Sunglasses Market - Growth, Trends, and Forecasts (2023-2028)

The global sunglasses market is projected to register a CAGR of 5.03% over the forecasted period.

Sunglasses are regarded as fashion accessories. The sunglasses offer useful functionality in addition to style and a fashionable appearance. The purpose of sunglasses is to protect the eyes from the sun's glaring beams. In January 2023, according to the National Eye Institute, doctors and researchers discovered that certain factors, including excessive sun exposure, particularly without sunglasses, accelerate the formation of cataracts. Also, around 20% of cataract occurrences are brought on by UV exposure. Sunglasses shield the eyes from the sun's brightness and block 99% to 100% of UVA and UVB rays. The global market for sunglasses is significantly driven by rising disposable income and increased consumer awareness of the importance of eye protection. Another factor is the increased demand for stylish accessories among young individuals around the world. The factors above are driving the market share for sunglasses.

Seasonal variations have also propelled consumers' engagement in outdoor activities; thus, there is a strong demand for sunglasses during summer and winter due to involvement in sports, tourism, and recreational activities. This is expected to result in solid growth in the market studied over the forecast period.

The growing demand for sunglasses is due to factors such as the rise in consumers’ disposable incomes, owing to which they seek branded, well-designed, and quality products; consumers’ preference toward replacing sports sunglasses; and the increase in preference toward maintaining a luxury lifestyle that also speaks about 'societal status' by retaining high-end commodities. Also, consumers are willing to pay extra money for branded and expensive sunglasses to make a unique fashion statement. Additionally, manufacturers are introducing sunglasses in a variety of forms, hues, and shapes to match consumer preferences.

Sunglasses Market Trends

Choice for Versatile Fashion and Variants

The shift in millennials' lifestyle preferences and their growing use of expensive accessories promote market expansion. Eyewear manufacturers focus on producing fashionable and reasonably priced eyewear as a result of the growing consumer demand for their goods.To quickly respond to current fashion trends and draw in fashion enthusiasts, manufacturers are introducing innovative designs and patterns. The leading market players' persistent efforts to win new clients and keep hold of existing ones are having a favorable impact on market statistics.

The market studied mainly caters to the fashion segment, where consumer preference in opting for sunglasses mostly includes fashion, enhancing facial aesthetics, brand value, and effective social media marketing and affluence. Traditional eyewear collections are more closely tied to 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 accompany their eyewear. Celebrities and fashion leaders are largely brand savvy and are more inclined toward sunglasses that catch the attention of people.

With the growing demand for sunglasses and the emerging consumer market, global players are trying to expand their presence and product portfolios with innovations in trends and product types. For instance, in 2021, a Japanese company introduced a unique range of sunglasses that covered the entire face. ZGHYBD has launched these polarized sunglasses/face shields in an attempt to set a new fashion trend. These sunglasses are made from polycarbonate and come with anti-fog, windproof, and dustproof properties.

North America to Dominate the Market

Global players are entering the North American market owing to the wellness awareness among consumers in the country. Consequently, consumers’ demand for fashionable, affordable, and protective sunglasses is also fed by manufacturers. While research from the Prevent Blindness study stated that more than 25 million Americans will have cataracts in the United States by 2022, By using the appropriate sunglasses, cataract-producing UV light damage can be reduced to a significant extent. For instance, in 2021, according to ITC Trade Map-Trade statistics for international business development, the major importers of sunglasses include countries such as the United States in the first place since its import value was evaluated at USD 1,949,604, followed by other countries.

According to the Review of Optometric Business, in October 2022, the research of 2,000 Americans examined participants' awareness of how to take precautions to safeguard their bodies and eyes. While most respondents (72%) claim they are most cautious in the summer, 68% state that they take precautions every time they go outside, even if it's just for a short while. While those in the west get more sun, those in the northeast (56%), along with those in the southwest (63%), are more likely to wear sunscreen and sunglasses when going about their daily business, such as running errands. In 2019, According to a survey conducted by the American Optometric Association (AOA), it has been found that over 80% of consumers in the country wear sunglasses during the summer. However, only one-third of them wear them during the winter. The increased awareness regarding the harmful effects of UV rays, even in winter, has increased the demand for sunglasses in the region. Also, the huge populace of sports enthusiasts and professionals in the United States prefers wearing sunglasses as they control light, which automatically enhances the performance of the players. Factors like these are expected to drive the sunglasses market in the country. ​

Sunglasses Market Competitor Analysis

The global sunglasses market is competitive and comprises regional and international competitors. The market is dominated by some of the key players, such as Essilor Luxottica, Safilo Group SpA, LVMH, Marcolin SpA, and Marcolin SpA. The leading players in the sunglasses market enjoy a dominant presence worldwide. These players focus on leveraging the opportunities posed by emerging markets to expand their product portfolios to cater to the requirements of various segments, such as the athleisure trend. Furthermore, global players are increasing their investments to expand their footprints and revenue bases to leverage the opportunities posed by the developing markets of Asia-Pacific, like China, India, Brazil, and South Africa. Also, key players such as Ray-Ban and Oakley are now focusing on social media platforms and online distribution channels for online marketing and branding to attract more customers. ​

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