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The report includes a comprehensive outlook on the sunglasses market offering forecasts for the industry segmented by Distribution Channel, which comprises offline and online. Additionally, it categorizes Types into non-polarized and polarized and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments. It also includes an in-depth analysis of the growing popularity of sunglasses among the young and middle-aged population, the adoption of omnichannel retailing, and the rising availability of substitute products.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Sunglasses Market. One of the major company in the market include:
Adidas AG - The company offers sunglasses such as Sport Sunglasses SP0034, Originals Sunglasses OR0040, SP0045 Sport Sunglasses, and SP0044 Sport Sunglasses.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including Carl Zeiss Stiftung, Charmant Inc., De Rigo Vision Spa, Dealskart Online Services Pvt. Ltd., Decathlon SA, EssilorLuxottica, Fielmann AG, HOYA Vision Care Europe Hoya Holdings N.V, JINS Eyewear US Inc., Kering SA, Marcolin Spa, Nike Inc., Prada S.p.A, Rudy Project SpA, Safilo Group Spa, Specsavers Group, Titan Co. Ltd., Vision Service Plan, and Warby Parker Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the data with 2023 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing popularity of sunglasses among young and middle-aged populations notably drives the market growth. There has been a great increase in global awareness of the need to safeguard one eye from any type of medical illness affecting one eye. Furthermore, the alarming rate at which the ozone layer has depleted has heightened awareness among the worldwide population in practically all locations to protect their eyes from any sort of injury. According to the World Cancer Research Fund International (WCRF), an estimated 300,000 new cases of melanoma will be documented in 2020.
Furthermore, an increasing number of people who participate in outdoor activities around the world are wearing sunglasses to protect themselves from harmful ultraviolet radiation emitted by the sun. This is expected to increase demand for these unbreakable sunglasses in various parts of the world. All of these factors are expected to fuel the expansion of the global sunglasses market during the forecast period.
The adoption of omnichannel retailing is an emerging trend shaping market growth. Marketing is important for manufacturers of fashion products such as sunglasses. Product improvement, along with appropriate channels of distribution, effective advertising, and aggressive pricing strategies, is an essential factor that affects the promotion of products among end-users. Rapid internet penetration helps manufacturers conveniently offer product information to consumers, thereby making the process of marketing easy.
Moreover, many vendors are selling luxury eyewear through e-retailing, which helps promote and enhance these brands. Also, digital marketing has emerged as an effective means of product promotion. Hence, the growing adoption of omnichannel retailing is expected to drive the growth of the global sunglasses market during the forecast period.
The rising availability of substitute products is a significant challenge hindering market growth. Although manufacturers are increasingly focusing on product differentiation through high levels of customization and personalization in the global sunglass market, attributes such as polarized lenses and smudge-proof and anti-reflection properties can be observed in normal sunglasses as well. Furthermore, these substitute category products are cheaper than sunglasses and are available in abundance in the market, thereby resulting in lower switching costs for customers. Therefore, consumers are switching easily between these products.
In addition, market vendors face high competition from the unorganized sector that offers sunglasses at a low price, thereby negatively affecting the profitability of established players. Overall, competition from substitute products and a rise in the number of unorganized vendors in the market are expected to hamper the growth of the global sunglasses market during the forecast period.
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The market share growth by the offline segment will be significant during the forecast period. The segment mainly comprises the sale of sunglasses in speciality stores, hypermarkets and supermarkets, and departmental stores. It is dominated by speciality stores, which specifically offer eyewear, including sunglasses, followed by hypermarkets, supermarkets, and departmental stores. The offline segment was the largest and was valued at USD 18.01 billion in 2018. Offline retailers such as Walmart, Tesco, and Wayfair have businesses across the globe, which enhances the visibility of vendor products, resulting in an increased demand for sunglasses globally. Therefore, the presence of various speciality stores, hypermarkets, and supermarkets in different regions allow consumers to choose from a wide range of sunglasses, depending on their price, quality, and other aspects, thereby driving the growth of the global sunglasses market during the forecast period.
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Based on the type, the market has been segmented into non-polarized and polarized. The non-polarized?segment will account for the largest share of this segment.?
APAC is estimated to contribute 30% during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The sunglasses market in Europe is thriving due to a dynamic interplay of fashion trends and a greater emphasis on eye protection. Sunglasses are in high demand in countries such as Italy, France, and the UK since people see them not just as a fashion accessory but also as important UV protection. Established companies like Prada dominate the regional sunglasses market, offering a wide range of designs and cutting-edge technologies. Increased health awareness drives market expansion, resulting in the incorporation of sophisticated lens technology.
In addition, the widespread availability of Internet retail channels improves customer accessibility. The developing environment of the European sunglasses industry is characterized by a growing preference for luxury and sustainable eyewear solutions, presenting chances for innovation and the introduction of different offerings. Additionally, the increasing demand for premium eyeglasses, sunglasses, and customized sunglasses is expected to drive the growth of the sunglasses market in the region during the forecast period.
Sunglasses Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.39% |
Market Growth 2024-2028 |
USD 7.49 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.89 |
Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 30% |
Key consumer countries |
US, Japan, UK, France, and Germany |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Adidas AG, Carl Zeiss Stiftung, Charmant Inc., De Rigo Vision Spa, Dealskart Online Services Pvt. Ltd., Decathlon SA, EssilorLuxottica, Fielmann AG, HOYA Vision Care Europe Hoya Holdings N.V, JINS Eyewear US Inc., Kering SA, Marcolin Spa, Nike Inc., Prada S.p.A, Rudy Project SpA, Safilo Group Spa, Specsavers Group, Titan Co. Ltd., Vision Service Plan, and Warby Parker Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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