Dublin, July 23, 2024 (GLOBE NEWSWIRE) -- The "Sunglasses Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global sunglasses market reached a value of nearly $17.21 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.7% since 2018. The market is expected to grow from $17.21 billion in 2023 to $22.49 billion in 2028 at a rate of 5.5%. The market is then expected to grow at a CAGR of 6.2% from 2028 and reach $30.44 billion in 2033.
Where is the largest and fastest-growing market for sunglasses? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider sunglasses market; and compares it with other markets.
Growth in the historic period resulted from the rise of ophthalmic disorders, changes in fashion and lifestyle trends, increase in outdoor recreation activities and increase in sports activities. Factors that negatively affected growth in the historic period included strict regulations.
Going forward, the strong economic growth in emerging markets, increasing awareness of UV protection, growing e-commerce and rising disposable income will drive the market. Factors that could hinder the growth of the sunglasses market in the future include a lack of awareness about eye health.
The sunglasses market is segmented by type into non-polarized and polarized. The non-polarized market was the largest segment of the sunglasses market segmented by type, accounting for 70.9% or $12.2 billion of the total in 2023. Going forward, the polarized segment is expected to be the fastest growing segment in the sunglasses market segmented by type, at a CAGR of 6% during 2023-2028.
The sunglasses market is segmented by design into aviator/pilot, rectangle, round, square, oval, cat eye and other designs. The round market was the largest segment of the sunglasses market segmented by design, accounting for 25.4% or $4.37 billion of the total in 2023. Going forward, the cat eye segment is expected to be the fastest growing segment in the sunglasses market segmented by design, at a CAGR of 7.2% during 2023-2028.
The sunglasses market is segmented by frame metal into injected, metal, acetate and other frame metals. The injected market was the largest segment of the sunglasses market segmented by frame metal, accounting for 41.8% or $7.2 billion of the total in 2023. Going forward, the metal segment is expected to be the fastest growing segment in the sunglasses market segmented by frame metal, at a CAGR of 6% during 2023-2028.
The sunglasses market is segmented by distribution channel into specialty stores, supermarkets and hypermarkets, online and other distribution channels. The specialty stores market was the largest segment of the sunglasses market segmented by distribution channel, accounting for 42.4% or $7.3 billion of the total in 2023. Going forward, the online segment is expected to be the fastest growing segment in the sunglasses market segmented by distribution channel, at a CAGR of 6.5% during 2023-2028.
Western Europe was the largest region in the sunglasses market, accounting for 32.2% or $5.54 billion of the total in 2023. It was followed by North America, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the sunglasses market will be Africa and South America, where growth will be at CAGRs of 8% and 6.6% respectively. These will be followed by Asia-Pacific and the Middle East, where the markets are expected to grow at CAGRs of 6.3% and 5.8% respectively.
The global sunglasses market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 28.5% of the total market. EssilorLuxottica SA was the largest competitor with a 19.2% share of the market, followed by VSP Global Inc with 3%, Kering SA with 1.9%, Safilo Group S.p.A with 1.8%, De Rigo Vision S.p.A with 0.9%, Marcolin S.p.A with 0.7%, Fielmann AG with 0.5%, LVMH Moet Hennessy Louis Vuitton Group with 0.3%, Maui Jim Inc with 0.2% and Specsavers Optical Group Ltd with 0.1%.
The top opportunities in the sunglasses market segmented by type will arise in the non-polarized segment, which will gain $3.58 billion of global annual sales by 2028. The top opportunities in the sunglasses market segmented by design will arise in the round segment, which will gain $1.61 billion of global annual sales by 2028. The top opportunities in the sunglasses market segmented by frame metal will arise in the injected segment, which will gain $2.19 billion of global annual sales by 2028. The top opportunities in the sunglasses market segmented by distribution channel will arise in the specialty stores segment, which will gain $2.26 billion of global annual sales by 2028. The sunglasses market size will gain the most in the USA at $1.08 billion.
Market-trend-based strategies for the sunglasses market include focus on launch of new sunglasses collections meet evolving consumer demands, focus on integration of technology with smart sunglasses redefining fashion and function, focus on increased focus on performance eyewear and focus on launch of lightweight sports sunglasses for improved performance.
Player-adopted strategies in the sunglasses market include focus on strengthening business capabilities through new product launches, focus on enhancing operational capabilities through strategic acquisitions and focus on enhancing business capabilities through strategic partnerships.
To take advantage of the opportunities, the analyst recommends the sunglasses companies to focus on expanding product offerings, focus on smart sunglasses integration, focus on performance eyewear development, focus on lightweight sports sunglasses, focus on fastest-growing polarized segment, focus on cat eye segment, expand in emerging markets, continue to focus on developed markets, focus on expanding online distribution channels, provide competitively priced offerings, focus on value-based pricing strategies, focus on digital marketing channels and focus on targeting young generation.
Markets Covered:
1) by Type: Non-Polarized; Polarized
2) by Design: Aviator/Pilot; Rectangle; Round; Square; Oval; Cat Eye; Other Designs
3) by Frame Metal: Injected; Metal; Acetate; Other Frame Metals
4) by Distribution Channel: Specialty Stores; Supermarkets and Hypermarkets; Online; Other Distribution Channels
Key Companies Mentioned: EssilorLuxottica SA; VSP Global Inc.; Kering SA; Safilo Group S.p.A.; De Rigo Vision S.p.A.
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; sunglasses indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 284 |
| Forecast Period | 2021-2031 |
| Estimated Market Value (USD) in 2021 | $17.21 Billion |
| Forecasted Market Value (USD) by 2031 | $30.44 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- EssilorLuxottica SA
- VSP Global Inc.
- Kering SA
- Safilo Group S.p.A.
- De Rigo Vision S.p.A.
- Marcolin S.p.A.
- Fielmann AG
- LVMH Moet Hennessy Louis Vuitton Group
- Maui Jim Inc.
- Specsavers Optical Group Ltd.
- Luxottica Group
- Nreal
- Thelios
- Molsion
- Yue Hwa
- LG Uplus
- Lenskart
- Gentle Monster
- Fittingbox
- Marchon Eyewear
- Vuzix Corporation
- Polaroid Eyewear
- GlassesUSA.com
- JINS Eyewear
- Eyebobs
- Meta Platforms Inc
- Bajio Sunglasses
- Carolina Herrera
- Oakley Inc
- Ray-Ban
- Costa Del Mar
- Warby Parker
- Foster Grant
- Bausch + Lomb
- Carrera
- Clearly
- Bailey Nelson
- Sunglass Hut
- BonLook
- Devlyn
- Solaris
- Sunglass Island
- Opticas Lux
- Chilli Beans
- Oticas Carol
- Absurda
- Infinit
- VisionLab
- Opticas GMO
- Lentes World
- Eyewa
- Gottex Models
- EyeBuyDirect
- Magrabi Optical
- Optikos Shami
- Al Jaber Optical
- Rivoli Group
- Qatar Optics
- Grand Optics
- Atasun Optik
- Sarar Optik
- CHIMI
- Spec-Savers
- Optica
- Vision Plus
- Baraka Optics
- House of Lunettes
- Optimal Optic
- Optica Uganda
- Eye Care Centre
For more information about this report visit https://www.researchandmarkets.com/r/rtxvpu
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