Sunglasses Market Size
| Study Period | 2017-2027 |
| Base Year For Estimation | 2021 |
| CAGR | 5.03 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Sunglasses Market Analysis
The global sunglasses market is projected to register a CAGR of 5.03% over the forecasted period.
Sunglasses are regarded as fashion accessories. The sunglasses offer useful functionality in addition to style and a fashionable appearance. The purpose of sunglasses is to protect the eyes from the sun's glaring beams. In January 2023, according to the National Eye Institute, doctors and researchers discovered that certain factors, including excessive sun exposure, particularly without sunglasses, accelerate the formation of cataracts. Also, around 20% of cataract occurrences 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. The global market for sunglasses is significantly driven by rising disposable income and increased consumer awareness of the importance of eye protection. Another factor is the increased demand for stylish accessories among young individuals around the world. The factors above are driving the market share for sunglasses.
Seasonal variations have also propelled consumers' engagement in outdoor activities; thus, there is a strong demand for sunglasses during summer and winter due to involvement in sports, tourism, and recreational activities. This is expected to result in solid growth in the market studied over the forecast period.
The growing demand for sunglasses is due to factors such as the rise in consumers’ disposable incomes, owing to which they seek branded, well-designed, and quality products; consumers’ preference toward replacing sports sunglasses; and the increase in preference toward maintaining a luxury lifestyle that also speaks about "societal status" by retaining high-end commodities. Also, consumers are willing to pay extra money for branded and expensive sunglasses to make a unique fashion statement. Additionally, manufacturers are introducing sunglasses in a variety of forms, hues, and shapes to match consumer preferences.
Sunglasses Market Trends
This section covers the major market trends shaping the Sunglasses Market according to our research experts:
Choice for Versatile Fashion and Variants
The shift in millennials' lifestyle preferences and their growing use of expensive accessories promote market expansion. Eyewear manufacturers focus on producing fashionable and reasonably priced eyewear as a result of the growing consumer demand for their goods.To quickly respond to current fashion trends and draw in fashion enthusiasts, manufacturers are introducing innovative designs and patterns. The leading market players' persistent efforts to win new clients and keep hold of existing ones are having a favorable impact on market statistics.
The market studied mainly caters to the fashion segment, where consumer preference in opting for sunglasses mostly includes fashion, enhancing facial aesthetics, brand value, and effective social media marketing and affluence. Traditional eyewear collections are more closely tied to ready-to-wear eye gear, which includes expression through colors, shapes, and embellishments. The major global players operating in the fashion industry are branching out their accessories, such as handbags, shoes, etc., that accompany their eyewear. Celebrities and fashion leaders are largely brand savvy and are more inclined toward sunglasses that catch the attention of people.
With the growing demand for sunglasses and the emerging consumer market, global players are trying to expand their presence and product portfolios with innovations in trends and product types. For instance, in 2021, a Japanese company introduced a unique range of sunglasses that covered the entire face. ZGHYBD has launched these polarized sunglasses/face shields in an attempt to set a new fashion trend. These sunglasses are made from polycarbonate and come with anti-fog, windproof, and dustproof properties.
North America to Dominate the Market
Global players are entering the North American market owing to the wellness awareness among consumers in the country. Consequently, consumers’ demand for fashionable, affordable, and protective sunglasses is also fed by manufacturers. While research from the Prevent Blindness study stated that more than 25 million Americans will have cataracts in the United States by 2022, By using the appropriate sunglasses, cataract-producing UV light damage can be reduced to a significant extent. For instance, in 2021, according to ITC Trade Map-Trade statistics for international business development, the major importers of sunglasses include countries such as the United States in the first place since its import value was evaluated at USD 1,949,604, followed by other countries.
According to the Review of Optometric Business, in October 2022, the research of 2,000 Americans examined participants' awareness of how to take precautions to safeguard their bodies and eyes. While most respondents (72%) claim they are most cautious in the summer, 68% state that they take precautions every time they go outside, even if it's just for a short while. While those in the west get more sun, those in the northeast (56%), along with those in the southwest (63%), are more likely to wear sunscreen and sunglasses when going about their daily business, such as running errands. In 2019, According to a survey conducted by the American Optometric Association (AOA), it has been found that over 80% of consumers in the country wear sunglasses during the summer. However, only one-third of them wear them during the winter. The increased awareness regarding the harmful effects of UV rays, even in winter, has increased the demand for sunglasses in the region. Also, the huge populace of sports enthusiasts and professionals in the United States prefers wearing sunglasses as they control light, which automatically enhances the performance of the players. Factors like these are expected to drive the sunglasses market in the country.
