Sunglasses Market Size, Share & Trends Analysis Report By Product (Polarized, Non-polarized), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global sunglasses market size was valued at USD 29.72 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2023 to 2030. Increasing awareness regarding the harmful effects of UV rays on the eyes, along with the rising acceptance of eyewear, including sunglasses, as a part of modern lifestyle accessories is anticipated to propel the demand for sunglasses during the forecast period.

The fashion industry has primarily influenced the purchase of the product due to the increased disposable income of consumers. In addition, the growing preference of consumers toward branded eyewear is boosting the demand for the product. To create a personalized statement of style, consumers are willing to spend more on branded and luxury sunglasses. Furthermore, sunglasses with various shapes, varieties, and colors are being introduced by manufacturers to meet the preference of consumers.

The market for sunglasses is also positively influenced by women as they are becoming independent economically. The adoption of eyewear among women has increased due to this factor, which is further driving the market. One of the major factors influencing the growth of designer sunglasses is increasing digital advertisements coupled with celebrity endorsements. Moreover, high investment is made by manufacturers for the marketing of these products to attract more customers.

Protection from UV rays is obtained by the usage of sunglasses. Sunglasses are available in a combination of various shades and tints that helps in the protection of eyes against harmful rays. In addition, custom-made sunglasses are being availed by the manufacturers for corrected vision to boost the sales of the product by enhancing the experience of the customers. These products also protect the eyes from other things including flying particles and dust.

The COVID-19 pandemic took a toll on various industries and had the same effect on the global market. A downfall has been observed in the market due to no demand for such products among consumers. Halt in sports activities, outdoor activities, and social engagements due to the situation of lockdown across the globe along with strict government guidelines to stop the further surge of the pandemic has also resulted in the downfall of the market for sunglasses. However, with the upliftment of such guidelines and resuming of other outdoor activities, the market observed a surge and got back on track.

Product Insights

The non-polarized sunglasses segment held a share of 70.6% in 2022. The growth of the segment can be attributed to the fact that they are comparatively more economical and affordable. These products are highly used by consumers as they add an element of style to their look along with reducing the intensity of light and protecting from harmful rays due to the presence of dark shades. The segment is likely to grow due to the high presence of these products in the offline channel combined with the unavailability of knowledge regarding other products. Due to the above-mentioned facts, the segment is expected to remain in the lead in the coming years.

The polarized segment is expected to grow with a CAGR of 6.9% over the forecast period. The growth of the segment is attributed to an increasing shift in preference toward polarized sunglasses over non-polarized ones. 100% protection is obtained by the usage of polarized sunglasses against UVA and UVB rays, thus preventing eyes to get damaged by the sun. A comparatively clear vision is also obtained over non-polarized glasses. Polarized sunglasses are highly adopted by professionals who work outdoors and work looking at screens regularly. Thus, the increasing awareness regarding polarized glasses due to their various benefits is contributing to the growth of the segment over the forecast period.

Distribution Channel Insights

The offline segment held a revenue share of 81.0% in 2022. The growth of the segment is attributed to the high preference of consumers to try the products pre-purchasing. Key players operating in the market expand their offline distribution channels to reach the maximum number of customers. Moreover, the high availability and presence of diverse sunglasses for trials on the spot are driving the segment. Furthermore, the presence of trained and professional salesmen in physical stores to influence customers increases the sales of sunglasses.

The online segment is expected to grow with a CAGR of 7.6% from 2023 to 2030. The growth of the segment is attributed to the increasing focus of manufacturers on the marketing of the product with the use of digital mediums. The online segment majorly includes social media accounts or pages, brand websites, and various e-commerce sites. Such online channels are cost-effective and help the manufacturers to read a wider level of customers. The growth of the segment is also attributed to growing technological advances and their implementation such as 3D try-on features. Moreover, such online channels help providers to track down the preference of the customers and recommend various offers and products as per the ongoing trend to attract them, thereby increasing sales.

Regional Insights

Europe dominated the global market and held a share of 36.80% in 2022. The growth of the segment is attributed to the presence of a number of key players in the region. The growth of the regional market is also attributed to countries such as France, which is also known as one of the fashion hubs in the world. Moreover, factors such as major fashion trends and a large number of brand-conscious people are boosting the market growth. In addition, the high disposable income of people is fueling the market growth over the forecast period.

Asia Pacific is anticipated to grow with a CAGR of 6.9% over the forecast period due to the rapid penetration of international brands such as Rayban, Oakley, and Dior. This region is untapped in terms of awareness regarding eye safety and the harmful effects of sun rays and other light emissions. This, in turn, provides lucrative opportunities for manufacturers to attract customers. Moreover, countries such as China and India are focusing on rapid industrialization, which has increased disposable income in the region. This is expected to fuel consumer spending power, thereby driving product demand.

Key Companies & Market Share Insights

Key players in the market are adopting various strategies to attract more consumers to the brand and taking steps to increase the global footprint. These strategies include mergers & acquisitions, partnerships, alliances, the launch of new products, global expansion, and others. For instance, in August 2021, the launch of a new e-commerce platform for the U.S. was announced by Safilo for Carrera, a core sunglasses brand owned by Safilo.

• In July 2023, Voyage Eyewear launched a new collection of premium sunglasses. The newly launched collection is available on various e-commerce channels such as Flipkart, Amazon, Nykaa, Myntra, Ajio, and Jiomart, as well as on the brand's official website.

• In April 2022, Lenskart, a leading e-commerce channel for eyewear, launched two new collections of sunglasses, Vincent Chase and Air Switch. The newly launched collections are available on the brand's official website.

Some of the key players operating in the global Sunglasses market include:

• Luxottica Group

• Safilo Group

• Maui Jim

• De Rigo

• Charmant

• Specsavers Optical

• Revo

• Fielmann AG

• Pivothead

• LVMH Group

• MarcolinSpA

Sunglasses Market Report Scope

Global Sunglasses Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and opportunities in each of the sub-segment from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global sunglasses market on the basis of product, distribution channel, and region:

• Product Outlook (Revenue, USD Million; 2017 - 2030)

  • Polarized

  • Non-polarized

• Distribution Channel Outlook (Revenue, USD Million; 2017 - 2030)

  • Offline

  • Online

• Regional Outlook (Revenue, USD Million; 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Spain

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

  • Central & South America

    • Brazil

  • Middle East & Africa

    • UAE