Sunglasses Market

Sunglasses Market Size & Growth (2023-2028):

The Sunglasses Market size was worth $14.95 billion in 2022 and is estimated to grow at a 6% CAGR up to $20 billion by 2028.

Sunglasses are considered a high-end fashion item. They are special lenses or protective eyewear that shield the eyes from glare from the sun and high-energy visible light. Sunglasses can also be used as a visual aid. The popularity of sunglasses has risen dramatically in the fashion accessory sector during the last decade. The sunglasses satisfy the consumer's desire for fashion while still being useful. Sunglasses are a trendy fashion accessory that is in high demand among the world's young. Demand from working youth, travellers, and athletes is particularly strong, and this is a major driving force in the worldwide sunglasses industry.

Market Drivers:

• Increased disposable money has had a favourable impact on the buying of eyeglasses, particularly sunglasses, which are seen as fashion accessories. Product demand is being boosted by rising consumer preference for branded eyewear. Customers are willing to spend extra on high-end, branded sunglasses to make their style statement.
• Because a large number of women are becoming economically independent, they are driving market demand favourably. Women's increasing use of eyewear is mostly due to their increased economic freedom.
• Sunglasses shield the eyes from harmful UV radiation. To shield the consumer's eyes from harmful rays, a variety of tints and colours are available. Additionally, to improve client comfort and increase product sales, manufacturers supply custom-made sunglasses for corrected vision.
• Many manufacturers are taking advantage of digital capabilities to break into new markets and raise awareness of their brands and products. Many eyewear firms, for example, have a 3D try-on option on their websites that allows customers to virtually try on sunglasses by collecting the customer's photo and constructing a virtual 3D reproduction of it.
• Customer adoption is aided significantly by celebrity endorsements. As a result, several major corporations are forming contractual agreements with well-known celebrities around the world to promote their products and brands in different parts of the world.

 Market Restraints:

• The high cost of these branded sunglasses is a big market barrier. The majority of designer sunglasses are pricey. Only a small percentage of the population can afford these sunglasses.

• The biggest difficulty in the eyewear market is the abundance of low-cost alternatives. Low-cost sunglasses can be found in flea markets. The lenses and materials of these glasses are not of high quality.

• All of these variables constitute a significant threat to the market as a whole. In addition, there is a market duplication of trademarked sunglasses. The majority of clients buy knockoff sunglasses that appear like the real thing. All of these challenges arise as a result of a lack of brand awareness. In addition, there are only a few well-known brands in the eyewear sector.

SUNGLASSES MARKET REPORT COVERAGE

Market Segmentation:

Sunglasses Market By Product: 

• Polarized

• Non-Polarized

Over the projection period, the polarised category is expected to rise at a CAGR of 7.6%. Glare reduction is aided by polarised goods, which are great for outdoor activities. They have vertically aligned filters, which block horizontally polarised light from entering the eye and improve visual clarity. These are not the same as normal ones, which just darken the picture without improving vision. The significant expense involved with their manufacturing method explains why such sunglasses are more expensive.

Non-polarized sunglasses darken vision and protect the eyes from dangerous UV rays while also offering relief from glare. In recent years, however, polarised ones have grown in favour. They provide advantages for water sports and fishing, and their use is growing in developed economies. Because of their effectiveness in a variety of circumstances, non-polarized sunglasses are projected to maintain their market dominance.

Sunglasses Market By Material: 

• CR-39
• Polycarbonate
• Polyurethane
• Others.

The CR-39 material segment accounted for a significant portion of the market. One of the most prevalent materials used in lens manufacture is CR-39, commonly known as allyl diglycol carbonate. This material is almost half the weight of glass lenses and is extremely shatter-resistant. These lenses are very cheap for a large portion of the population and have strong market penetration in both developed and emerging economies.

