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Sunglasses Market – By Design (Aviator, Wayfarer, Round, Cat-Eye, Square, Others), By Lens Type (Polarized, Non-Polarized), By Distribution Channel (Online Retailers, Retail Stores, Specialty Stores, Others), By Material (Plastic, Metal, Wood, Others), By End-User (Men, Women, Unisex, Children), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030
Sunglasses Market Overview:
The Sunglasses Market size is estimated to reach $39 billion by 2030, growing at a CAGR of 5.2% during the forecast period 2023-2030. Growing demand for sunglasses that block blue light, increasing popularity for polarized sunglasses, and demand for styles of sunglasses for setting fashion trends are propelling the Sunglasses Market growth. Also, rising awareness for sports and outdoor activities and growth of e-commerce are fueling the growth of the Sunglasses industry during the forecast period.
Market Snapshot:
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Sunglasses Market - Report Coverage:
The “Sunglasses Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Sunglasses Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
● The market experienced a decline in sales in the early stages of the COVID-19 pandemic due to lockdowns and decreased consumer demand. However, as the pandemic progressed, the sunglasses market has seen a gradual recovery as people started to spend more time outdoors and engage in activities such as outdoor sports. As the world continues to recover from the pandemic, the market is expected to continue its gradual recovery and adapt to changing consumer preferences and behaviors.
● The war in Ukraine has had a limited impact on the global Sunglasses Market. Some of the companies that manufacture sunglasses have production facilities or supply chains that extend into Ukraine, and the conflict has disrupted these operations. This disruption has led to supply chain challenges, production delays, and increased costs for some manufacturers. While the conflict is certainly a significant issue for the people of Ukraine and the region as a whole, its impact on the global sunglasses market is limited.
Key Takeaways:
● North America Dominated the Market in 2022:
North American region had the highest market share in the global Sunglasses Market with a market size of $10 billion in 2022. North Americans are known for their fashion consciousness, and sunglasses are often seen as a fashion accessory. This has created a strong demand for fashionable sunglasses in the region. Additionally, North America is home to some of the world's wealthiest countries, including the United States and Canada. This means that consumers in the region have high disposable incomes, which they use to purchase luxury goods such as sunglasses.
● Polarized Lenses to Register the Fastest Growth
In the Sunglasses Market analysis, the polarized lenses segment is estimated to grow with the highest CAGR of 5.9% during the forecast period. Polarized sunglasses use special lenses that reduce glare and improve visual clarity, making them a popular choice for outdoor activities such as fishing, boating, and driving.
The main driver of the growth in the polarized Sunglasses Market is the increasing awareness among consumers about the harmful effects of UV rays on the eyes. Polarized glasses offer protection against harmful UV rays, which can cause long-term damage to the eyes, including cataracts and macular degeneration. In addition, the growing popularity of outdoor activities such as hiking, camping, and water sports has led to an increase in demand for polarized sunglasses.
● Aviator Design is Leading the Market
According to the Sunglasses Market forecast, the Aviator design type held the largest market share of 25% in 2022. The timeless design with its classic teardrop shape, metal frame, and thin temples has contributed to the enduring popularity of aviator sunglasses. Aviator sunglasses are versatile and can be worn by both men and women. They can also be paired with a wide range of outfits and styles, making them a popular choice for everyday wear.
● Competition from Low-Cost Alternatives
Consumers have a wide range of options when it comes to eyewear like clip-on sunglasses and other inexpensive alternatives. These products are a challenge for high-end sunglasses brands. There is a rise in low-cost alternatives due to the increasing availability of inexpensive materials, improvements in manufacturing technology, and changing consumer preferences. Many consumers are willing to sacrifice quality for a lower price, particularly when it comes to products that they may only use occasionally or for a short period.
● Seasonal Demand for Sunglasses
Sales for sunglasses are highest during the summer months when people spend more time outdoors, and the demand for sunglasses is greater. This makes it difficult for companies to maintain consistent sales throughout the year and it results in fluctuations in revenue. Additionally, companies need to time their advertising and marketing campaigns correctly to coincide with peak demand during summer, but they also need to ensure that their products remain top-of-mind throughout the year.
