sales are regular glasses brands and are primarily used for practical purposes.
Part of the reason that the eyewear industry is at an all-time high is because of the rapid decrease in eye health due to the digitalization of our culture. Understanding the connection between the eyewear industry and eye health can better help you understand how the industry will change in the future.
Nearly all experts predict that the boom in the eyewear industry is largely due to the increase in ocular diseases. Most studies suggest that there has been a 20% increase in ocular diseases over the past few decades.
For example, there has been a 19% increase in cataracts in people aged 40 or over and a 22% increase in open-angle glaucoma in people aged 40 or over. This startling increase is just since 2000.
Unfortunately, exactly how much of the boom has been connected to the rapid decrease in eye health is unclear. Scientists and statisticians are still studying the connection between the increase in the digital industry and the decline in eye health.
You might be curious why there has been such a huge decrease in eye health. The answer is simpler than you might think. Nearly all ophthalmologists agree that vision is getting worse due to the increased use of digital products.
For example, the University of Alabama Birmingham reports that ophthalmologists predict as much as 60% of Americans suffer from digital eyestrain. This shows an overwhelming majority of Americans have negative eyesight due to digital products.
What does this have to do with eyewear? Because digital content is only becoming more popular, ophthalmologists project that eyewear will continue to become more popular as eye health continues to decrease. Consequently, the eyewear industry is looking to further boom in the future due to the predicted decrease in eye health.
(Fortune Business Insights)
Currently, experts are trying to figure out just how much of an impact the pandemic will have on the eyewear industry and eye health. As you might have figured, experts are predicting that vision will get notably worse because more people have been working from home and on their computers.
This fact leads many experts to predict that the eyewear industry will grow at alarming rates over the next few years simply because more people are working online than ever before. However, there still has to be a lot more research done to figure out just how much the pandemic impacts this prediction.
Now that we know what the eyewear industry looks like today and the factors that are increasing its value, here is a look at what experts predict the eyewear industry will look like in the future:
(Research and Markets)
As though the eyewear industry isn’t rich enough, it is looking to grow in value. Experts predict that by the year 2027, it will be worth $209.5 billion In other words, it is expected to grow by about $60 billion in just 5 years.
(Research and Markets)
Understanding industry growth is most helpful if you understand the compound annual growth rate. The CAGR tells you how much the investment is growing. Between 2022 and 2027, the CAGR of the eyewear industry is expected to be at nearly 7%.
(Allied Research Marketing)
If you look at the online eyewear industry specifically, it is supposed to grow even more. By 2030, shopping online for eyewear is supposed to be more popular than ever, with a CAGR of 9%. The value of in-person shopping is nowhere near that high.
The eyewear industry includes three main products: spectacles, sunglasses, and contact lenses. Spectacles are the most important segment. They mainly include glasses for reading and seeing purposes, but they can also be used for style purposes.
(Fortune Business Insights)
As of 2022, the glasses industry is worth about $140 billion.
The major controller of the eyeglass industry is Luxottica. This company controls about 80% of major brands and is worth $28 billion of the industry.
The earliest eyeglasses were made in the 13th century, but there have been major improvements since then. Right now, there have been huge improvements concerning lens protection, such as blue light glasses. There have also been glasses that include smart technology.
(Small Biz Club)
Most experts predict that the eyewear industry is growing for three reasons. First, ocular diseases are increasing, thus increasing the need for glasses. Second, there is more awareness about the importance of eye health. Third, eyewear has become a fashion accessory as of late.
(Grand View Research)
Related Read: What Are Polarized Sunglasses? How Do They Work?
Eyewear is an industry you should not be blind to—pun intended. It is one of the most lucrative industries due to the prevalence of ocular diseases today. Even though the industry is highly lucrative now, it is looking to be even more lucrative down the line.
As the statistics show, it might be a good idea to invest in the eyewear industry since it will only be growing. Additionally, take note of your own eye health and give your eyes a break from the computer or screen every once in a while!
Featured Image Credit: Tama66, Pixabay
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Robert’s obsession with all things optical started early in life, when his optician father would bring home prototypes for Robert to play with. Nowadays, Robert is dedicated to helping others find the right optics for their needs. His hobbies include astronomy, astrophysics, and model building. Originally from Newark, NJ, he resides in Santa Fe, New Mexico, where the nighttime skies are filled with glittering stars.
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