Market Scope
Market Research Future (MRFR) studied the global sunglasses market 2021 for the review period till 2024. As per MRFR analysis, the global market is expected to thrive at 5.16% CAGR in the review period. By 2024, the sunglasses market value can touch USD 37.43 Bn.
Drivers and Restrains Impacting Sunglasses Market
The growing adoption of sunglasses to prevent eyes from the harmful UV rays is expected to prompt the growth of the market of sunglasses. The growing utility of sunglasses to boost facial appeal can also contribute to the market upsurge. Moreover, major companies are rolling out innovations to capitalize on trending designs and shades, thus boost the revenue generation of the global sunglasses market size.
Lens quality and shades are major criteria influencing purchase decision of sunglasses. Thus, the availability of high quality, esthetical lenses glass that meet the preference of customers can prompt the expansion of the sunglass market in the years to come. Lenses are mostly made of polycarbonates and the quality of the raw material is pivotal to the performance efficacy of the product. The availability of expertise to check and control quality of feedstock and their affordable purchase rate can prompt the market growth in the near future.
The introduction of different types of sunglass lenses, such as; polarized lenses that help in eliminating glare due to reflection and ease driving and outdoor activities, can support the market growth. The availability of photochromic lenses that respond well to the UV light can also prompt the expansion of the market rise. The growing awarness about such benefits and the availability of several lens types can work in favor of the global sunglasses industry.
The onset of COVID-19 has induced a decline in the sales of sunglasses as drop in social engagements, sports activities, and outdoor recreational activities are observed as measures by governments worldwide to control the contagion. Thus, the sunglasses market share is expected to slow-down. However, as recently reported, cases of COVID 19 are observed to decline and the growth rate of the market is expected to surge. In addition, the availability of sunglasses from top-notch brands on sale and discount in the burgeoning e-commerce platform can cast a positive impact on the global market of sunglasses.
Key Players of Sunglasses Market
Safilo Group S.p.A. (Italy), Luxottica Group S.p.A. (Italy), Wenzhou Eugenia Eyewear Factory (China), De Rigo Vision S.p.A. (Italy), Marcolin SpA. (Italy), Revo Holdings, LLC (US), Marchon Eyewear, Inc. (US), Randolph Engineering, Inc. (US), Alexander McQueen Trading Limited (UK), Fielmann AG (Germany), Maui Jim (US), Eyeking LLC (US), and Nike, Inc. (US) are some of the key players in the global sunglasses market
Segment Assessment of Sunglasses Market
The global sunglasses market share has been segmented based on type, distribution channel, and region. The global market has been classified, based on type, as aviator/pilot, wayfarer, rectangle, round, cat eye, oval, and others. On the basis of distribution channel, the global market has been bifurcated into store-based and non-store-based. The store-based segment is further divided into supermarkets hypermarkets, convenience stores, specialty stores, and others.
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Regional Study of Sunglasses Market
The global market of sunglasses is assessed for four key regions; North America, Middle East Asia, Europe, Africa, and Asia Pacific. In North America, the sunglasses market is analyzed for the US, Mexico, and Canada. In Europe, the sunglasses market analysis is studied for its growth dynamics across the UK, Italy, Germany, France, Spain, and the rest of Europe. In the Asia Pacific region, the sunglass market drivers, restrains, and scope are studied for China, Australia, India, Japan, and New Zealand, along with the rest of Asia Pacific region.
The sunglass market in the North America region is expected to be driven by the US owing to the surging awareness about the availability of latest shades and model of sunglasses designed to meet the changing preference of consumers in the country. The increase in the need for fashionable, and affordable protective sunglasses are encouraging manufacturers to roll-out their innovations that can favor the growth of North America sunglass industry analysis. In the Asia Pacific region, major companies dealing in sunglasses are launching their latest iconic sunglasses collection with the promise to fulfills the demands of consumers by providing aesthetic classic frames at an affordable price. The presence of a large number of local players can favor the sunglasses industry in the years to come.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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