Sunglasses Market Share (%) By Region, 2022
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Sunglasses Market. The top 10 companies in this industry are listed below:
1. EssilorLuxottica SA (Rayban, Oakley, Persol)
2. Safilo Group S.p.A. (Marc Jacobs, Carrera)
3. Marcolin S.p.A. (Tom Ford, Guess)
4. Revo Eyewear (Revo Sunglasses)
5. De Rigo Vision S.p.A. (Police, Lozza, Sting)
6. Charmant Inc. (Minamoto, Aristar, Elle)
7. Fielmann AG (Medical Optica, Deep Optics)
8. Marchon Eyewear (Flexon, Paul Smith, Marchon NYC)
9. Kering Eyewear (Maui Jim, Chloe, MontBlanc)
10. Thelios Eyewear (Celine, Loewe, Kenzo)
Scope of the Report:
Relevant Reports:
Report Code:
CMR 0048
Report
Code: CMR 0166
1. Sunglasses Market - Overview
1.1. Definitions and Scope
2. Sunglasses Market - Executive Summary
3. Sunglasses Market - Comparative Analysis
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. Sunglasses Market - Start-up Companies Scenario (Premium)
4.1. Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. Sunglasses Market – Market Entry Scenario Premium (Premium)
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Sunglasses Market - Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.4.1. Bargaining Power of Suppliers
6.4.2. Bargaining Powers of Customers
6.4.3. Threat of New Entrants
6.4.4. Rivalry Among Existing Players
6.4.5. Threat of Substitutes
7. Sunglasses Market – Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Sunglasses Market – by Design (Market Size – $Million/$Billion)
8.1. Aviator
8.2. Wayfarer
8.3. Round
8.4. Cat-eye
8.5. Square
8.6. Others
9. Sunglasses Market - by Lens Type (Market Size – $Million/$Billion)
9.1. Polarized
9.2. Non-Polarized
10. Sunglasses Market – by Distribution Channel (Market Size – $Million/$Billion)
10.1. Online Retailers
10.2. Retail stores
10.3. Specialty Stores
10.4. Others
11. Sunglasses Market – by Materials (Market Size – $Million/$Billion)
11.1. Plastic
11.2. Metal
11.3. Others
12. Sunglasses Market – by End-Use (Market Size – $Million/$Billion)
12.1. Men
12.2. Women
12.3. Unisex
12.4. Children
13. Sunglasses Market – by Geography (Market Size – $Million/$Billion)
13.1. North America
13.1.1. The U.S.
13.1.2. Canada
13.1.3. Mexico
13.2. Europe
13.2.1. UK
13.2.2. Germany
13.2.3. France
13.2.4. Italy
13.2.5. Spain
13.2.6. Russia
13.2.7. Rest of Europe
13.3. Asia-Pacific
13.3.1. China
13.3.2. India
13.3.3. Japan
13.3.4. South Korea
13.3.5. Australia & New Zealand
13.3.6. Rest of Asia-Pacific
13.4. South America
13.4.1. Brazil
13.4.2. Argentina
13.4.3. Chile
13.4.4. Colombia
13.4.5. Rest of South America
13.5. Rest of the World
13.5.1. Middle East
13.5.2. Africa
14. Sunglasses Market – Entropy
15. Sunglasses Market – Industry/Segment Competition Landscape Premium
15.1. Market Share Analysis
15.1.1. Market Share by Product Type – Key Companies
15.1.2. Market Share by Region – Key Companies
15.1.3. Market Share by Country – Key Companies
15.2. Competition Matrix
15.3. Best Practices for Companies
16. Sunglasses Market – Key Company List by Country Premium Premium
17. Sunglasses Market - Company Analysis
17.1. Company 1
17.2. Company 2
17.3. Company 3
17.4. Company 4
17.5. Company 5
17.6. Company 6
17.7. Company 7
17.8. Company 8
17.9. Company 9
17.10 .Company 10
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The Sunglasses Market is projected to grow at a 5.2% CAGR during the forecast period 2023-2030.
The global Sunglasses Market size is estimated to be $28 billion in 2023 and is projected to reach $39 billion by 2030
The leading players in the Sunglasses Market are EssilorLuxottica SA, Safilo Group S.p.A., Marcolin S.p.A., De Rigo Vision S.p.A., Charmant Inc., Fielmann AG, Kering Eyewear and others.
Increased demand for polarized lenses, growing interest in sustainable and eco-friendly products and customization and personalization are some of the major Sunglasses Market trends in the industry which will create growth opportunities for the market during the forecast period.
Emerging markets such as Asia-Pacific, innovative designs and technologies and the growth of e-commerce are the driving factors of the market.