To identify growth opportunities, the market has been segmented into regions that are growing faster than the overall market. These regions have been pitted against regions that have a slower growth rate than the global market in 2018-2023. APAC, MEA, and South America will grow faster than the overall market. The growth of Europe and North America will be slower than the global market.
Global polarized sunglasses market is expected to witness a CAGR of 6.76% during the forecast period. Certain factors that are driving the market growth include rising product premiumization due to increased innovation and portfolio extension, need to reduce extreme brightness and distracting reflections while driving, and positioning of premium polarized sunglasses as fashion accessories.
Below are some of the key findings from the polarized sunglasses market analysis report
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The polarized sunglasses have a high appeal among high-income consumers as it adds to their social status and fashion sense. Hence, manufacturers are focusing on the production of sunglasses with the new style, sizes, colors, designs, and aesthetic features. These factors encourage the customer to buy more sunglasses to match their apparel and latest fashion trends. Also, competitors are focusing on the design of customized sunglasses based on customer feedback. Individuals belonging to the age group of 17-35 years are the major customer base in the market. Also, the economic independence of women also contributes to the demand for premium polarized sunglasses. Hence, owing to these factors the market will grow during the forecast period.
Global polarized sunglasses industry overview
The rising product premiumization because of the increased innovation and portfolio extension is one of the primary factors driving global polarized sunglasses market growth. Customers prefer innovative products that offer exceptional performance and durability which encourages polarized sunglasses manufacturers to focus on innovations. Moreover, vendors in the industry focus on proper branding and improving the quality of their products to attract brand conscious customers. Customers are willing to pay for expensive, branded premium polarized sunglasses because of their high disposable income. Moreover, technological advancements also result in the development of premium products that eliminate reflections and glare and ensure the clarity of vision. With the wide acceptance of premium branded and technologically advanced polarized sunglasses across the globe, the market will witness considerable growth during the forecast period.
The advent of tinted polarized sunglasses is one of the key trends that will gain traction in the market. Tinted polarized sunglasses have optical advantages apart from having high fashion quotient. For instance, yellow-tinted sunglasses are best suited to use at dawn as they create good visibility even in low-light conditions. Similarly, red-tinted sunglasses are good for the cloudy weather because these lenses brighten the vision when natural light is dim. Such features of tinted polarized sunglasses induce customers preference for these glasses at a greater level, positively impacting the polarized sunglasses market growth at a CAGR of close to 7% during the forecast period.
Top companies covered in the polarized sunglasses market research report
The global polarized sunglasses market is moderately fragmented. To help clients improve their market position, the report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. Moreover, the market research report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make most of the upcoming growth opportunities.
The report offers a detailed analysis of several polarized sunglasses companies, including:
MAUI JIM, INC.
Safilo Group S.p.A.
Polarized sunglasses market segmentation based on material
CR-39 or ADC
Polycarbonate sunglasses market segment accounted for the largest polarized sunglasses market share in 2018. Because of its durability, lightweight, and excellent resistance to UV rays, the preference for these sunglasses will increase in the coming years, and the segment will continue to dominate the market. The growth of the segment will be faster compared to other segments as they are preferred due to thin lenses and have a higher refractive index.
Polarized sunglasses market segmentation based on region
Europe accounted for the largest market share in 2018 because of the willingness of customers to spend on premium polarized sunglasses. The product launches, innovations, the emergence of new designs, and availability of the wide product range are some of the factors driving the growth of the market in the region. Though the region’s contribution to the growth of the polarized sunglasses market size will decrease, Europe will account for the largest market share throughout the forecast period.
Key highlights of the global polarized sunglasses market for the forecast years 2019-2023:
CAGR of the market during the forecast period 2019-2023
Detailed information on factors that will accelerate the growth of the polarized sunglasses market during the next five years
Precise estimation of the global polarized sunglasses market size and its contribution to the parent market
Accurate predictions on upcoming trends and changes in consumer behavior
The growth of the polarized sunglasses industry across APAC, Europe, MEA, North America, and South America
A thorough analysis of the market’s competitive landscape and detailed information on several vendors
Comprehensive details on factors that will challenge the growth of polarized sunglasses companies
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