Sunglasses Market Research Report - Global Forecast till 2030

Sunglasses Market Research Report Information By Product (Polarized and Non-polarized), By Distribution Channel (Store-Based, and Non-Store-Based), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

ID: MRFR/CR/1325-HCR | | Region: Global | 110 Pages         

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Global Sunglasses Market Overview:


Sunglasses Market Size was valued at USD 14537.9 million in 2021. The Sunglasses market industry is projected to grow from USD 15133.9 Million in 2022 to USD 20049.6 million by 2030, exhibiting a compound annual growth rate (CAGR) of 4.10% during the forecast period (2022 - 2030). The increased popularity of sunglasses and other eyewear as modern lifestyle items, as well as rising knowledge of the damaging effects of UV rays on the eyes are the key market drivers enhancing the market growth. 


Sunglasses Market Overview
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Sunglasses Market Trends



  • Growing consumer disposable income to boost market growth


Due to consumers' rising disposable income, the fashion sector has significantly influenced the purchasing of the product. Consumers' growing preference for branded eyeglasses is also increasing demand for the product. Consumers are prepared to shell out extra money for branded and expensive sunglasses to make a unique fashion statement. Additionally, producers introduce sunglasses in various forms, hues, and colors to suit consumer preferences.


The growing economic independence of women has a favorable impact on the sunglasses business as well. This factor has led to a rise in eyewear use among women, further propelling the market. Increasing digital advertising combined with celebrity endorsements is one of the key elements driving the growth of designer sunglasses. Manufacturers also invest much in marketing their products to draw in customers. Sunglasses are in high demand during the summer and winter for participation in sports, travel, and leisure activities, another effect of seasonal fluctuations on consumer engagement in outdoor activities. Over the projection period, the market under study is anticipated to have high growth due to this.


The rising disposable income of consumers, which leads them to seek out branded, well-designed, and high-quality products, the preference of consumers for replacing sports sunglasses, and the rise in preference for maintaining a luxury lifestyle that also speaks about "societal status" by retaining high-end goods are all contributing factors to the growing demand for sunglasses. By wearing sunglasses, one can protect themselves from UV rays. Sunglasses come in a variety of colors and colors that work together to shield the eyes from harmful radiation. To increase product sales by improving the customer experience, manufacturers also offer customized sunglasses for those with corrected eyesight. Additionally, these goods shield the eyes from dust and flying debris. Therefore, such factors have enhanced the Sunglasses market CAGR in recent years. However, the improving lifestyle of people is encouraging them to purchase fashion items such as sunglasses is another factor driving the growth of the Sunglasses market revenue.


Sunglasses Market Segment Insights:


Sunglasses Distribution Channel Insights


The sunglasses market segmentation, based on product, includes polarized and non-polarized. The polarized segment held the majority share in 2021, contributing to around ~65-67% of the Sunglasses market revenue. Polarized sunglasses are becoming more and more preferred over non-polarized ones. Polarized sunglasses provide complete protection from UVA and UVB radiation, reducing sun-induced eye damage. Over non-polarized glasses, one can also achieve quite clear vision. Professionals who frequently use screens and work outside frequently wear polarized sunglasses. Because of their numerous advantages, polarized glasses are becoming increasingly popular, which will help the category grow throughout the projection period.


Sunglasses Distribution Channel Insights


The sunglasses market segmentation, based on distribution channels, includes store-based and non-store-Based. The Store-Based segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the strong propensity of consumers to try things before buying is credited with the segment's rise. Major market participants increase their offline distribution networks to reach as many clients as possible. Additionally, the industry is driven by the wide range of sunglasses readily available for on-site testing. Hence, rising applications of Sunglasses positively impact the market growth.


Figure 1: Sunglasses Market, by Distribution Channel, 2021 & 2030 (USD Million)
Sunglasses Market, by Distribution Channel, 2021 & 2030
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Non-stored based is the fastest growing segment. The expansion of the market is related to manufacturers' increased attention to selling their products through digital channels. The internet component mostly consists of multiple e-commerce websites, brand websites, and social media profiles or pages. These web outlets are affordable and assist the makers in reading a larger base of consumers. The development of the market is partly linked to the application of emerging technologies, such as 3D try-on features. Additionally, by tracking client preferences and recommending different offers and products per the current trend, these internet channels assist suppliers in attracting customers and boosting sales.


Sunglasses Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The Europe Sunglasses market accounted for USD 6120.4 million in 2021 and is expected to exhibit a significant CAGR growth during the study period. Countries like France, which is renowned as one of the world's fashion hubs, are partly to blame for the expansion of the regional market. Additionally, the market is growing due to significant fashion trends and a sizable population of brand-conscious consumers. Further, the Germany Sunglasses market held the largest market share, and the UK Sunglasses market was the fastest-growing market in the European region.


