Sunglasses Market: Global Industry Analysis and Forecast (2024-2030)

Sunglasses Market was valued at US$ 15.45 Bn in 2023, and it is expected to reach US$ 20.48 Bn by 2030, witnessing an estimated CAGR of 4.1%, during the forecast period.
Sunglasses Market Overview:
The Sunglasses are a type of protective eyewear used to keep strong sunshine and high-energy visible light from harming or irritating the eyes. The eyewear industry is divided into polarized and non-polarized varieties of sunglasses based on product type. The market is divided into three categories: men, women, and unisex. Offline retail stores and online retail stores are the two main types of distribution channels. The market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Market sizing and forecasting have been done on the basis of value for each segment (in USD million).To know about the Research Methodology:- Request Free Sample Report
Sunglasses Market Dynamics:
The market studied is majorly catering to the fashion segment, where consumer preference in opting for a sunglass is mostly inclusive of fashion, enhancing the facial aesthetics, brand value, and effective social media marketing/affluence. Traditional eyewear collections are more and more closely tied with ready-to-wear eye gear, which includes expression through colors, shapes, and embellishments. The major global players operating in the fashion industry are branching out their accessories, such as handbags, shoes, etc., that go along with their eyewear. Celebrities and fashion leaders are largely brand savvy and are more inclined to sunglasses that are eye-catching and carry the attention of people.

Unique styles are also known as “talking pieces” are easily linked to fashion. However, easy-to-wear iconic styles, such as aviators, cat eyes, retro, and the wayfarer, are expected to last in this fast-growing market. The independent and regional brands, such as FastTrack, IDEE, and Fahrenheit, within the sunglass industry, particularly in developing countries, like China, India, and Brazil, have scaled up rapidly in the previous years by increasing varieties in different shapes, styles, and colors, along with low prices, which further increases the brand capability in targeting the growing middle-class segment at large, which are highly influenced by the trending fashion sense.

Brands, such as Jack Spade, are offering customers an excellent solution for their daily wear in terms of affordability. This move comes along with an understanding of the consumer spending pattern, where price sensitivity plays a major role. Preference, in terms of lifestyle and profession, has also led consumers to embrace specific brands. Sports sunglasses are considered a summer trend and social networking platforms are found to actively promote brands and top-rated fashion pioneers who sport such looks. Fashion bloggers and celebrities, such as Gigi Hadid, Kim Kardashian West, and Pharrell Williams, are establishing trends, enabling millennials to seek sports sunglasses as the next fashion venture. The downfall of some high-end brands or their stagnant growth is relatable to the fact that quality and design, at present, do not justify the higher prices, like they once did over a decade ago.

However, brands are more likely to embrace designer labels and technology in upgrading lens quality that enables them to ensure that the price assigned justifies the product aesthetics and also the sunglasses can be worn/carried in many different ways as occasion the demand. The aforementioned factors are driving the market studied.

The millennial generation is increasing their spending than any other group, but as the consumer’s age, style, and feature preferences change, fashion-focused sunglasses become less popular, sporty, and basic/classic options gain share. However, the onset of independent retailers and manufacturers has led to numerous sets of products for consumers to shop via roadside stalls, kiosks, and online platforms that are, at present, promoting a cut-throat competition for major players operating in the market studied. Counterfeit sunglasses are also adversely affecting the sales and pricing strategy of major players’ offerings. Additionally, these counterfeit products result in the dilution of original brands as consumers perceive these counterfeit goods to be the original products. The entry of counterfeit sunglasses into the global marketplace has become a significant threat to the overall economy. The growth of sports sunglasses has been affected by the presence of these counterfeit products and customers may not be able to differentiate such products. These fake and replicated products are available at much lower prices than the actual prices set by organized market players. This adversely affects the sales and pricing strategies of the original players in the market studied.
Sunglasses Market Segment Analysis:
On the basis of type, the sunglasses market is segmented into polarized and non-polarized sunglasses. Polarized sunglasses are primarily used for glare and brightness reduction, and these are specifically designed for people involved in sports, such as golf, cycling, hiking, running, and other activities, to block the unwanted horizontally polarized light and allow useful vertical light to pass through the lenses to the eye. The developed markets record high growth opportunities for advanced technologies, such as polarized sports sunglasses, due to the existing high product penetration of sunglasses and a more significant percentage of the population being able to afford luxury goods.

The non-polarized segment recorded a slower growth rate than the polarized segment, as the non-polarized lens is tinted to block light but does not contain the filter to remove the glare and provide a more accurate perception of colors to the users during their outdoor activities, like hiking. The non-polarized segment records lower revenue compared to the polarized segment. This is due to the low clarity offered by the non-polarized sunglasses. This has also led many key players to introduce innovative designs and styles in polarized sports sunglasses, with a higher price than non-polarized ones.

