Market Research Future (MRFR) has published on the “Global Sunglasses Market”.
Global Sunglasses Market
Sunglasses are one of the types of protective eyewear products designed mainly for the function of protecting the eye and vision from sunlight and other visible light that is in the higher energy range. The existence of spectacles or glasses with colored, polarized, or darkened lenses allows them to occasionally serve as a visual aid as well. They also went by the name "sun cheaters" in the early 20th century. The three vital components of the sunglasses comprise the lens that helps capture the vision, the frame that holds the lenses, and the temple that part which holds the frame & lenses which provide support extending over the ears. The frame further uses a bridge to connect the two sides, a nose pad that acts as a cushion, and a hinge. The other part of the hinge is located on the temples, and it is screwed, glued, or heated to the frame. A finished pair is manufactured by independently fabricating each component before being put together.
The global sunglasses market is projected to witness significant growth during the forecast period, exhibiting a CAGR of 6.14% during the forecast period. The key factors driving the growth of the sunglasses market are the large pool of people suffering from cataracts and growing innovations by the major players. However, the expensive pricing of raw materials is forecasted to hamper the market's growth during 2023-2030. Furthermore, strategic mergers and acquisitions are anticipated to create growth opportunities for the market.
According to the MRFR analysis, the global sunglasses market size is projected to reach USD 66,853.34 million by 2030 at a CAGR of 6.14%.
The first sunglasses were invented by James Ayscough that were fitted with blue or green lenses. These sunglasses used the same optics found in microscopes to fix visual impairments related to color blindness and depth perception. Sunglasses are a type of eyewear used to shield the eyes from too much sunshine. Since eyes are so sensitive to light, overexposure to radiation in the visible and nonvisible spectra can quickly cause damage. Long hours of exposure to bright sunlight rays impact eye health and also cause headaches, and pain, and sometimes result in permanent cornea damage. A momentary loss of eyesight from excessive sun exposure is known as snow blindness or welders' flash. Cataract development and a loss of night vision are long-term impacts. UV light, which essentially burns the cornea's surface in both instances, is to blame for the harm.
Moreover, the growing popularity of sunglasses among the population coupled with the increasing awareness regarding eye care and increasing sales is likely to boost its market growth. Besides this, the recent innovations by major players operating in various regions are likely to fuel its market growth. For instance, in May 2021, Glare Guard launched a wide range of anti-sun glare products in order to protect millions of people in the U.S. as well as other parts of the world to protect their eyes from harmful ultraviolet rays of the sun.
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COVID-19 Impact on Sunglasses Market
The outbreak of the virus has impacted numerous walks of life leading to a global crisis. The extent of COVID-19’s impact on various economies due to the virus-related restrictions and obstacles in the production and shipping of the product and also in the service-providing sector is quite high. People's life has been entirely turned upside down by the COVID-19 outbreak, owing to its growing cases every day. Different industries are affected by COVID-19 differently. Every area of the economy experienced growth after the pandemic. Also, the commodity market has been affected by the virus outbreak in different ways ranging from credit availability to fluctuation in demand. However, various initiatives were taken by the government bodies in various regions worldwide to recover the country from post-pandemic. For instance, in May 2020, the US government invested USD 2.2 trillion economic rescue package for U.S. businesses affected the most during the pandemic, including the automotive sector.
The whole supply chain has been severely affected owing to the covid-19 pandemic as most of the sunglasses manufacturers were from China. For instance, according to MRFR analysis, the majority of sunglasses producers in the world are located in China, where there are more than 6,000 sunglasses manufacturers. The COVID-19 outbreak, also known as the Coronavirus, has made it clear that Chinese sunglasses producers have a significant impact on the global supply chain for sunglasses. Wenzhou, Taizhou, Danyang, Shenzhen, and Xiamen are the main manufacturing locations. Swimming goggles, safety glasses, ski goggles, eyeglass frames, contact lenses, and many other forms of eyewear are produced in China. Despite there being a global need for sunglasses, males, females, and unisex are suffering from severe shortages. However, as the covid-19 cases are decreasing, things are turning normal as well as positively impacting the supply chain
The key players operating in the global sunglasses market include EssilorLuxottica (France), Safilo Group S.P.A (Italy), LVMH (France), Fielmann AG (Germany), Marcolin SPA (Italy), De Rigo SPA (Italy), NIKE, Inc. (US), Adidas (Germany), Decathlon (France), and Under Armour, Inc. (US), are dominating the market through constant product innovation and launches that are inline with the increasing demand in the global market along with strategic merger and acquisitions with eyewear manufacturers that have a presence in developing markets and has a stronghold in the e-commerce sales channel. Further, in order to acquire a strong customer base in the global market, key manufacturers are expected to increase their investments in research & development and innovate their distribution strategies.
