The global Sunglasses Market is anticipated to reach $36,459 million by 2026 according to a new research published by Polaris Market Research. In 2018, the offline stores segment accounted for the highest market share in terms of revenue. North America is expected to be the leading contributor to the global Sunglasses market revenue in 2018.
The significant increase in awareness regarding eye protection against harmful UV rays among consumers, coupled with growth in living standards majorly drives the Sunglasses market growth. The increasing adoption of fashion trends, and use of sunglasses as a fashion accessory boosts the sunglasses market growth. The rising penetration of e-commerce, driven by growing broadband internet penetration, use of smartphones and an increasing proportion of technologically inclined consumers would further support the growth of the Sunglasses market. Consumers are increasingly becoming aware of eye health, which supports market growth. The growing popularity of fashion trends, and increasing disposable income encourage consumers to purchase designer, luxury, and branded sunglasses. The growing retail industry, modern retail practices, growing technological advancements, and online distribution efficiencies would increase the sale of sunglasses during the forecast period.
The growing disposable income has encouraged consumers to buy high quality sunglasses that are in perfect amalgamation with their increasing living standards. Moreover, consumers are now opting for trendy and designer sunglasses according to latest trends prevailing in the market. Youth prefer to don luxury sunglasses in an effort to accentuate their overall appearance. Thus, lofty living standards and increasing fashion consciousness would contribute to the growth of the sunglasses market.
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Sale of sunglasses through online channels has gained significant popularity over the years. The trend of online shopping is gaining traction in developing economies, thereby encouraging established market players to distribute their products globally. Emerging and new players are also using online platforms for promotion and sale of products. Online distribution channels offer a global platform to market players for expansion of customer base, while reducing operation cost.
North America generated the highest Sunglasses market share in terms of revenue in 2018, and is expected to lead the global Sunglasses market throughout the forecast period. The growing population, high disposable incomes, and increasing health consciousness has accelerated the Sunglasses market growth in the region. The increasing adoption of fashion trends, and online shopping is generating numerous opportunities for the Sunglasses industry.
The well-known companies profiled in the Sunglasses market report 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 Moët Hennessy Louis Vuitton SE, Marcolin Eyewear, and Maui Jim. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.