The worldwide market size of eyewear was estimated at USD 147.60 billion in the year 2020. Furthermore, the market is anticipated to grow at 8.5% of CAGR (Compound Annual Growth Rate) from 2021 to 2028.
Nowadays, most people are inclined towards fashionable eyewear. That is why manufacturers keep on designing innovative, attractive, and budget-friendly eyewear. To cater to the requirements and expectations of eyewear consumers and current fashion trends, eyewear designers have been bringing new patterns as well as designs.
All these aspects are escalating the revenue generation scopes for eyewear manufacturing companies by attracting more and more new customers. Adhering to the latest market trends also makes sure a long-lasting business relationship with the existing base of customers.
The Current Sunglass Market
- The worldwide sunglasses market is anticipated to expand at a 4.42% of CAGR (Compound Annual Growth Rate) throughout the forecast period.
- The driving forces of the market of sunglasses are escalated awareness of consumers and the need for eye protection against harmful UV radiation as well as glare.
- Furthermore, sunglasses have been a fashion trend and statement for a long time. All these factors are contributing to boosting the global market growth of sunglasses.
- Seasonal changes encourage people to engage in different outdoor activities. It further increases the demand for the latest sports sunglasses for summers and winters. Sunglasses have become an integral part of recreational, tourism, and sports activities. These aspects are expected to contribute to solid growth of the global sunglass market.
- There are multiple reasons for increasing the demand for the latest sunglasses. It includes the escalation of the disposable incomes of consumers. Moreover, the demand for top-class, branded, and well-designed products have also increased the market growth. Sunglasses are also a mark of a luxurious lifestyle, which shows “societal status.” In other words, sunglasses help one to look more stylish, fashion-conscious, and up-to-dated.
Global Sunglasses Market: Segmentation
The worldwide sunglasses market is segmented into non-polarized and polarized types. When it comes to end-users of sunglasses, the sunglasses market is segregated into unisex, men, and women. In terms of the point of sales, the market is classified into online retail stores and offline retail stores.
Major Market Trends of Sunglasses
- Polarized sunglasses contribute to alleviating brightness as well as glare. Such sunglasses also prevent the horizontally polarized light.
- Many people have to spend a maximum time a day around snow and water. Hence, they need to protect themselves from harmful UVA and UVB. Polarized sunglasses pose significant help in this regard. As a result, more and more people are getting confidence to indulge in outdoor activities, including sports. The increasing demand for polarized sunglasses is escalating the market growth.
- To fulfill the increasing demand and requirements for polarized sunglasses, companies (worldwide) are making efforts to grow their market presence. As a result, they are manufacturing more and more trendy sunglasses.
- Many advanced sunglasses have been introduced with the promise of preventing glares, enhancing visual clarity, alleviating eye strain, and boosting contrast. Some sunglasses also help to eliminate hazardous UV rays, polarized light, and glare.