The global sunglasses market size is expected to reach USD 56.27 billion by 2032, according to a new study by Polaris Market Research. The report “Sunglasses Market Share, Size, Trends, Industry Analysis Report, By Product (Polarized and Non-Polarized); By Material; By Channel; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The major factor driving the sunglasses market is the availability of advanced and enhanced products and services that cater to the specific needs of customers. Moreover, there is a growing trend among consumers toward purchasing well-designed and high-quality sunglasses to enhance their overall look and style. Customers tend to prefer new products over older ones, and manufacturers have been able to introduce sunglasses with added features and functionality by implementing technological aspects. However, the presence of counterfeit products can have a negative impact on the sales and pricing strategies of established market players, thus impeding the growth of the market.
The sunglasses market suffered adverse effects as a result of the COVID-19 pandemic, with manufacturing activities being impacted and distribution networks disrupted globally. Government-mandated restrictions and guidelines pertaining to social distancing and lockdowns resulted in significant losses for market players, with major brand outlets and other sales channels remaining closed for the duration of the lockdown period. Moving forward, the prospects of the market hinge on the adoption of digital supply chain practices throughout the sunglasses industry worldwide.
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The demand for sunglasses in the global market is expected to be driven by the increasing purchasing power of consumers due to rising disposable incomes across various regional markets. The growth of the middle class and their increased aggregate disposable income in developing regions have contributed to this trend.
Moreover, the proliferation of the Internet and online retailing services is expected to have a positive impact on the market. For instance, the Japanese market is witnessing a growing demand for online purchases of sunglasses. However, this growth in internet retailing has resulted in low product prices, which has adversely affected revenue streams. Despite this, the expected growth in purchase volumes of sunglasses is expected to mitigate this trend over the years. This sector offers a high potential for penetration, which presents an opportunity for industry players.
Sunglasses Market Report Highlights
Polaris Market Research has segmented the Sunglasses market report based on product, material, channel and region:
Sunglasses, Product Outlook (Revenue - USD Billion, 2019 - 2032)
Sunglasses, Material Outlook (Revenue - USD Billion, 2019 - 2032)
Sunglasses, Channel Outlook (Revenue - USD Billion, 2019 - 2032)
Sunglasses, Regional Outlook (Revenue - USD Billion, 2019 - 2032)