Global Sunglasses Market Projected to Reach $38.84 Billion by 2024 – Key Players Focus to Leverage Opportunities Posed by Emerging Markets to Expand Their Product Portfolio – ResearchAndMarkets.com
The “Sunglasses Market – Growth, Trends and Forecasts (2019 – 2024)” report has been added to ResearchAndMarkets.com’s offering.
Global sunglasses market is forecasted to reach USD 38.84 billion by 2024 growing at a CAGR of 5.5% during the forecast period (2019-2024).
Key Highlights
- The growth rate of sunglasses is driven by the increased consumer awareness and demand for protection against ultraviolet radiation and glare, as well as the growing popularity of sunglasses as a fashion item. The aforementioned factors are thus increasing the market share for sunglasses.
- While branding is important for public relations, marketing and sales, for the sunglasses industry, are especially impactful. Therefore, many sunglasses brands, such as Ray-Ban, Fastrack, Titan Eye+, IDEE, and others, are engaging themselves in celebrity endorsement, thus leveraging their brand association and brand identity on these sunglasses and frames. These factors are helping to increase the sales of this product type.
Rising Demand for Sports Sunglasses
There are certain key factors driving the sports sunglasses market, such as the rise in consumers’ disposable incomes, owing to which they seek branded, well-designed, and quality products, consumers preference toward replacing sports sunglasses, along with the increase in preference toward maintaining a luxury living that also speaks about societal status by retaining high-end commodities.
Over the past few years, sports products have been witnessing a growing adaptation rate based on factors, such as awareness about physical fitness, experiences of adventure, and development of skills and abilities. The onset of engagement in sports activities, such as running, cycling, mountain biking, hiking, skiing, and backpacking, has led to a surge in demand for recreational clothing and equipment, thereby, facilitating the growth of the market studied.
North America Held the Maximum Share in the Market
The growth rate of sunglasses is driven by the increased consumer awareness and demand for protection against ultraviolet radiation and glare, as well as the growing popularity of sunglasses as a fashion item in the developed countries especially in North America and Europe. In July 2018, Chanel launched sunglasses on its UK e-commerce platform. The French luxury brand previously sold only cosmetics online in the United Kingdom, whilst in the United States, it launched eyewear in 2015. The aforementioned factors are thus increasing the market share for sunglasses.
Growing demand for frames with coloring options, which include multi-colored models and specific gender models, is expected to support the eyewear market size. Counterfeit or low-quality sunglasses and frames are being increasingly sold in the local market places of the developing countries, such as India, China, and Bangladesh, which are hampering the revenues of well-recognized brands and decreasing their sales opportunities to grow in these countries.
Competitive Landscape
Global sunglasses market is a highly fragmented market and comprises of regional and international competitors. The market is dominated by key players such as EssilorLuxottica, Nike, De Rigo Vision, Safilo Group, and Marcolin. These players focus to leverage opportunities posed by emerging markets to expand their product portfolio, thus they can cater to the requirements.
