Sunglasses Market to Reach $18,164 Million, Globally and by 2027 at a CAGR of 4.2% – Allied Market Research Report
According to the sunglasses market analysis, the sunglasses market is segmented into type, design, frame material, distribution channel and region.
PORTLAND, OREGON, USA, July 26, 2022 /EINPresswire.com/ — According to a new report, the global sunglasses market size is expected to reach USD 18,164 million by 2027, growing at a CAGR of 4.2% from 2021 to 2027. The report provides a detailed analysis of major investment pockets, top winning strategies, drivers and opportunities, market size and estimates, competitive landscape and changing market trends.
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Sunglasses are seen as a luxury fashion accessory. These are special lenses or goggles designed to protect the eyes from the glare of the sun and high energy visible light. Sunglasses sometimes work as a visual aid. Over the past decade, the share of sunglasses has rapidly increased within the fashion accessories industry. Sunglasses meet consumer needs for fashion and function. As a popular fashion accessory, sunglasses are in high demand among the global youth population. Demand from young workers, travel enthusiasts and sports enthusiasts is particularly large and is a driving factor for the global sunglasses market.
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Based on type, the non-polarized segment was the largest contributor to the market, with $11,306.2 million in 2019, and is expected to maintain its importance during the forecast period. Non-polarized sunglasses consist of glass or plastic lenses and a frame holding the lenses. Non-polarized sunglasses reduce the overall intensity of sunlight. A wide variety of non-polarized sunglasses are available depending on lens color, design, materials used in the frames, and custom eyewear customization. It is a popular choice of consumers around the world due to its wide range of varieties and easy availability in both offline and online channels.
Based on design, the round segment was the largest contributor to the market, with $3,282.7 million in 2019, and is expected to reach $3,436.8 million by 2027, growing at a CAGR of 3 .8% over the forecast period. The round and aviator segments collectively accounted for approximately 36.5% market share in 2019. The cat’s eye and oval segments are expected to witness a significant growth rate over the forecast period.
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Regionally, North America dominated the sunglasses market in 2019 and is expected to maintain its dominance throughout the forecast period. The key factors driving the growth of the sunglasses market in the region are high purchasing ability of the majority of the people, strong demand for premium and luxury products and consumer awareness of eye care .
The players operating in the global sunglasses market have adopted various development strategies to expand their market share and increase the profitability of the market. The major players are EssilorLuxottica SA, Safilo Group SpA, Fielmann AG, Marcolin Eyewear, De Rigo Vision Spa, Stylrite Optical Industries, Eyevan Inc., Loch, Randolph and Eugenia Eyewear. Prominent players invest in technological advancements like 3D fitting developed by various market players on their website and try to provide the best possible user experience while sitting at home.
○ Manufacturing activities and the disruption network have been disrupted due to the lockdown imposed by many governments around the world. In addition, the shortage of raw materials occurred. The focus on import-export activities has impacted the market.
○ Big brand outlets, supermarkets and hypermarkets and other sales channels have been closed during the lockdown. This has resulted in huge losses for suppliers and manufacturers as demand has dropped significantly. However, demand is expected to steadily increase during post-lockdown.
Main results of the study:
○ Sunglasses Market was valued at USD 16,851 Million in 2019 and is projected to reach USD 18,164 Million by 2027, growing at a CAGR of 4.2% during the forecast period.
○ By type, the polarized segment is estimated to be the fastest growing, registering a CAGR of 4.4% during the forecast period.
○ In 2019, by frame material, the injected segment was valued at $6,338.9 million, accounting for 37.6% of the global sunglasses market share.
○ In 2019, the United States was the largest market in North America and is expected to reach $3,926 million by 2027, growing at a CAGR of 1.4% during the forecast period .
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