Sunglasses Market

Market Overview

The global sunglasses market size was valued at USD 14,208 million in 2021. It is projected to reach USD 20753.52 million by 2030, growing at a CAGR of 4.3% during the forecast period (2022–2030).

Sunglasses are protective eyewear with specialized lenses to shield the eyes from the sun's glare and high-intensity visible light. They occasionally serve as visual help. Lenses on sunglasses are colored, polarised, or darkened to shield the eyes from sunlight. Sunglasses are regarded as expensive pieces of fashion jewelry.

The sunglasses offer proper functionality in addition to flair and a fashionable appearance. The purpose of sunglasses is to shield the eyes from the sun's glaring beams. Around 20% of cataract occurrences, according to the National Eye Institute, are brought on by UV exposure. Sunglasses shield the eyes from the sun's brightness and block 99% to 100% of UVA and UVB rays. Another significant element encouraging the expansion of the sunglasses market over the anticipated period is the rising demand for attractive accessories among the world's youth population.

Market Dynamics

Global Sunglasses Market Driving Factors

Growing Popularity of Travel Retail Worldwide

Duty-free or travel retail has become a crucial global supply route for sunglass players. Over the past ten years, travel shopping has increased in popularity and significance. This channel's ability to sell eyewear relies on the travel and tourism sector. Both domestic and foreign travelers benefit from several market leaders in eyewear. Sunglasses are a fashionable accessory that individuals enjoy taking with them when they travel, and most businesses sell their products to end consumers through the travel retail channel. Most tourists prefer to go by air, so the airport is the best location for travel stores to operate. In the upcoming years, it is projected that the rising tourist trend will propel the growth of the worldwide sunglasses market.

Increase in Popularity of E-commerce among the Consumers

The global sunglasses industry has been driven by the availability of online purchasing platforms, particularly in developing countries. It is anticipated that the influence of digital media will play a prominent driving role. Most significant global sunglasses market participants consistently invest in expanding their online and digital distribution channels. Technology developments like 3D try-on are anticipated to be popular among industry leaders. Additionally, it is expected that social media influence, which includes celebrity endorsement on digital platforms, and business marketing by fashion stars, would increase. In today's society, a brand's online presence is just as significant as its physical presence in the marketplace.

Exclusivity and Premiumization of Sunglasses

Building a distinctive value offer or differentiating retailers are examples of exclusivity. The market's top competitors are expected to launch limited-edition or exclusive sunglasses based on the design and manufacturing of the item. Sunglasses are widely regarded as a necessary fashion item. Customers buy sunglasses to accentuate their facial characteristics and aesthetic qualities. Due to the premiumization aspect, the youth is strongly encouraged to purchase sunglasses. Additionally, consumers purchase multiple pairs of sunglasses because they desire to acquire branded frames, cutting-edge designs, and the brand's appeal.

Global Sunglasses Market Restraining Factors

Availability of Counterfeit Products

Counterfeit goods are fake or replicas of authentic goods or brands to benefit from the better worth of the reproduced product. The eyewear market is very fragmented, and many small manufacturers increase the likelihood of finding fake sunglasses. Due to the high cost of original brands, it is expected that low- and middle-income people will choose imitation sunglasses instead of those made by those brands. Some imitation sunglasses are designed so that clients can have a tough time telling the difference between the real and the fake. The eyes may be harmed by artificial and subpar lenses rather than protected by them. The two largest markets in Asia-Pacific are China and India, and counterfeit sunglasses are widely available in each of these countries.

Global Sunglasses Market Opportunities

Introduction of Augmented Reality Technology in Sunglasses

The latest generation of eyewear augmented reality (AR) glasses combines the virtual and physical worlds. These supplements the wearer's view of the real world through the superimposition of computer-generated imagery, video, text, and other virtual enhancements. Large corporations like Google and Microsoft are working to produce smart glasses or AR-enabled eyewear. Facebook and EssilorLuxottica recently teamed up to create the first AR smart eyewear, dubbed "Facebook-Ray Ban Smart Glasses," which will be available starting in 2021. This technology is expected to enable the user to perform tasks including retrieving a lost key, swiftly locating items in stores, and navigating.

Sustainability along with Innovation

Major sunglasses producers are investing significantly in lens technologies and are currently concentrating on filtering out blue light from the sun. Blue light from the sun directly reaches the retina at the back of the eye. This blue light is to blame for eye conditions, including macular degeneration. Manufacturers concentrate on developing lenses that can help block this blue light. In addition, the producers are also focusing on reducing the impact on the environment. A Canadian firm called Loch Effects says it makes frames for its sunglasses from 500-year-old wood submerged beneath the North American continent's great lakes. The key to the long-term survival of the sunglass industry is sustainability.

