Global Sunglasses Market to Grow at a CAGR of 4.3% during 2020 –2030

Introduction

Sunglasses are protective eyewear with specialized lenses to shield the eyes from the sun's glare and high-intensity visible light. On occasion, they provide visual support. Sunglasses have tinted, polarised, or darkened lenses to protect the eyes from sunlight. Sunglasses are thought of being pricey accessories for fashion. The sunglasses have flair, a stylish appearance, and adequate functioning. Sunglasses are designed to protect the eyes from the sun's blazing rays. According to the National Eye Institute, UV exposure causes cataracts in about 20% of cases. The rising desire for fashionable accessories among young people worldwide is another crucial factor boosting the growth of the sunglasses market over the expected era.

Market Dynamics

Growing Popularity of Travel Worldwide Drives the Global Market

Duty-free and travel retail have become crucial global supply channels for the sunglass industry. Travel shopping has grown in popularity and importance over the past ten years. The travel and tourism industry is essential to this channel's capacity to market eyewear. Travelers from home and abroad might benefit from several eyewear market leaders. Sunglasses are one of the most popular items to bring on vacation since they are both practical and fashionable. The growing tourism trend is anticipated to fuel the expansion of the global sunglasses market in the ensuing years.

Sustainability along with Innovation in Sunglasses Market Creates Tremendous Opportunities

Major sunglass manufacturers are investing significantly in lens technologies and focusing on removing blue light from the sun. The retina at the rear of the eye receives blue light from the sun directly. This blue light causes macular degeneration and other eye disorders. Manufacturers focus on creating lenses that can aid in obstructing this blue light. In addition, the producers are concentrating on lessening their influence on the environment. A company in Canada named Loch Effects claims to build the frames for their sunglasses from wood submerged beneath North America's great lakes for 500 years. Sustainability is essential to ensure the sunglass company's continued success in the long run.

Regional Analysis

North America is the largest shareholder in the global sunglasses market and is expected to grow at a CAGR of 3.0% during the forecast period. The U.S. has the largest market share for sunglasses, followed by Canada. Several well-known companies with significant followings in North America include David Beckham, Carrera, Oakley, Prada, BVLGARI, Tom Ford, Ray Ban, and Oakley. These brands have a significant presence throughout this region through their brand outlets, independent distributors, online retail platforms, and travel retail shops. North America's largest markets are the United States, Canada, and Mexico. The world's top eye care and eyewear manufacturers have facilities in the United States.

Europe is expected to grow at a CAGR of 3.8% during the forecast period. Europe is analyzed across the UK, France, Italy, Germany, the Netherlands, Switzerland, and the rest of Europe. A sizable portion of eyewear manufacturers originates from Europe. The few well-known businesses with a sizable market share in Europe are Polaroid, Carrera, David Beckham, Ray Ban, Oakley, Prada, Jimmy Choo, and Tom Ford. These brands have a substantial presence in this area through their brand outlets, independent distributors, online retail channels, travel retail outlets, and owned retail chains.

China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific are all included in the analysis of the region. China is home to the most extensive eyewear manufacturing in the world. Due to its affordable rates and competent labor force, the leading players in the world decided to locate their production facilities in China. International brands are well-represented in this area through a broad network of retail chains, independent distributors, branded retail stores, and online channels. Macroeconomic variables like expanding urbanization, rising disposable income, soaring consumer awareness, and increasing population drive the sunglasses industry's growth.

Key Highlights

• The global sunglasses market was valued at USD 14,208 million in 2021. It is projected to reach USD 20,753.5 million by 2030, growing at a CAGR of 4.3% during the forecast period (2022–2030).
• Based on type, the global sunglasses market is bifurcated into polarized and non-polarized. The non-polarized segment is the highest contributor to the market and is expected to grow at a CAGR of 4.1% during the forecast period.
• Based on the design, the global sunglasses market is bifurcated into aviator/ pilot, rectangle, round, square, oval, cat eye, and others. The round segment owns the highest market share and is expected to grow at a CAGR of 3.9% during the forecast period.
• Based on frame material, the global sunglasses market is bifurcated into acetate, metal, injected, and others. The injected segment is the highest contributor to the market and is expected to grow at a CAGR of 3.8% over the forecast period.
• Based on distribution channels, the global sunglasses market is bifurcated into supermarkets and hypermarkets, specialty stores, convenience stores, and online sales channels. The specialty store segment owns the highest market share and is expected to grow at a CAGR of 3.6% during the forecast period.
• North America is the most significant shareholder in the global sunglasses market and is expected to grow at a CAGR of 3.0% during the forecast period.

Competitive Players

Competitive Players

The global sunglasses market’s major key players are De Rigo Vision S.P.A., Essilorluxottica Sa, Eyevan Inc., Fielmann Ag, Loch Effects, Marcolin S.P.A. (Marcolin Group), Randolph Engineering, Inc., Safilo Group S.P.A., Stylrite Optical Industries, and Wenzhou Eugenia Eyewear Co., Ltd. (Eugenia Eyewear)

Recent Developments

Market News

• In February 2022 - Wenzhou's Eugenia Eyewear transformed into an eyewear giant supplying world-class products in China.
• In September 2022 - Luxottica's omnichannel strategy is the commitment to offering consumers a single journey across channels. Its portfolio of iconic brands includes such brands as Ray-Ban, Oakley, Persol, and Vogue Eyewear, offering a speedy and safe online shopping experience that rivals their offline counterparts and creating a virtual window into the brand.

Segmentation

Global Sunglasses Market: Segmentation

By Type

• Polarized
• Non-Polarized

By Design

• Aviator/ Pilot
• Rectangle
• Round
• Square
• Oval
• Cat Eye
• Others

By Frame Material

• Acetate
• Metal
• Injected
• Others

By Distribution Channel

• Supermarket and Hypermarket
• Specialty Store
• Convenience Store
• Online Sales Channel

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA