The global sunglasses market size was valued at USD 17,950.9 million in 2018 and is anticipated to grow at a CAGR of 9.5% during the forecast period. Sunglasses are eyewear designed for protection of the eyes from glare of sunlight. The eyes are extremely sensitive to light and can be easily damaged by overexposure to radiation in the visible and non-visible spectrum. Excessive exposure to sun causes soreness, headaches and could prove to be fatal with permanent damage to the lens, retina and cornea.
They consist of a pair of light filtering lenses and a frame to hold them in place. Most of the times, lenses are made of colorized plastic such as polycarbonate. High quality eyewear utilizes glasses in the product manufacture. The borosilicate glass used in lenses is scratch resistant and is made impact proof with the help of many chemical treatments. They also change gear as spectacles by using either concave or convex lens depending upon power of the eye.
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The market is monitored by improved market economy, demographic and socio-economic status of individuals and most importantly growing awareness related to eye protection against harmful UV rays. The factors proving a point in market are urbanization, aging population in developed countries and an onrush of middle class in developing countries affecting growth in market. Furthermore, the proactive approach of consumers is increasing market share of market by giving eyewear manufacturers and retailers opportunities to expand consumer portfolio. A major restraint in market is the marginalized economies that have difficult or no access or neither in procuring advanced, affordable and effective eye care solutions.
Big advances in people’s living standards and endearing trends in fashion eyewear improve the market. Whooping demands for luxury eyewear including branded sunglasses and rise in middle income strata with upfront technological gains have further stamped its approval in market growth. An inflow of prominent companies into developing economies and striking product sales through online channels would provide the necessary impetus to sunglasses industry. Globalization and digitalization of economy with an onrush of manufacturers in retail space and bevy of online retail vendors making a splash in industry has promoted growth in market.
By Lens Type
By Distribution Channel
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The market is segmented on the basis of lens type, material, distribution channel and region. The lens type is further segmented into polarized and non-polarized. The polarized type will observe manifold growth during forecast period. Polarized lenses are coated with a special chemical film that helps reduce glare. The instilled ability of these lenses to reduce eye strains, offering clearer vision, along with adoption of e-commerce drives growth of market segment.
The material segment is characterized into CR-39, polycarbonate, polyurethane and others. In 2015, Polycarbonate segment dominated the market share owing to its lightweight, high resistance and high durability. Furthermore, the rising demand for polycarbonate is justified by the quality of material used in construction compared to ADC or glass. The CR-39 segment dominated the global sunglasses market in 2018 owing to features such as high durability and additional resistance to harmful UV rays. Brand owners are forging ahead with technologically advanced lenses to increase their market share. The product made from plastic lenses are observing huge demand as sunglasses are more popular among consumers as polycarbonate is durable, affordable and strongest and finds use in many types of sunglasses. Fleeting fashion trends and personalization of lens in alignments with consumer tastes is expected to drive market.
The distribution channel segment is divided into offline stores and online channels. The offline stores registered maximum footfall in market share in 2018. However, online sales will grow at the highest rate during forecast period. Online sales are devoid of operation cost while offering a global platform to manufacturers for expansion of customer base.
Asia Pacific is expected to grow at the highest CAGR during forecast period due to increasing health concerns and rising disposable incomes. High living standards and growing region populace adopting global trends in smart eyewear have kept pace with market.
For instance, Rodenstek a Germany based company designed a new athletic sunglass with additional features such as heart rate monitoring and a stopwatch in peripheral vision of the sunglass.
The key industry players are introducing innovative products in the market to attract a growing consumer base. Global players are entering market space in developing economies with an eye on expanding their customer portfolio, increasing market presence and dominating market share. Furthermore, creative element in sunglasses is sparking the market in a positive way.
Major players in market are charting out aggressive techniques in online advertising and promotional activities which gives easy access to consumers and reduces operational costs of manufacturers. The key players in the sunglasses market include Luxottica Group, S.p.A, Prada S.p.A, Safilo Group S.p.A, Fielmann AG, De Rigo Vision, Alexander McQueen, Michael Kors, LVMH Moet Henessey Louis Vuitton SE, Marcolin Eyewear and Maui Jim.