Sunglasses Industry Overview
The global sunglasses market is competitive and comprises regional and international competitors. The market is dominated by some of the key players, such as Essilor Luxottica, Safilo Group SpA, LVMH, Marcolin SpA, and Marcolin SpA. The leading players in the sunglasses market enjoy a dominant presence worldwide. These players focus on leveraging the opportunities posed by emerging markets to expand their product portfolios to cater to the requirements of various segments, such as the athleisure trend. Furthermore, global players are increasing their investments to expand their footprints and revenue bases to leverage the opportunities posed by the developing markets of Asia-Pacific, like China, India, Brazil, and South Africa. Also, key players such as Ray-Ban and Oakley are now focusing on social media platforms and online distribution channels for online marketing and branding to attract more customers.
Sunglasses Market Leaders
EssilorLuxottica SA
Safilo Group S.p.A.
LVMH Moët Hennessy Louis Vuitton
Kering
Marcolin SpA
*Disclaimer: Major Players sorted in no particular order
Sunglasses Market News
- September 2021: Ray-Ban Stories marked Facebook's long-awaited entry into the smart glasses market. The new Wayfarer-style smart glasses come equipped with a pair of cameras for photos and videos, a microphone, and a speaker. They were unveiled in collaboration with the eyewear manufacturer Essilor Luxottica.
- August 2021: Safilo announced the launch of us.carreraworld.com, a new United States e-commerce platform for its core sunglass brand Carrera. The site is dedicated exclusively to sunglasses.
- July 2021: Luxottica Group introduced new travel retail exclusive Ray-Ban and Oakley sunglasses designs. The collection comprises two frames designed exclusively for Asia Pacific markets, as Luxottica continues to shift its strategic focus to the region. The State Street and Asian Design styles from Ray-Ban are among the travel retail exclusive releases, and the new Sutro Lite style from Oakley is available in two colorways.
Sunglasses Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Competitive Rivalry within the Industry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Polarized
5.1.2 Non-polarized
5.2 End User
5.2.1 Men
5.2.2 Women
5.2.3 Unisex
5.3 Distribution Channel
5.3.1 Offline Retail Stores
5.3.2 Online Retail Stores
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 Germany
5.4.2.3 Spain
5.4.2.4 France
5.4.2.5 Italy
5.4.2.6 Russia
5.4.2.7 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 South Africa
5.4.5.2 Saudi Arabia
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 EssilorLuxottica SA
6.3.2 Safilo Group S.p.A.
6.3.3 LVMH Moët Hennessy Louis Vuitton
6.3.4 Fielmann AG
6.3.5 Marcolin SpA
6.3.6 De Rigo Vision S.p.A.
6.3.7 Fosun International Limited
6.3.8 Revo Holdings, LLC
6.3.9 Kering
6.3.10 VSP Global
6.3.11 Julbo SA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Sunglasses Industry Segmentation
Sunglasses are a form of protective eyewear designed primarily to prevent bright sunlight and high-energy visible light from damaging or discomforting the eyes. The global sunglasses market is segmented by product type, end user, distribution channel, and geography. By product type, the market is segmented into polarized and non-polarized types. By end-user, the market is segmented into men, women, and unisex. The distribution channel is categorized into offline retail stores and online retail stores. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
| Product Type | |
| Polarized | |
| Non-polarized |
| End User | |
| Men | |
| Women | |
| Unisex |
| Distribution Channel | |
| Offline Retail Stores | |
| Online Retail Stores |
| Geography | |||||||||
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Sunglasses Market Research FAQs
What is the current Sunglasses Market size?
The Sunglasses Market is projected to register a CAGR of 5.03% during the forecast period (2023-2027).
Who are the key players in Sunglasses Market?
EssilorLuxottica SA, Safilo Group S.p.A., LVMH Moët Hennessy Louis Vuitton, Kering and Marcolin SpA are the major companies operating in the Sunglasses Market.
Which is the fastest growing region in Sunglasses Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2027).
Which region has the biggest share in Sunglasses Market?
In 2023, the North America accounts for the largest market share in the Sunglasses Market.
Sunglasses Industry Report
Statistics for the 2023 Sunglasses market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Sunglasses analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
