The global sunglasses market size is expected to reach USD 17.0 billion by 2025,
according to a new report by Grand View Research, Inc., expanding at a CAGR of
2.3% over the forecast period. The market is expected to witness significant
growth due to rising consumer preference for luxury and premium sunglasses,
along with increasing disposable income.
Non-polarized sunglasses accounted for the
largest market share in 2018 owing to easy availability and cheap pricing.
Moreover, these sunglasses are available in many dark shades, which protect the
eyes from the harmful sun rays. Polarized sunglasses are anticipated to expand
at the highest CAGR of 2.6% from 2019 to 2025. Apart from providing 100%
protection from the UV rays, these glasses also provide clear vision as
compared to non-polarized glasses. Increasing awareness concerning eye health
and harmful effects of sun rays and other emissions is expected to influence
the consumer purchasing decision.
Offline distribution channel dominated the
market in 2018. Many brands have their personalized stores worldwide to provide
customer service and increase their distribution in the market. Customer
preference to try out various pairs of sunglasses before purchasing is driving
the market demand in this segment. Online distribution is expected to witness
accelerated growth in the forecast period as manufacturers are increasing their
advertising and promotional activities via digital channels. This distribution
channel allows the manufacturers to reach out to a wider audience in less cost.
Europe held the largest market share in
terms of revenue in 2018 due to the presence of major players and latest
fashion trends followed in this region. Asia Pacific is anticipated to witness
substantial growth due to increasing penetration of major brands in this
region. Changing consumer preference driven by high disposable income is
another factor propelling the market growth in this region.
Access Research Report of Sunglasses
Market @ https://www.grandviewresearch.com/industry-analysis/sunglasses-market
Further key findings from the study suggest:
· In terms of revenue,online distribution
channel is projected to expand at a CAGR of 2.5% over the forecast period
· By product, the non-polarized segment
dominated the market in 2018 owing to high visibility of the product in the
emerging market
· Europe held the largest sunglasses market
share in 2018 owing to presence of major eyewear manufacturers in the region
· The industry is highly competitive with a
monopoly created by Luxottica Group. Various eyewear brands like Ray-Ban,
Oakley, Sunglass Hut, Persol, and Vogue have been acquired by Luxottica to
expand its brand portfolio in the market
· In January 2017, Essilor, one of the major
eyewear manufacturers, merged with Luxottica. This move was initiated to expand
Luxottica’s brand portfolio and improve market penetration of Luxottica by
leveraging Essilor’s target markets.
Grand View Research has segmented the
global sunglasses market on the basis of product, distribution channel, and
region:
Sunglasses Product Outlook (Revenue, USD
Million, 2015 - 2025)
·
Polarized
·
Non-polarized
Sunglasses Distribution Channel Outlook
(Revenue, USD Million, 2015 - 2025)
·
Online
·
Offline
Sunglasses Regional Outlook (Revenue, USD
Million, 2015 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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