Kenneth Research published a report titled “Sunglasses Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global sunglasses market in terms of market segmentation by type, design, frame material, distribution channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global sunglasses market is anticipated to attain a CAGR of ~5% and garner a revenue share of approximately USD 19 billion over the forecast period, i.e., 2022 – 2031. The market is segmented on the basis of distribution channel into supermarket, speciality store, convenience store, and online sales channel, out of which, the speciality store segment is anticipated to experience a significant growth over the forecast period, as sunglasses from well-known and desired brands, patterns, and colours being readily available in speciality stores.
The global sunglasses market is estimated to grow on the back of increasing consumer awareness regarding eyes protection, coupled with the massive rise in disposable income of major population across the globe. Furthermore, the growing demand for fashionable accessories amongst the global population is estimated to boost the market growth significantly. It is estimated that by the end of 2022, on an average, 1.2 eye wears would be present per person. Moreover, the eye wear industry is estimated to generate a revenue of over USD 132 billion in 2022.
On the basis of geographical analysis, the global sunglasses market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America region is estimated to witness the highest growth over the forecast period, on the back of some factors, such as, high disposable income per capita in developed countries. Moreover, majority of the population in the region has a high purchasing capacity, there is a high demand for luxury and high-quality items, and consumers are aware of the importance of vision care. Such factors are estimated to push the market growth in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Consumer Awareness Regarding Eye Protection Across the World to Propel the Market Growth
According to the National Center for Biotechnology Information, doubled lifetime UV-B exposure raises the incidence of cortical cataract by 60%.
Awareness regarding eye health and UV protection amongst the population has been increasing significantly throughout the years and is expected to increase further with the economic development in middle- and low-income countries. Sunglasses provide good protection against UV rays, which is estimated to act as one of the major growth drivers in the market.
However, high cost of sunglasses and lack of innovation in sunglasses designing are estimated to operate as key restraint to the growth of global sunglasses market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global sunglasses market which includes company profiling of EssilorLuxottica SA, Safilo Group S.P.A., Fielmann AG, De Rigo Vision S.p.A., Randolph Engineering, Inc., Stylrite Optical Industries, Eyevan Inc., Eugenia Eyewear Company Ltd., Louis Vuitton Malletier SAS, Marcolin SpA., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global sunglasses market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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