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Global Sunglasses Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Global Sunglasses Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • September 2021
  • 143 pages
  • ID: 6155687
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The global sunglasses market was valued at USD 17,097.17 million in 2020 and is projected to witness a CAGR of 5.03% during the forecast period (2021 – 2026).

After the onset of COVID-19, the sales of sunglasses had witnessed a downfall, because social engagements, outdoor recreational activities, and sports activities were on halt due to the strict lockdown and quarantine measures imposed by governments worldwide. Therefore, this factor led to a decrease in demand or a decrease in the purchasing power of sunglasses during the 2020 period.

The growth rate of sunglasses is driven by the increased consumer awareness and demand for protection against ultraviolet radiation and glare, as well as the growing popularity of sunglasses as a fashion product. The aforementioned factors are driving the market share for sunglasses.

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

The performances of products under extreme conditions are likely to act as a key growth factor for the market studied. Additionally, considerations such as lightweight, flexibility, the durability of materials, and ample choices in lenses are likely to drive the demand for sunglasses 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 and consumers’ preference toward replacing sports sunglasses, along with the increase in preference toward maintaining a luxury living that also speaks about “societal status”, by retaining high-end commodities.

Key Market Trends

The Polarized Sunglasses Segment is Leading the Market Growth

Polarized sunglasses are used for glare and brightness reduction and to block unwanted horizontally polarized light. The protection from damaging UVA and UVB is helpful for anyone who spends a lot of time around water and snow. Thus, polarized sunglasses are increasingly demanded by consumers engaged in outdoor activities, such as sports.

In order to cater to the growing demand for polarized sunglasses, the global players are trying to expand their presence and product portfolios. In May 2019, Xiaomi launched a range of Xiaomi Mi Polarized Sunglasses on its online platform, which provides six-layered-lens technology for the elimination of glare, polarized light, and harmful UV rays. Similarly, Luxottica Group SpA offers a range of Ray-Ban polarized sunglasses for men and women, which are claimed to eliminate glares, increase visual clarity, reduce eye strain, and enhance contrast. Therefore, the increasing market development taking place in the segment studied is expected to drive the overall sunglasses market.

Domination of the United States in the Sunglasses Market

Global players are entering the United States 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. ?

In January 2020, De Rigoannounced a licensing agreement for the design, production, and distribution of Gap-branded prescription frames and sunglasses in the United States, Canada, and other regions.

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

Competitive Landscape

The sunglasses market is competitive and comprises regional and international competitors. The market is dominated by some of the key players such as EssilorLuxottica, Safilo Group SpA, LVMH, Fielmann AG, and Marcolin SpA. The leading players in the sunglasses market enjoy a dominant presence worldwide. These players focus on leveraging opportunities posed by the emerging markets to expand their product portfolios so that they can 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 base to leverage opportunities posed by the developing markets of Asia-Pacific, like China, India, Brazil, and South Africa.? Also, the 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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