Sunglasses Global Market Report 2024

The sunglasses market size has grown strongly in recent years. It will grow from $17.22 billion in 2023 to $18.87 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth observed in the historic period can be attributed to various factors including evolving fashion trends, heightened awareness regarding UV radiation and sun protection, endorsements from celebrities promoting sunglasses, trends in tourism and travel emphasizing the need for eye protection, and the increased engagement in outdoor activities. These elements collectively contributed to the growth and evolution observed within the sunglasses industry during that period.

The sunglasses market size is expected to see strong growth in the next few years. It will grow to $26.26 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the forecast period is expected due to increasing health consciousness among consumers, the growth of travel and tourism sectors, influence from social media platforms, the impact of climate change, and the growing trends in sports and outdoor lifestyles. Additionally, brand collaborations and effective marketing strategies are anticipated to contribute to this growth.

The sunglasses market is witnessing growth driven by the rising perception of sunglasses as a fashion staple. Consumer preferences for stylish, quality eyewear to enhance their appearance and outfit choices have fueled demand. Sunglasses not only offer sun protection but also contribute to facial symmetry, enhancing natural beauty. An extensive report by The Vision Council in 2021 revealed that 85% of adults worldwide use sunglasses, primarily for sun protection and some for corrective purposes, indicating the increasing fashion-oriented appeal of these accessories.

The burgeoning e-commerce landscape is poised to significantly bolster the expansion of the sunglasses market in the foreseeable future. With e-commerce encompassing online transactions for goods and services, its continuous growth serves as a pivotal driver propelling the sunglasses market. The convenience and extensive reach offered by e-commerce platforms play a crucial role in augmenting eyewear sales, catering to consumer preferences for hassle-free online shopping experiences. As highlighted in a report by the International Trade Administration in October 2021, the anticipated rise in e-commerce for consumer goods is projected to constitute approximately 22% of global retail sales by 2024, with a steady annual growth rate of over 1%. These statistics underscore the consistent and significant surge in retail e-commerce sales, indicative of the pivotal role of the flourishing e-commerce sector in fueling the robust expansion of the sunglasses market.

A rising trend involves the integration of polarized sunglass-cum-face shields, featuring a polarized lens within a full-face shield. This innovative design offers comprehensive protection by covering the entire face from eyes to chin, equipped with UV protection. Notably, ZGHYBD, a Japanese company, introduced polarized sunglasses-cum-face shields made of polycarbonate (PC) in October 2021. These shields tout anti-fog, windproof, and dustproof properties, aiming to establish a post-COVID fashion trend while prioritizing safety.

Prominent corporations prioritize collaborations and partnerships to ensure reliable customer services. A strategic partnership denotes a structured affiliation between multiple commercial enterprises, typically established through business agreements or contracts. For instance, in October 2023, Meta Platforms Inc., a US-based social technology firm, collaborated with Ray-Ban, an Italy-based provider of eyewear, to develop AI-powered sunglasses. These groundbreaking Ray-Ban Stories smart glasses mark the first generation, integrating features such as cameras, open-ear speakers, and voice control. The aim is to offer a more immersive, hands-free experience and potentially replace smartphones for specific tasks.

In July 2021, Kering Eyewear, an Italian luxury eyewear manufacturer, completed the acquisition of Lindberg, a Danish family-owned eyewear brand renowned for its handmade titanium glasses. The undisclosed amount facilitated Lindberg's integration into Kering Eyewear, operating under the umbrella of the Kering Group. This strategic move aligns with Kering Eyewear's expansion plans, leveraging Lindberg's portfolio and brand to further its development strategy.

Major companies operating in the sunglasses market report are LVMH Moët Hennessy Louis Vuitton, Johnson & Johnson Vision Care Inc., Essilor International SAS, EssilorLuxottica SA, Kering SA, Luxottica Group S.p.A., Persol Holdings Co. Ltd., Coach Inc., Burberry Group PLC, VSP Global Inc., American Optical Company, Fielmann AG, Safilo Group S.p.A., Marcolin S.p.A., De Rigo Vision S.p.A., Oakley Inc., Maui Jim Inc., Oliver Inc., Julbo SA, Eyeking LLC, Alain Mikli International, Eyevan Inc., Bolon AB, Costa Del Mar Sunglasses Inc., Allure Eyewear LLC, Randolph Engineering Inc., Stylrite Optical Industries Pvt. Ltd., AmSun Technology Private Limited, Bvlgari SpA, Dolce & Gabbana Srl, Michael Kors Holdings Limited, Polo Ralph Lauren Corp., Prada SpA, Ralph Lauren Corp., Tiffany & Co., Gianni Versace S.r.l., Ray-Ban Sun Optics Pvt. Ltd.

North America was the largest region in the sunglasses market in 2023 and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the sunglasses market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the sunglasses market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Sunglasses come in two primary types such as non-polarized and polarized. Non-polarized sunglasses feature anti-reflective lenses, aiding visibility into the sky and underwater better than their polarized counterparts. They treat both day and night lighting equally and are favored for driving, hiking, golfing, fishing, and various outdoor activities where glare is a concern. Unsuch as polarized sunglasses, non-polarized ones don't entirely block all light. Sunglasses boast diverse designs such as aviator/pilot, rectangle, round, square, oval, cat eye, among others. Frames vary, encompassing injected, metal, acetate, and more. These sunglasses reach consumers through specialty stores, supermarkets & hypermarkets, online platforms, and various other distribution channels.

The sunglasses market research report is one of a series of new reports that provides sunglasses market statistics, including sunglasses industry global market size, regional shares, competitors with a sunglasses market share, detailed sunglasses market segments, market trends and opportunities, and any further data you may need to thrive in the sunglasses industry. This sunglasses market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The sunglasses market consists of sales of Photochromic glasses, Blue lense glasses, and Anti-reflective lenses. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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