|Study Period:||2016 -2027|
|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Global Sunglasses Market is projected to register a CAGR of 5.03% during the period, 2022-2027.
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 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 global sunglasses market is segmented by product type into polarized and non-polarized types. By end-user, the market is segmented into men, women, and unisex. The distribution channel is 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
Choice for Versatile Fashion and Variants
The market studied is majorly catering to the fashion segment, where consumer preference in opting a sunglass is mostly inclusive of fashion, enhancing the facial aesthetics, brand value, and effective social media marketing/affluence. Traditional eye wear collections are more and more closely tied with ready-to-wear eye gear, which includes expression through colors, shapes, and embellishments. The major global players operating in the fashion industry are branching out their accessories, such as handbags, shoes, etc., that go along with their eyewear. Celebrities and fashion leaders are largely brand savvy and are more inclined to sunglasses that are eye catching and carries the attention of people.
In order to cater to the growing demand for sunglasses along with the emergingconsumer needs, the global players are trying to expand their presence and product portfolios with innovations in trend and product type. For instance, In 2021, A Japanese company introduced a unique range of sunglasses the cover entire face. ZGHYBD has launched these polarized sunglasses-cum-faceshields in an attempt to set a new fashion trend. These sunglasses are made from polycarbonate, and come with anti-fog, windproof and dustproof properties.
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North America to Dominate the Market
Global players are entering the North America 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 global 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.
Safilo Group S.p.A.
LVMH Moët Hennessy
- In September 2021, Facebook announced its long-awaited foray into 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 sunglass 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
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.4.4 South America
188.8.131.52 Rest of South America
5.4.5 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 Saudi Arabia
18.104.22.168 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
Frequently Asked Questions
What is the study period of this market?
The Sunglasses Market market is studied from 2016 - 2027.
What is the growth rate of Sunglasses Market?
The Sunglasses Market is growing at a CAGR of 5.03% over the next 5 years.
Which region has highest growth rate in Sunglasses Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Sunglasses Market?
North America holds highest share in 2021.
Who are the key players in Sunglasses Market?
EssilorLuxottica, Fielmann AG, Marcolin SpA, Safilo Group S.p.A., LVMH Moët Hennessy are the major companies operating in Sunglasses Market.