By Product Type
- Polarized: Polarized lenses are laminated with tiny vertical stripes that allow vertically angled light to enter the wearer’s eyes. This lens helps in eliminating glare and improves vision and provides safety from the sun. These lenses are also known as anti-glare. These lenses have some special chemicals applied to them to filter the light and the chemical molecules are lined up specifically to block some of the light from passing through the lens. Some of the specific situations in which these sunglasses can be used are fishing, boating, golfing, snowy environments, and much more. These glasses are available in all types, materials, coating, and designs, such as polarized varifocal lenses, or polarized high-index lenses, and can be added to any frame such as rimless glasses. These lenses can be made in any color, like grey, brown, green, and other colors
- Non-Polarized: Non-Polarized provide protection from light but do not have a filter built in the block out horizontal light rays as polarized lenses have and do not have the same protective film to reduce the glare. The non-polarized also have somewhat the same functions similar to polarized sunglasses, but aside also have some limitations. These lenses protect from the sun’s radiations and reduce the brightness, but they also give a dark effect to the image. The non-polarized sunglasses are designed and developed to filter out the light due to which the image looks darker.
- Sports: Sports sunglasses are important as they have numerous benefits that are offered to the consumers, including protecting from UV rays, improving vision, and for better overall experience. Sports sunglasses are very useful for athletes who may come in contact with harmful substances or any substance that can get while performing. These glasses help in improving the game performance, whether it’s basketball, football, or baseball, the right pair will reduce glare and increase the contrast to you can see the ball. They also help in enhancing visual clarity, the lenses of these glasses are designed to reduce the glare from the sun and water so you can see things.
- Multifunctional: Sunglasses come in various shapes, materials, and lenses, such as classic, aviator, round, square, cat-eye, and wrap-around sunglasses more styles like pilot, oval, hexagonal, butterfly, and club master sunglasses, when it comes to choosing than it is limitless. The most important benefits of multifunctional sunglasses are they protect the eyes from ultraviolet lights, which are very harmful eyelid, cornea, lens, and retina. There are three types of sunglasses, that is sun-shading sunglasses, light-colored sunglasses, and special-purpose sunglasses. These sunglasses are available in various materials also like metal, plastic, wood, and rubber. The adoption of sunglasses by consumers has increased due to this factor, which is further driving the market.
- Men: The changing lifestyles of consumers have increased the demand for luxury brands clothing, accessories, and many more which in turn has increased the demand for luxury sunglasses also. Hence, the presence of major players providing a wide range of branded sunglasses is set to positively influence its market growth. For instance, the Collective is a unique, ultra-premium retail concept renowned for its variety of high-end clothing and sunglasses. With more than 100 of the top fashion labels in the world housed under one roof, this distinctive lifestyle shop presents all connoisseurs with a distinctive perspective on each person's specific sense of style.
- Women: The growing women working population, high disposable income, and inclination towards luxury lifestyle as a status symbol have boosted the segment growth. For instance, according to International Labour Organization, the current global labor force participation rate for women is under 47%. Furthermore, with the increasing spending power among women, they are spending on luxury accessories and sunglasses, which is further supporting the growth of the segment.
- Unisex: The growing demand among the unisex population for various shades of sunglasses has compelled manufacturers to come up with a wide range of products which in turn would boost its market growth. For instance, in August 2022, Kimeze, an eyewear brand that designs sunglasses and optical for brown and black faces launched a luxury e-tailer Net-A-Porter. In addition, on Net-a-Porter, the company launched a nine-piece unisex capsule collection that includes Italian-made sunglasses with designs that draw inspiration from both London and Africa. Key designs include the company's iconic "Gabriel" cat-eye and oval-frame types, the "Akin" square-frame gold-tone sunglasses with blush lenses, and the "Damba" cat-eye sunglasses with crystal embellishments.
