Sunglasses Market size is predicted to reach $39 billion by 2030, growing at a CAGR of 5.2% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Increasing demand for fashionable and trendy sunglasses, rising awareness for sports and outdoor activities and growth of e-commerce are poised to propel the market growth, finds IndustryARC in its recent report, titled “Sunglasses Market Size, Share & Trends Analysis Report By Design (Aviator, Wayfarer, Round, Cat-Eye, Square, Others), By Lens Type (Polarized, Non-Polarized), By Distribution Channel (Online Retailers, Retail Stores, Specialty Stores, Others), By Material (Plastic, Metal, Others), By End-User (Men, Women, Unisex, Children), By Region and Segment Forecasts, 2023–2030.”
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Europe to Register Highest Growth:
European consumers are known for their fashion consciousness and willingness to invest in high-quality, trendy accessories. Sunglasses are considered an essential accessory to complete any outfit, and this trend is expected to continue driving growth in the market. Europe is a popular tourist destination, with millions of visitors every year. In May 2022, Kering eyewear brand Gucci introduced its new Hollywood Forever eyewear collection and campaign, featuring a selection of sparkling styles inspired by the stars of last year.
Sunglasses Market 2023-2030: Segmentation
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Sunglasses Market Report – Key Takeaways:
As people become more aware of the harmful effects of UV radiation on the eyes, they are increasingly looking for ways to protect their eyes from the sun’s rays. Consumers are willing to invest in high-quality sunglasses that offer the necessary protection from UV rays, which is driving the growth of the sunglasses market. Manufacturers are also responding to this demand by developing new products that offer improved protection such as polarized lenses and anti-reflective coating lenses.
The cat eye design was popular in the 1950s and 1960s and has made a comeback in recent years due to the popularity of retro and vintage fashion. The cat eye design is often associated with femininity and glamour, making it a popular choice among women. As more women enter the workforce and seek fashionable and functional accessories, the demand for cat eye sunglasses is expected to grow.
The North American region held a major market share of 38% in 2022. North America is known for its outdoor recreational activities, such as hiking, skiing, and boating. Sunglasses are essential for protecting the eyes from the sun’s glare during these activities, leading to increased demand for high-quality, durable sunglasses. North American consumers are known for their fashion consciousness and willingness to invest in high-quality, trendy accessories. And sunglasses are considered an essential accessory to complete any outfit.
E-commerce has made it easier for consumers to shop for sunglasses online, offering convenience, a wide range of products, and often competitive prices. Online retailers can reach a larger audience than traditional Retail stores, and consumers can easily compare prices and styles from multiple brands and retailers. Social media platforms such as Instagram and Facebook provide a platform for brands to showcase their products and engage with customers, while influencer marketing allows brands to partner with social media personalities to reach their audience and promote their products.
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Key Opportunity Analysis:
Consumers are increasingly concerned about the impact of their purchasing decisions on the environment. Sunglasses brands that can offer products made from sustainable materials such as recycled plastic, bamboo, or other plant-based materials can appeal to environmentally-conscious consumers.
Additionally, brands that use sustainable production processes, such as reducing water and energy consumption or reducing waste, can also appeal to consumers looking to make more sustainable choices. For instance, in November 2022, Chloe Eyewear launched the new Gayia styles that are crafted entirely from ReAce – a 100% recycled acetate derived from pre-consumer waste and exclusive to Kering Eyewear.
Technologies like augmented reality and virtual try-on offer new opportunities for online retailers to enhance the shopping experience for consumers. This technology can also help customers visualize how different styles and colors look on their faces, leading to a more informed purchase decision. 3D printing technology can be used to create custom-made sunglasses tailored to a customer’s specific face shape and size.
Many people require specialized eyewear to enhance their performance and protect their eyes while participating in sports-related activities. More people are engaging in outdoor activities and sports such as hiking, running, cycling and driving. This is due to rising urbanization and growing health awareness. This has led to a greater demand for sporty sunglasses. People are becoming more aware of the importance of protecting their eyes from the sun’s harmful UV rays which has led to an increased demand for sunglasses that provide UV protection and are specifically designed for outdoor activities.
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The Report also Covers the Following Areas:
Sunglasses Market 2023-2030: Key Highlights
COVID-19 and Ukrainian Crisis Impact:
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List of Key Market Players in the Sunglasses Market:
The Global Sunglasses Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
Electrochromic Glass Market – The Electrochromic Glass Market size is estimated to grow at a CAGR of 7.5% during the forecast period 2022-2027. The growing demand for electrochromic glass or electrochromic coatings in the construction sector for building panels, mirrors and others acts as a driving factor in the Electrochromic Glass industry.
Optical Coatings Market – Optical Coatings Market size is forecast to grow at a CAGR of 8.0% during 2022-2027. The growing end-use industries like electrical & electronics, the telecommunication industry, and the medical sector is majorly driving the demand for the optical coatings market
Eye Health Supplements Market – Eye Health Supplements Market size is projected to grow at a CAGR of 6.1% during the forecast period 2021-2026. Eye Health Supplements are formulations of supplements including vitamins and various other ingredients like lutein and zeaxanthin and minerals like zinc and copper to enhance eye perception and well-being.
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