Polycarbonates are comparable to CR-39 materials, but their molecular structure is different. They offer exceptional UV absorption, as well as being lightweight and cost-effective. Polyurethane lenses are exceptionally durable and have excellent optical properties. When compared to materials such as glass, they are exceedingly light and difficult to break. Polyurethane-lens sunglasses, on the other hand, are more expensive than other types.

Sunglasses Market By Distribution Channel: 

• Online
• Offline

Online retailing through exclusive online storefronts and other e-commerce and aggregator websites is becoming increasingly popular among vendors. Companies are using omnichannel commerce, which allows them to sell their eyewear items both online and in real storefronts. Customers might choose from an infinite number of products when shopping online. It also enables businesses to quickly test different marketing methods and gauge consumer reactions.

Independent merchants and stores are privately owned businesses. These are usually single-store operations that present the store owner with both high risks and high profits. Individuals or businesses interested in opening independent stores for a specific brand, retailer, or vendor are offered franchising rights in exchange for a royalty or franchise fee that goes to the manufacturer.

Regional Analysis:

• North America 

• Europe 

• Asia Pacific

• Latin America

• Middle East and Africa 

Independent eye care practitioners account for a major portion of sales in the North American market. End users are well-informed, and products such as sunglasses have been in great demand for some time. Prescription eyewear product usage rises with age, with the senior population having the highest penetration rate.

Exposure to dangerous UV-A and UV-B rays can cause or hasten the development of eye ailments such as retinal damage and cataracts. Although high-end sunglasses have lenses that protect the human eye, not all sunglasses have these features. The U.S. market is likely to be driven by the increased availability of eyewear that is both functional and attractive, as well as rising eye protection awareness.

Due to the rapid penetration of international brands, Asia Pacific is expected to be the fastest-growing regional market. In terms of eye protection and the detrimental impacts of solar rays and other light emissions, this region is underserved. As a result, manufacturers have more attractive options to acquire customers. Furthermore, countries such as China and India are concentrating on rapid industrialization, which has increased the region's disposable income.

Due to low awareness and restricted distribution facilities, other parts of the world, such as Brazil and Saudi Arabia, are likely to rise steadily. At the moment, market penetration is limited to offline channels such as shopping malls. Manufacturers, on the other hand, are ramping up their advertising and promotional efforts in response to the significant rise in internet usage. This is expected to raise product awareness among consumers and create market demand in these areas.

Recent Developments:

• EssilorLuxottica, GrandVision, and Vision Group, one of the largest distribution networks for Italian opticians and a retail player under the VisionOttica banner, announced today that Vision Group has agreed to purchase the VistaS chain in Italy, including the brand and all 99 stores, as well as 75 GrandVision stores. This is following the promises made to the European Commission on March 23, 2021, as part of EssilorLuxottica's purchase of GrandVision.
• Marcolin has extended its licencing arrangement with Skechers, a US footwear brand, through December 31, 2024. Skechers sunglasses, eyeglasses, and children's eyewear will be designed, produced, and distributed under the terms of the agreement.
• Safilo Group, an eyewear manufacturer, has announced the release of its Imprint 3D technology. The technique, developed by Safilo's own Smith brand, promises to eliminate the one-size-fits-all approach to sports apparel and address the wide range of facial forms.

Key Players:

• EssilorLuxottica (France)

• Fielmann (Germany)

• Marcolin (Italy)

• Safilo Group (Italy)

• Ray-Ban (Italy)

• De Rigo Vision (Italy)

• Fastrack (India)

• Oakley (US)

• Maui Jim (Hawaii)

• Specsavers (Guernsey)

Market Leader:

• LVMH is the world’s largest company in the global sunglasses market.

Impact of COVID-19 Sunglasses Market:

The COVID-19 epidemic negatively affected manufacturing and interrupted the global eyewear delivery network. To prevent the sickness from spreading, people were compelled to stay at home. The government's strict laws governing social separation and complete lockdowns have resulted in massive losses for market vendors. During the shutdown, all major brand storefronts and other sales channels were closed.