Sunglasses Market Share, Size, Trends, Industry Analysis Report, By Product (Polarized and Non-Polarized); By Material; By Channel; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM1547
- Base Year: 2023
- Historical Data: 2019-2022
The global sunglasses market was valued at USD 31.58 billion in 2023 and is expected to grow at a CAGR of 6.6% during the forecast period. Sunglasses are those that do not have Rx lenses in them. Therefore, a medical practitioner does not prescribe them. In addition to being a fashionable accessory, sunglasses are used for the protection of the eyes against UV rays which may otherwise prove to be very harmful. On account of high selling prices, particularly in the high-end segment, the sunglasses market is expected and grow at a fast rate over the forecast period.
Know more about this report: Request for sample pages
Sunglasses are designed in accordance with their end-use. For example, sunglasses for usage in sports activities are manufactured using impact-resistant materials for ensuring safety and also have significant tints. Sunglasses that are designed for casual wear or fashion purposes are made using materials of lower resilience as they do not require the same degree of robustness.
The increasing demand can be largely attributed to the growing penetration of contact lenses. This trend is particularly evident in developed countries such as the U.S.; as a result, a large percentage of the population requires the product in order to prevent the contact lens from drying out, along with ensuring the protection of the wearer’s eyes.
The COVID-19 pandemic has had a significant impact on the market, with the closure of physical retail stores and financial uncertainty leading to a decrease in overall sales. However, the pandemic has also led to an increase in demand for polarized and sports-specific sunglasses, as well as blue-light blocking glasses, due to the rise of remote work and outdoor activities. Companies with strong e-commerce platforms have been able to maintain sales during the pandemic, as online shopping has become increasingly important in the sunglasses market.
For Specific Research Requirements, Request for a Customized Report
The sunglasses market is highly competitive, with many companies vying for a share of the market. Increasing purchasing power in this market can be challenging, but there are several strategies that companies can use to gain a competitive advantage.
One effective strategy is to focus on product differentiation. By developing unique product features, such as polarized lenses or customizable frames, companies can differentiate themselves from their competitors and increase their purchasing power. This can be particularly effective in attracting customers who are willing to pay a premium for high-quality products.
Another strategy is to develop strong relationships with suppliers and manufacturers. By working closely with these partners, companies can negotiate better pricing and terms, which can increase their profit margins and allow them to offer competitive pricing to customers. This can help to attract price-sensitive customers and increase purchasing power in the market.
Finally, building a strong brand image can be a powerful tool for increasing purchasing power in the market. By developing a strong brand identity and reputation, companies can attract customers who are loyal to their brand and willing to pay a premium for their products. This can be achieved through effective marketing campaigns, social media engagement, and building a strong community around the brand. By investing in these strategies, companies can increase their purchasing power and gain a competitive advantage in the market.
The market is primarily segmented based on product, material, channel, and region.
Know more about this report: Request for sample pages
Polarized segment is projected to grow at the fastest rate
Polarized segment is expected to grow at the fastest growth rate. Polarized products support glare reduction and are ideal for outdoor activities. They are equipped with vertically aligned filters, thus preventing horizontally polarized light to enter the eye and increase visual acuity. These are different from regular ones, which only offer darkening of the view without vision enhancement. Such sunglasses are more expensive, which can be attributed to the high cost associated with their manufacturing process.
Non-polarized type offers to darken vision, shields the eyes from harmful UV rays, and provides a reprieve from harsh glare. However, polarized ones have been gaining popularity in recent years. They offer water sports and fishing benefits and are witnessing increasing penetration in developed economies such as North America and Europe.
Despite this, non-polarized sunglasses occupy most of the market share and are expected to maintain market dominance due to their efficiency in varied environmental conditions. Consumers purchase sunglasses due to their fashion quotient, and polarization is only a relevant criterion for individuals requiring targeted usage, such as cycling.
CR-39 segment held the significant market revenue share
The CR-39 material segment constituted a major share of the market. CR-39 is also known as allyl diglycol carbonate and is one of the most common materials used for lens production. Lenses made using this material are roughly half the weight of glass lenses and are highly shatter-resistant. These lenses are highly affordable to a large percentage of the population and exhibit high penetration in developed and developing markets.
Polycarbonates are very similar to CR-39 materials but have different molecular structures. They provide superior performance in terms of UV absorption and are lightweight and affordable. Polyurethane lenses are extremely robust and provide a high degree of optical performance. They are extremely lightweight as compared to materials such as glass and are very difficult to break. However, sunglasses fitted with polyurethane lenses are expensive as compared to other types. The introduction of novel products using these materials is resulting in significant market growth.
Offline segment dominates the market in 2022
Offline segment dominates the market, and is preferred by consumers for the opportunity to try products before purchasing. Key players are expanding their offline channels to maximize their customer reach and increase sales through the availability of a wide range of sunglasses for trial in-store, as well as the influence of professional salesmen.
However, the online segment is expected to grow at a faster rate from 2023 to 2032, driven by the increasing use of digital marketing methods by manufacturers, such as social media, brand websites, and e-commerce sites. The online channels provide cost-effective ways for manufacturers to reach a wider range of customers and track their preferences, offering personalized recommendations and attractive sales offers to increase sales. The growth of the online segment is also attributed to technological advances, such as 3D try-on features, which provide customers with a virtual way to try products before purchasing, further increasing the appeal of online shopping for sunglasses.
Europe dominated the global market in 2022
In 2022, Europe dominated the global market with a share, due to the presence of numerous key players and fashion-conscious consumers in the region. The high disposable income of people in Europe also contributed to the market growth.
Meanwhile, Asia Pacific is projected to experience the fastest growth with a CAGR over the forecast period, driven by the increasing penetration of international brands and the untapped market for eye safety awareness in the region. Additionally, rapid industrialization in countries such as China and India has resulted in increased disposable income and consumer spending power, creating attractive opportunities for manufacturers to capture new customers.
Some of the major players operating in the global market include Luxottica Group S.p.A., Prada SPA, Safilo Group S.p.A, Fielmann AG, De Rigo SpA, Kering SA, Capri Holdings, LVMH, Marcolin S.p.A, and Maui Jim.
- In September 2021, Facebook and eyewear giant Essilor Luxottica jointly announced the much-anticipated release of Ray-Ban Stories smart glasses.
- in August 2021, Safilo unveiled a new e-commerce platform, us.carreraworld.com, exclusively for its core sunglass brand Carrera in the United States.
Sunglasses Market Report Scope
Market size value in 2024
USD 33.62 billion
Revenue forecast in 2032
USD 56.27 billion
6.6% from 2024 – 2032
2019 – 2022
2024 – 2032
Revenue in USD million/billion and CAGR from 2024 to 2032
By Product, By Material, By Channel, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
Luxottica Group S.p.A., Prada SPA, Safilo Group S.p.A, Fielmann AG, De Rigo SpA, Kering SA, Capri Holdings, LVMH, Marcolin S.p.A, and Maui Jim.
The global Sunglasses market size is expected to reach USD 56.27 billion by 2032.
Key players in the sunglasses market are product, material, channel, and region.
Europe contribute notably towards the global sunglasses market.
The global sunglasses market expected to grow at a CAGR of 6.6% during the forecast period.
The sunglasses market report covering key segments are product, material, channel, and region.