|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
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The global sunglasses market was valued at USD 17,097.17 million in 2020 and is projected to witness a CAGR of 5.03% during the forecast period (2021 – 2026).
After the onset of COVID-19, the sales of sunglasses had witnessed a downfall, because social engagements, outdoor recreational activities, and sports activities were on halt due to the strict lockdown and quarantine measures imposed by governments worldwide. Therefore, this factor led to a decrease in demand or a decrease in the purchasing power of sunglasses during the 2020 period.
The growth rate of sunglasses is driven by the increased consumer awareness and demand for protection against ultraviolet radiation and glare, as well as the growing popularity of sunglasses as a fashion product. The aforementioned factors are driving the market share for sunglasses.
Seasonal variations have also propelled the engagement of consumers in outdoor activities; thus, there is a strong demand for sunglasses during summer and winter, for involvement in sports, tourism, and recreational activities. This is expected to result in strong growth in the market studied over the forecast period.
The performances of products under extreme conditions are likely to act as a key growth factor for the market studied. Additionally, considerations such as lightweight, flexibility, the durability of materials, and ample choices in lenses are likely to drive the demand for sunglasses over the forecast period.
The growing demand for sunglasses is due to factors such as the rise in consumers’ disposable incomes owing to which they seek branded, well-designed, and quality products and consumers’ preference toward replacing sports sunglasses, along with the increase in preference toward maintaining a luxury living that also speaks about “societal status”, by retaining high-end commodities.
Scope of the Report
Sunglasses are a form of protective eyewear designed primarily to prevent bright sunlight and high-energy visible light from damaging or discomforting the eyes. The sunglasses market is segmented by product type into polarized and non-polarized types of sunglasses. By end user, the market is segmented into men, women, and unisex. The distribution channel is majorly categorized into offline retail stores and online retail stores. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
|By Product Type|
|By End User|
|By Distribution Channel|
|Offline Retail Stores|
|Online Retail Stores|
Key Market Trends
The Polarized Sunglasses Segment is Leading the Market Growth
Polarized sunglasses are used for glare and brightness reduction and to block unwanted horizontally polarized light. The protection from damaging UVA and UVB is helpful for anyone who spends a lot of time around water and snow. Thus, polarized sunglasses are increasingly demanded by consumers engaged in outdoor activities, such as sports.
In order to cater to the growing demand for polarized sunglasses, the global players are trying to expand their presence and product portfolios. In May 2019, Xiaomi launched a range of Xiaomi Mi Polarized Sunglasses on its online platform, which provides six-layered-lens technology for the elimination of glare, polarized light, and harmful UV rays. Similarly, Luxottica Group SpA offers a range of Ray-Ban polarized sunglasses for men and women, which are claimed to eliminate glares, increase visual clarity, reduce eye strain, and enhance contrast. Therefore, the increasing market development taking place in the segment studied is expected to drive the overall sunglasses market.
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Domination of the United States in the Sunglasses Market
Global players are entering the United States market owing to the wellness awareness among consumers in the country. Consequently, consumers’ demand for fashionable, affordable, and protective sunglasses is also fed by manufacturers.
In January 2020, De Rigoannounced a licensing agreement for the design, production, and distribution of Gap-branded prescription frames and sunglasses in the United States, Canada, and other regions.
According to the survey conducted by the American Optometric Association (AOA), it has been found that over 80% of consumers in the country wear sunglasses during summer. However, only one-third of them wear them during winters. The awareness regarding the harmful effects of UV rays, even in winters, has increased the demand for sunglasses in the region. Also, the huge populace of sports enthusiasts and professionals in the United States prefers wearing sunglasses as they control light, which automatically enhances the performance of the players. Factors like these are expected to drive the sunglasses market in the country.
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The sunglasses market is competitive and comprises regional and international competitors. The market is dominated by some of the key players such as EssilorLuxottica, Safilo Group SpA, LVMH, Fielmann AG, and Marcolin SpA. The leading players in the sunglasses market enjoy a dominant presence worldwide. These players focus on leveraging opportunities posed by the emerging markets to expand their product portfolios so that they can cater to the requirements of various segments, such as the athleisure trend.
Furthermore, global players are increasing their investments to expand their footprints and revenue base to leverage opportunities posed by the developing markets of Asia-Pacific, like China, India, Brazil, and South Africa. Also, the key players such as Ray-Ban and Oakley are now focusing on social media platforms and online distribution channels for online marketing and branding to attract more customers.
- In September 2021, Facebook announced its long-awaited foray into the smart glasses by launching the Ray-Ban Stories smart glasses in partnership with eyewear giant EssilorLuxottica.
- In August 2021, Safilo announced the launch of us.carreraworld.com, a new US e-commerce platform in the United States for its own core brand Carrera.
- In July 2021, Luxottica Group had unveiled new travel retail exclusive sunglasses styles from Ray-Ban and Oakley. The releases includes two frames specifically developed for Asia-Pacific markets as Luxottica continues to shift its strategic focus towards the region.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Competitive Rivalry within the Industry
5. MARKET SEGMENTATION
5.1 By Product Type
5.2 By End User
5.3 By Distribution Channel
5.3.1 Offline Retail Stores
5.3.2 Online Retail Stores
5.4.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 Rest of Asia-Pacific
5.4.4 South America
22.214.171.124 Rest of South America
5.4.5 Middle-East and Africa
126.96.36.199 South Africa
188.8.131.52 Saudi Arabia
184.108.40.206 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.2 Safilo Group S.p.A.
6.4.3 LVMH Moët Hennessy
6.4.4 Fielmann AG
6.4.5 Marcolin SpA
6.4.6 De Rigo Vision S.p.A.
6.4.7 Fosun International Limited
6.4.8 Revo Holdings, LLC
6.4.9 MAUI JIM INC.
6.4.10 VSP Global
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Global Sunglasses Market market is studied from 2016 - 2026.
What is the growth rate of Global Sunglasses Market?
The Global Sunglasses Market is growing at a CAGR of 5.03% over the next 5 years.
Which region has highest growth rate in Global Sunglasses Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Sunglasses Market?
North America holds highest share in 2020.
Who are the key players in Global Sunglasses Market?
EssilorLuxottica, Fielmann AG, Marcolin SpA, Safilo Group S.p.A., LVMH Moët Hennessy are the major companies operating in Global Sunglasses Market.