Global Sports Sunglasses Market to Grow at a CAGR of 4.9% by 2030

Introduction

Sunglasses for sports are protective eyewear designed to prevent intense and high-energy sunlight from causing eye discomfort or damage. The sunglasses for sports are coated with UV blockers and ultraviolet B rays to protect against UV rays. In addition, these sunglasses are curved and built differently than standard sunglasses to give complete eye protection for the players.

In addition, the government has boosted its expenditure on sports like the Olympics, Formula 1 racing, Cricket World Cups, and FIFA. There is an increase in the government's encouragement for players to participate due to the rise in domestic sports events. This is expected to increase the demand for sports accessories such as clothing, eyewear, shoes, and other equipment.

Market Dynamics

Increase in Living Standards and Rising Fashion Trends to Drive the Global Sports Sunglasses Market

In recent years, the global per capita income has increased significantly, particularly in emerging economies. Urbanization and the expansion of the middle class in developing and developed economies have fostered the adoption of lifestyles centered on convenience. This makes sports sunglasses popular for individuals of all ages, particularly adolescents. In addition, the increase in popularity of sports sunglasses with retro cat-eye lenses, round and clear lenses, sunglasses with a chain, hexagon lenses, and visor sport sunglasses supports the expansion of the market for sports sunglasses. Customers are attracted to the availability of sports sunglasses in various attractive styles, such as streamlined designs, wraparound frames, and curved shape designs. In addition, the growing interest of children, adolescents, and adults in sports activities contributes to the expansion of the market for sports sunglasses.

Technological Innovation to Provide Opportunities the to Drive the Global Sports Sunglasses Market

Sunglasses for sports have gotten more technologically advanced due to manufacturers' constant innovation. The hydrophobic coating on these sunglasses provides a scratch-resistant surface that repels fluids. Sunglasses for sports are available with a hydrophobic coating that provides a scratch-resistant surface that repels fluids. Moreover, modern lenses are constructed from shatter-resistant, lightweight polycarbonate and nylon lens material to promote comfort and give the wearer enhanced protection and coverage. In addition, the availability of sports sunglasses with polarised lenses reduces the detrimental effects of UVA/UVB, which contributes to the expansion of the market for sports sunglasses.

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Regional Insights

Region-wise, the global sports sunglasses market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor and is estimated to grow at a CAGR of 3.7%. The market for sports sunglasses in North America is examined in the United States, Canada, and Mexico. In terms of macroeconomic considerations, the United States is the largest economy in the world in terms of GDP, and its businesses are more flexible than those in Western Europe. Additionally, this region has a greater concentration of consumer goods. In addition, significant expenditures on premium-grade consumer products are the result of a high per capita income and an enduring fashion desire for sunglasses. Population increase and improvements in lifestyle are the primary reasons driving the expansion of the sports sunglasses industry. This region's increased purchasing power substantially raises the demand for sports sunglasses. Moreover, due to the associated benefits, unisex design products have gained popularity in this region. This encourages the growth of the sports sunglasses industry in North America.

Europe is the second largest region. It is estimated to reach an expected value of USD 1480 million by 2030, registering a CAGR of 4.9% during the forecast period. Europe is a mature market. In recent years, Europe has witnessed a transitory shift due to the concentration of European stakeholders on utilizing a new technology. In addition, the number of sports players in nations such as Germany, Spain, and France is rising. This increases demand for sports items such as clothing, sunglasses, footwear, and other accessories. The high penetration of sports sunglasses in the European market has prompted companies to introduce new and creative sports sunglasses to remain competitive. In addition, the increased awareness of eye injuries increases the market for sports sunglasses in this region. In addition, European manufacturers of sports sunglasses are expanding their brand recognition by using prominent athletes as brand ambassadors.

Asia-Pacific is the third largest region. China, India, Japan, ASEAN, and the rest of Asia-Pacific are investigating the area. In the previous two to three years, there has been a growth in the demand for sports sunglasses in this region due to the increased interest in sports and fashion. Moreover, in emerging nations such as India and China, trust, product quality, and safety are the most important factors when purchasing sports sunglasses. The Asia-Pacific market has enormous growth potential for businesses that offer new and innovative sports sunglasses. Moreover, the development in urbanization and the rise in middle-class customers in developing and developed economies have encouraged the adoption of convenience-oriented lifestyles, hence increasing the desirability of sports sunglasses across all age groups. In addition, the growing popularity of cricket, mountain biking, cycling, squash, and swimming contributes to the expansion of the sports sunglasses industry.

Key Highlights

• The global sports sunglasses market size was valued at 3. billion in 2021 and is estimated to reach an expected value of 4.4 billion by 2030, registering a CAGR of 4.9% during the forecast period (2022 - 2030).
• By type, the global sports sunglasses market is bifurcated into polarized and non-polarized. The polarized segment was the highest contributor to the market and is estimated to grow at a CAGR of 4.7% during the forecast period. 
• By gender, the global sports sunglasses market is categorized into male, female, and unisex. The male segment is expected to share the highest revenue and is estimated to grow at a CAGR of 3.6% during the forecast period. 
• Based on the distribution channel, the global sports sunglasses market is classified into hypermarkets/supermarkets, specialty stores, brand outlets, and online sales channels. The specialty stores segment was the highest contributor to the market and is estimated to grow at a CAGR of 5.5% during the forecast period. 

Competitive Players

1. Adidas AG (Adidas)
2. Luxottica
3. PUMA SE
4. Nike Inc.
5. Decathlon SA
6. Under Armour Inc.
7. Titan Company Limited
8. Liberty Sports Inc.
9. Yiwu Conchen Glasses Co. Ltd.
10. Taizhou Baiyu Eyewear Co. Ltd.

Recent Developments

• February 2024 - Modeled by Mark Cavendish and Loana Lecomte, Oakley unveiled a new collection of spectacles that it describes as its "most forgettable eyewear yet." At first sight, that may not look like the most clever marketing campaign, but it's a lighthearted twist on the highly praised features of the new Sphaera and Bisphaera, namely their light weight and wide field of view.
• January 2024 - As part of LVMH Watch Week, luxury watchmaker TAG Heuer updated its line of eyeglasses. The Avant-Garde Eyewear collection, developed in collaboration with eyewear authority Thélios, blends innovation, style, performance, and utility to produce three new lines of sporty spectacles.

Segmentation

1. By Type
   1. Polarized
   2. Non-Polarized
2. By Gender
   1. Male
   2. Female
   3. Unisex
3. By Distribution Channel
   1. Hypermarket/Supermarket
   2. Specialty Store
   3. Brand Outlets
   4. Online Sales Channel