Sunglasses Market Size Worth $39 Billion By 2030: IndustryARC
Research Reports
Oct 04, 2023
Sunglasses Market size is predicted to reach $39 billion by 2030, growing at a CAGR of 5.2% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Increasing demand for fashionable and trendy sunglasses, rising awareness for sports and outdoor activities and growth of e-commerce are poised to propel the market growth, finds IndustryARC in its recent report, titled “Sunglasses Market Size, Share & Trends Analysis Report By Design (Aviator, Wayfarer, Round, Cat-Eye, Square, Others), By Lens Type (Polarized, Non-Polarized), By Distribution Channel (Online Retailers, Retail Stores, Specialty Stores, Others), By Material (Plastic, Metal, Others), By End-User (Men, Women, Unisex, Children), By Region and Segment Forecasts, 2023–2030.”
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Europe to Register Highest Growth:
European consumers are known for their fashion consciousness and willingness to invest in high-quality, trendy accessories. Sunglasses are considered an essential accessory to complete any outfit, and this trend is expected to continue driving growth in the market. Europe is a popular tourist destination, with millions of visitors every year. In May 2022, Kering eyewear brand Gucci introduced its new Hollywood Forever eyewear collection and campaign, featuring a selection of sparkling styles inspired by the stars of last year.
Sunglasses Market 2023-2030: Segmentation
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Report: https://www.industryarc.com/Research/Sunglasses-Market-Research-800258
Sunglasses Market Report – Key Takeaways:
- Increasing Consumer Awareness About Eye Health
As people become more aware of the harmful effects of UV radiation on the eyes, they are increasingly looking for ways to protect their eyes from the sun’s rays. Consumers are willing to invest in high-quality sunglasses that offer the necessary protection from UV rays, which is driving the growth of the sunglasses market. Manufacturers are also responding to this demand by developing new products that offer improved protection such as polarized lenses and anti-reflective coating lenses.
- Cat-Eye Design to Register Highest Growth
The cat eye design was popular in the 1950s and 1960s and has made a comeback in recent years due to the popularity of retro and vintage fashion. The cat eye design is often associated with femininity and glamour, making it a popular choice among women. As more women enter the workforce and seek fashionable and functional accessories, the demand for cat eye sunglasses is expected to grow.
- North America is Leading the Market
The North American region held a major market share of 38% in 2022. North America is known for its outdoor recreational activities, such as hiking, skiing, and boating. Sunglasses are essential for protecting the eyes from the sun’s glare during these activities, leading to increased demand for high-quality, durable sunglasses. North American consumers are known for their fashion consciousness and willingness to invest in high-quality, trendy accessories. And sunglasses are considered an essential accessory to complete any outfit.
- Growth of E-Commerce and Digital Marketing
E-commerce has made it easier for consumers to shop for sunglasses online, offering convenience, a wide range of products, and often competitive prices. Online retailers can reach a larger audience than traditional Retail stores, and consumers can easily compare prices and styles from multiple brands and retailers. Social media platforms such as Instagram and Facebook provide a platform for brands to showcase their products and engage with customers, while influencer marketing allows brands to partner with social media personalities to reach their audience and promote their products.
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Key Opportunity Analysis:
- Growing Consumer Demand for Eco-Friendly Products
Consumers are increasingly concerned about the impact of their purchasing decisions on the environment. Sunglasses brands that can offer products made from sustainable materials such as recycled plastic, bamboo, or other plant-based materials can appeal to environmentally-conscious consumers.
Additionally, brands that use sustainable production processes, such as reducing water and energy consumption or reducing waste, can also appeal to consumers looking to make more sustainable choices. For instance, in November 2022, Chloe Eyewear launched the new Gayia styles that are crafted entirely from ReAce – a 100% recycled acetate derived from pre-consumer waste and exclusive to Kering Eyewear.
- Digital Innovation and New Technologies
Technologies like augmented reality and virtual try-on offer new opportunities for online retailers to enhance the shopping experience for consumers. This technology can also help customers visualize how different styles and colors look on their faces, leading to a more informed purchase decision. 3D printing technology can be used to create custom-made sunglasses tailored to a customer’s specific face shape and size.
- Growing Popularity of Sunglasses for Sports and Outdoor Activities
Many people require specialized eyewear to enhance their performance and protect their eyes while participating in sports-related activities. More people are engaging in outdoor activities and sports such as hiking, running, cycling and driving. This is due to rising urbanization and growing health awareness. This has led to a greater demand for sporty sunglasses. People are becoming more aware of the importance of protecting their eyes from the sun’s harmful UV rays which has led to an increased demand for sunglasses that provide UV protection and are specifically designed for outdoor activities.
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The Report also Covers the Following Areas:
- Sunglasses Market Size and Forecast
- Sunglasses Market Trends
- Sunglasses Market Analysis by Product Type
Sunglasses Market 2023-2030: Key Highlights
- CAGR of the market during the forecast period 2023-2030
- Value Chain Analysis of key stakeholders
- Detailed Analysis of market drivers and opportunities during the forecast period
- Sunglasses Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Sunglasses Market
COVID-19 and Ukrainian Crisis Impact:
- The market experienced a decline in sales in the early stages of the COVID-19 pandemic due to lockdowns and decreased consumer demand. However, as the pandemic progressed, the sunglasses market has seen a gradual recovery as people started to spend more time outdoors and engage in activities such as outdoor sports. As the world continues to recover from the pandemic, the market is expected to continue its gradual recovery and adapt to changing consumer preferences and behaviors.
- The war in Ukraine has had a limited impact on the global sunglasses market. Some of the companies that manufacture sunglasses have production facilities or supply chains that extend into Ukraine and the conflict has disrupted these operations. This disruption has led to supply chain challenges, production delays, and increased costs for some manufacturers. While the conflict is certainly a significant issue for the people of Ukraine and the region as a whole, its impact on the global sunglasses market is limited.
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List of Key Market Players in the Sunglasses Market:
The Global Sunglasses Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- EssilorLuxottica SA (Rayban, Oakley, Persol)
- Safilo Group S.p.A. (Marc Jacobs, Carrera)
- Marcolin S.p.A. (Tom Ford, Guess)
- Revo Eyewear (Revo Sunglasses)
- De Rigo Vision S.p.A. (Police, Lozza, Sting)
- Charmant Inc. (Minamoto, Aristar, Elle)
- Fielmann AG (Medical Optica, Deep Optics)
- Marchon Eyewear (Flexon, Paul Smith, Marchon NYC)
- Kering Eyewear (Maui Jim, Chloe, MontBlanc)
- Thelios Eyewear (Celine, Loewe, Kenzo)
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Mr. Venkat Reddy IndustryARC Email: sales@industryarc.com USA: (+1) 518-282-472
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