Further, the major countries studied in the market report are The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: SUNGLASSES MARKET SHARE BY REGION 2021 (%)
SUNGLASSES MARKET SHARE BY REGION 2021
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


North America Sunglasses market accounts for the second-largest market share due to the nation's consumers' increased awareness of well-being. Over 80% of customers in the nation wear sunglasses throughout the summer, according to a survey by the American Optometric Association (AOA). Only a third of them, though, wear them in the winter. The demand for sunglasses in the area has risen due to growing knowledge of the damaging effects of UV rays, even in the winter. Additionally, sunglasses are preferred by a sizable population of American sports enthusiasts and pros since they reduce light, instantly improving players' performance. These kinds of elements are anticipated to fuel the nation's sunglasses market. Moreover, the US Sunglasses market held the largest market share, and the Canada Sunglasses market was the fastest-growing market in the North America region.


January 2020: De Rigo announced a licensing arrangement for the creation, manufacturing, and marketing of prescription eyewear and sunglasses under the Gap brand in the US, Canada, and other countries.


The Asia-Pacific Sunglasses Market is expected to grow at the fastest CAGR from 2022 to 2030. This region is underserved regarding the understanding of eye safety and the damaging effects of sunlight and other light emissions. In turn, this offers manufacturers attractive chances to draw in clients. Additionally, the rising industrialization of nations like China and India has raised the region's disposable income. This is anticipated to increase consumer purchasing power, increasing product demand.


Sunglasses Key Market Players & Competitive Insights


Major market players are investing a lot of money in R&D to expand their product lines, which will spur further growth in the sunglasses industry. Participants in the market are also undertaking various strategic initiatives to expand their footprint. Significant market developments include new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. To grow and remain in a market that is becoming more competitive and growing, competitors in the sunglasses industry must provide affordable products.


Manufacturing locally to save on operational costs is one of manufacturers' main business tactics in the sunglasses industry to benefit customers and grow the market sector. One of the primary business strategies manufacturers adopt in the sunglasses industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In the sunglasses market, major players such as Facebook, Safilo Group SpA, NIGO, and others are working on expanding the market demand by investing in research and development activities.


The American corporation Meta Platforms owns the social media and networking website Facebook. Mobile phones, tablets, and PCs with Internet access can access Facebook. User profiles that reveal personal information can be created after registration. In September 2021, By announcing the Ray-Ban Stories smart spectacles in collaboration with eyeglasses colossus EssilorLuxottica, Facebook made official its long-awaited entry into the smart glasses market.


Also, The Italian company Safilo Group S.p.A. creates, manufactures, and distributes prescription eyeglasses, sunglasses, sports eyewear, ski goggles and helmets, and cycling helmets under 32 licensed brands to its own five house brands and Smith Optics, which produces eyewear for the military. In August 2021, the introduction of us.carreraworld.com, a new US e-commerce portal for Safilo's primary sunglasses brand Carrera, was announced.


Key Companies in the Sunglasses market include




  • Kyboe




  • De Rigo Vision S.p. A




  • XIAMEN ASA SUNGLASSES CO




  • Essilor




  • CHARMANT Group




  • Marcolin SpA.




  • Pivothead




  • FASTRACK LTD




  • Marchon Eyewear




  • Specsavers




  • Alexander McQueen among others




Sunglasses Industry Developments


July 2021: Luxottica Group unveiled new sunglasses from Oakley and Ray-Ban for travel retail. Two frames from the new collection were created especially for the Asia-Pacific market as Luxottica continues to direct its strategic attention there.


March 2021: The revolutionary Japanese eyewear brand JINS and the legendary Japanese streetwear brand NIGO collaborated to introduce the "Everyday Eyewear" concept of JINS & SUN. JINS & SUN is a sizable collection of 129 designs and 41 shapes categorized into 6 groups. Some categories include NIGO Launch, New Standard, Essential, Pop, Modern, and Sport & Active.


Sunglasses Market Segmentation:


Sunglasses Product Outlook



  • Polarized

  • Non Polarized


Sunglasses Distribution Channel Outlook



  • Store-Based

  • Non-Store-Based


Sunglasses Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America




 



Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 14537.9 million
Market Size 2022 USD 15133.9 million
Market Size 2030 USD 20049.6 million
Compound Annual Growth Rate (CAGR) 4.10% (2022-2030)
Base Year 2021
Market Forecast Period 2022-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, Distribution Channel, Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Kyboe, De Rigo Vision S.p. A, XIAMEN ASA SUNGLASSES CO, Essilor, Charmant Group, Marcolin SpA, Pivothead
Key Market Opportunities Rising of awareness among people
Key Market Dynamics Increasing awareness regarding the harmful effects of UV rays on the eyes


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Frequently Asked Questions (FAQ) :

The Sunglasses market size was valued at USD 14537.9 Million in 2021.

The market is projected to grow at a CAGR of 4.7% during the forecast period, 2022-2030.

The key players in the market are Kyboe, De Rigo Vision S.p. A, XIAMEN ASA SUNGLASSES CO, Essilor, Charmant Group.

The polarized category dominated the market in 2021.