By Distribution Channel
- Supermarkets & Hypermarkets: A supermarket & hypermarket is a sizable retail establishment where items are arranged so that customers can choose what they want. The shoppers in supermarkets & hypermarkets tend to fill the trolley with all essential products along with day-to-day groceries and get it billed at the counter. The wide range of benefits associated with the supermarkets & hypermarkets including the different stocking of brands, SKUs, promotion coupons, self-service basis, and a large amount of profit for customers is anticipated to fuel the growth
- Specialty Stores: A specialty store is a retail establishment that sells unique and specialized goods. A characteristic property of the specialty store is they have an established expertise in the sales of products of a particular category or brand. A store that offers only video games or cell phones, for instance, would be regarded as a specialty store. Moreover, the growing benefits provided by specialty stores such as specialty shops have the advantage of being able to give clients comprehensive information about the product of their choice. This is due to the fact that specialist stores have an advantage in terms of staffing and training, which results in more knowledgeable employees. Employees are more likely to just deal with one kind of product, which makes it simpler for them to give prospective clients comprehensive information that best meets their needs.
- Online: Online sales channel usually includes e-commerce websites, and traditional marketplaces such as Amazon, Walmart, Etsy, and many more. E-commerce is a distribution channel through which goods and services flow from producers to consumers through the Internet. E-commerce is one of the channels for people to buy and sell products more conveniently. This channel is also comprised of both online purchases through brick-and-mortar firms’ websites and from pure-play e-tailers’ websites. The key benefits of this channel are, it is rapidly growing, offers global marketing reach, can be directly operated by consumers, and many more.
- Others: Others segment include department stores, discount stores, and many more. A department store is a sizable retailing business unit that offers a wide range of consumer products and specialist items. It is divided into various departments for marketing, customer service, and management purposes. Moreover, the growing benefits provided by departmental stores such as products offered at a lower price compared to other modes of distribution channels, availability of a large number of products at a particular place, and convenient location are some of the key factors contributing to its overall market growth.
- North America: In terms of market value, North America held a share of 44.26% in 2021, which is USD 17,871.35 million. The US has emerged as the key market for sunglasses and is anticipated to grow till 2030, owing to the presence of various manufacturers such as Eyeking Eyewear, Allure Eyewear, Shwod, American Optical, Lowercase, Randolph, and AmSun among others. Owing to increasing concern regarding eye health and rising ocular diseases are the main factor giving an impetus to sales in the region. However, Canada has optimistic prospects for the sunglasses market and is projected to grow with a CAGR of 6.24% till 2030. As the manufacturers are expanding their presence in the region to attain more consumer-base in the long run.
- Europe: Europe is one of the major markets for sunglasses after North America. It held a market share of 28.39% in terms of value in 2021 in the global sunglasses market. The region is likely to grow with a moderate CAGR which is 5.99% in the forecast years. Italy, Germany, Spain, France, and the UK are the key countries that hold the major share of the sunglass market across Europe. Moreover, the headquarter of the various global sunglass manufacturers such as Luxottica Group S.p.A., Lafont, I.O.V.E.S. SPA, Safilo Group S.p.A, and LVMH Moët Hennessy are situated in Europe. Additionally, a greater number of tourist destinations in European nations such as Spain (Benidorm), France, Italy, and Germany among others, and higher temperatures in the countries during the summer are surging the demand for sunglasses
- Asia-Pacific: Asia Pacific has the most enduring prospects for the sunglasses market as it is forecast to grow with a CAGR of 5.48% till 2030. China & India are the forerunners in the Asia Pacific region as these nations have a very large number of manufacturers. In addition to this, China has very large distribution networks in Asian countries along with countries across the globe, which in turn makes China a key manufacturer and supplier of sunglasses across the region. Moreover, the rising demand for fashion accessories to enhance the personal lifestyle is giving a push to sales to the sunglasses market in the region
- Rest of the World: South America, The Middle East & Africa are the prominent countries of the rest of the world, and South America held a considerable share of the global sunglasses market in 2021, which is 44.80%. Besides that, the Middle East nations are in the second position, due to the increasing inclination towards sports activities and the luxurious lifestyle of consumers in key countries such as Saudi Arabia, Qatar, and the UAE among others. The manufacturers associated with the sunglasses market are focusing on the expansion of their product portfolio and production unit to grab the more threshold in the Middle East & Africa region.