Regional Analysis

North America Dominates the Global Market

The global sunglasses market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

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. The North American sunglasses market is analyzed across the U.S., Canada, and Mexico. 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. About 78% to 80% of Americans are worried about their eye health. 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%, generating USD 6,757.5 million 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. Leading international companies with European roots include EssilorLuxottica, Safilo Group SpA, Marcolin Eyewear, Fielmann AG, and De Rigo Vision Spa. Europe is the continent that pioneered the production of sunglasses. The few well-known companies with significant market share in Europe are David Beckham, Ray Ban, Oakley, Prada, Jimmy Choo, Tom Ford, Carrera, and Polaroid. These brands have a significant presence in this region through their brand outlets, independent distributors, online retail channels, travel retail outlets, and owned retail chains.

The Asia-Pacific sunglasses market is analyzed across China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific. The world's largest manufacturer of sunglasses in China and the nation is a significant supplier of sunglasses to the Asia-Pacific area. The world's top players chose China as the location for their manufacturing facility due to its meager costs and skilled labor force. International brands have a prominent presence in this region through a vast network of retail chains, independent distributors, branded retail shops, and online channels. The expansion of the sunglasses market is driven by macroeconomic factors such as rising urbanization, rising disposable income, soaring consumer awareness, and increasing population. India is displaying tremendous growth potential due to its size as a market in terms of people.

Latin America, the Middle East, and Africa are emerging as three important markets for eyewear. This location is home to a few small local manufacturers, but no large enterprises are located here. The LAMEA market has several dominant sunglasses brands, including Ray-Ban, Oakley, Gucci, Carrera, Tom Ford, and others. The leading brands are omnipresent in the major LAMEA nations through independent distributors, retail chains, and internet networks. Brazil is an emerging country that has a substantial rate of population increase. The Middle East has strong purchasing power and fuels consumer desire for upscale products.

Segmental Analysis

The global sunglasses market is segmented by type, design, frame material, and distribution channel.

Based on type, the global 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. Glass or plastic lenses plus a frame that binds the lenses together make up non-polarized sunglasses. These are made to prevent eye pain brought on by glare and intense sunshine. These sunglasses treat all solar rays evenly and lower the sun's brightness. The non-polarized lenses shield the eyes from glare but cannot reduce reflection from surfaces like glass, water, or snow. Non-polarized sunglasses are sold by Ray-Ban, Oakley, Prada, Legend Eyewear, and Under Armour. Non-polarized sunglasses come in various styles depending on the frame color, material, price, and on-demand customization options for the lenses and frames.

Polarized lenses, which are often formed of chemical film adhered to transparent glass or plastic, make up polarised sunglasses. This chemical film eliminates the sun's glare by blocking horizontal light and allowing only vertically oriented light to flow through the laminated film. An individual prefers polarised lenses near water, snow, and glass bodies. It deals with glisten and dazzle brought on by water, snow, or glass. Using polarised sunglasses prevents sun glare and UV rays from harming the eyes. Therefore, there is a growing demand for polarised sunglasses due to increased consumer awareness regarding the need to protect the eyes from glare and UV radiation.

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. Teashades, or round sunglasses, are a common nickname. Due to the retro feel that it exudes, it is the style that customers gravitate toward the most. It has been stated that wearing circular sunglasses might make a person appear more retro. Several well-known businesses sell round sunglasses, including Vincent Chase, John Jacobs, Vogue, and Tommy Hilfiger. According to consumer perception, the majority of consumers favor this design. Women prefer to wear round sunglasses with flowy dresses, floral skirts, and crop tops. Also, round sunglasses go well with trendy outfits and high-waisted pants. Celebrities like Rita Ora and Jennifer Lawrence are helping it become highly well-liked by the public.

Based on frame material, the global 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. By injecting liquefied TR90 material into a mold, the injected frame is a strong and lightweight material. Thermoplastic material TR90 is well renowned for its comfort and is highly flexible, strong, and durable. Its advantages include low production costs, lightness, strength, flexibility, and durability. Materials utilized in injection frames are susceptible to breaking under conditions of intense heat, rapidly deteriorating if used frequently and having colors that quickly fade when exposed to sunshine.

Nickel, silver, Hi-nickel alloy, stainless steel, bronze, gold, copper, gold plated, beryllium, gold coating, titanium, and aluminum are just a few of the metals used to make metal frames. Among the well-known companies that sell sunglasses with metal frames are BVLGARI, Givenchy, Coach, and Alain Mikli. In contrast to plastic frames, which tend to be flexible, metal frames are recognized for their superior ability to maintain shape. Plastic is also utilized for the nose pad and temple coverings that hold the ears from behind in metal eyewear. Therefore, these metal frames are more robust, durable, and better shaped.

Based on distribution channels, the global 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. Specialty stores are modest retail establishments specializing in marketing a specific product line and related goods. Most specialty store business owners maintain a significant depth in the 5product they specialize in selling, typically at premium pricing. Sunglass Hut is a good illustration of a specialized retail establishment. Other examples include GKB Opticals as well as showrooms for a variety of different brands. Manufacturers continually work to improve their products' shelf visibility, and as a result, they primarily target specialty stores. More comprehensive selections of sunglasses are consequently offered in specialty shops.

Recent Developments

• February 2022- Wenzhou's Eugenia Eyewear transformed into an eyewear giant supplying world-class products in China.
• 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.