On the basis of End User, the sunglasses market is segmented into Men, Women, and Unisex. Sunglasses for men are also increasingly becoming a fashion statement, with premium sunglass brands, such as Ray-Ban, coming up with new offerings, as per the market trends. Some of the trending sunglasses designs for men include metal sunglasses, D-frame, oversized aviators, heavy bowline, navigator sunglasses, square eyeglasses frames, and reflectors. Other designs that are trending among men include round frame sunglasses and wayfarers. The low penetration of sports among women in the developing countries of the Asian, African, and Middle Eastern regions is hindering the market growth. However, the increase in women's participation in the United States in outdoor activities, such as surfing and water skiing, was 57.66% during 2024-2030

On the Basis of distribution channel, it is segmented into offline retail channel and online retail channel. The global sunglasses market records a major sales revenue through offline retail channels. This is due to numerous exclusive retail chains and multi-branded stores, which provide many options for the customers to choose from. The consumers from all income groups are visiting sunglass specialty stores, such as Titan Eye+, luxury sunglasses retail stores, such as Ray-Ban and Giorgio Armani SpA, and local retail stores, as often personalized vision experts present in these eyewear shops help in the purchasing decisions of sunglasses, which may be difficult via online retail stores. The main reason behind the rise in eyewear sales through online retail stores is the convenience these stores provide to consumers, along with the availability of a wide variety of designs for comparison. Hence, the key players are trying to expand their presence in the online retail channel, with the launch of exclusive e-commerce platforms for eyewear products, such as sunglasses.
 Sunglasses Market Regional Insights:
The United States is one of the dominant global sunglass markets, with an impactful number of consumers demand innovative and fashionable products. Along with fashionable products, there has been an increasing demand for protective sunglasses and eye wears in recent years, with the rising awareness to protect eyes from exposure to ultraviolet (UV) rays, especially for people spending longer time outdoors.

According to the survey conducted by the American Optometric Association (AOA), it has been found that over 80% of the consumers in the country wear sunglasses in summer. However, only one-third of them wear it in winter. Awareness regarding the harmful effects of UV rays, even in winters, has increased the demand for sunglasses in the region.

Online retailing is extensively driving the sunglasses market in Europe. Key retailers are entering the market to expand their businesses and increase their sales through international business. In July 2019, Lentiamo, an online eyewear retailer, expanded its business to the Netherlands, consequently making it the 16th country to establish its presence in the region. The company attains 85%of its revenue from international business.

In March 2021, NIGO, a Japanese streetwear titan, teamed up with JINS, an innovative Japanese eyewear company, to launch JINS & SUN, a “Everyday Eyewear” concept. JINS & SUN is a big collection of 41 shapes and 129 styles divided into six categories. NIGO Launch, New Standard, Essential, Pop, Modern, and Sport & Active are some of the categories available.

The objective of the report is to present a comprehensive analysis of the global Sunglasses market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Sunglasses market dynamics, structure by analyzing the market segments and project the global Sunglasses market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Sunglasses market make the report investor’s guide.
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Sunglasses Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US$ 15.45 Bn.


Forecast Period 2024 to 2030 CAGR:
4.1%
Market Size in 2030:
US$ 20.48 Bn.


 Segments Covered:
by Type
Polarized
Non-Polarized


by End User
Men
Women
Unisex


by Distribution Channel
Offline Retail Stores
Online Retail Stores



Sunglasses Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Sunglasses Market Key Players:
1. EssilorLuxottica SA
2. SAFILO GROUP S.p.A.
3. Fielmann AG
4. Marcolin S.p.A. (Marcolin Group)
5. De Rigo Vision S.p.A.
6. Loch Effects
7. Randolph Engineering, Inc.
8. Stylrite Optical Industries
9. Eyevan Inc.
10. Wenzhou Eugenia Eyewear Co., Ltd.(Eugenia Eyewear)

Frequently Asked Questions:

1. Which region has the largest share in Global Sunglasses Market?
Ans: United States region held the highest share in 2023.

2. What is the growth rate of Global Sunglasses Market?
Ans: The Global Sunglasses Market is expected to grow at a CAGR of 4.1% during forecasting period 2024-2030.

3. What is scope of the Global Sunglasses market report?
Ans: Global Sunglasses Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Sunglasses market?
Ans: The important key players in the Global Sunglasses Market are – EssilorLuxottica SA, SAFILO GROUP S.p.A., Fielmann AG, Marcolin S.p.A. (Marcolin Group), De Rigo Vision S.p.A., Loch Effects, Randolph Engineering, Inc., Stylrite Optical Industries, Eyevan Inc., Wenzhou Eugenia Eyewear Co., Ltd.(Eugenia Eyewear),.

5. What is the study period of this market?
Ans: The Global Sunglasses Market is studied from 2023 to 2030.