Portland, OR, May 18, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research,the global sport sunglasses market generated $3.13billion in 2019, and is estimated to reach $4.4 billion by 2027, registering a CAGR of 4.7% from 2020 to 2027.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in safety consciousness and increase in the number of exclusivesports equipment outlets and sports stores in developing countries such as China and Indiadrive the growth of the global sport sunglasses market. However,the presence of counterfeit productshinders the market growth. On the other hand,technological development and surge in the trend of wearing tinted sports sunglassescreate new opportunities for the market player in the coming years.
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Covid-19 scenario:
- Due to lockdown in several countries, various sports activities such as cricket & football tournaments and Olympicgames have been postponed.Thus, the demand for sports sunglasses is expected to decline during the forecast period 2020–2027.
- The demand for sport sunglasses is likely toexperience a downfall during the coronavirus pandemic due to the negatively-affected supply chain amid lockdown.
- The revenue generated from the specialty store segment will be reduced for a few months as governmentshave asked to keep the stores closed till further orders amid lockdown due to the Covid-19 pandemic.
- The COVID-19 pandemic is receding slowly in countries such as China and India and governments are now lifting the lockdown to start the industrial activities. This is likely to be a huge opportunity for several sport sunglasses manufacturers in these countries to generate maximum revenue.
The report offers a detailed segmentation of the global sport sunglasses market based ontype,gender,distribution channel, and region.Based on type, the polarized segment contributed to the largest share in 2019, accounting formore than four-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the non-polarizedsegment is estimated to portray the highest CAGR of 6.1% during the forecast period.
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Based on gender, the male segment accounted for the largest share in 2019, holding more than two-fifthsof the total share, and is expected to maintain the largest share throughout the forecast period. However, thefemalesegment is expected to register the highest CAGR of 6.1% from 2020 to 2027.
Based on region, North Americacontributed the highest share, accounting foraround two-fifthsof the total market sharein 2019, and will maintain its dominance throughout the forecast period.However,Asia-Pacific isexpected to grow at the highest CAGR of 6.6% from 2020 to 2027.
Leading market players analyzed in the research include Luxottica, Adidas AG,Nike, Inc.,PUMA SE, Under Armour, Inc., Decathlon SA,Liberty Sports, Inc.,Titan Company Limited,Taizhou Baiyu Eyewear Co., Ltd., and Yiwu Conchen Glasses Co., Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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