Awareness about Harmful Effects of UV rays, Propelling Demand for Sunglasses Market, Reach at a US$ 57,614.1 Million by 2034. Polarized sunglasses are highly preferred by consumers, and are expected to account for 32.4% of the market share by product type in 2024.
NEWARK, Del, Dec. 13, 2023 (GLOBE NEWSWIRE) — The sunglasses market is expected to be valued at US$ 32,171.4 million in 2024. In contrast, the market value was marked at US$ 30,236.3 million in 2023. The market is expected to progress at a CAGR of 6.0% over the forecast period. By 2034, the value of the market is forecasted to have inflated to US$ 57,614.1 million.
As awareness rises about the harmful effects of UV rays, protective eye gear like sunglasses are enjoying increased demand. Consumers also feel the need to protect their eyes from dust and other harmful particles out on the street. Thus, sunglasses are being resorted to by consumers.
However, beyond the original function of sunglasses, the product has become synonymous with fashion. Sunglasses have become a key part of fashion outfits, to the point that specialized stores just for sunglasses are being increasingly opened. Manufacturers are abetting fashion-minded people by launching innovative and customized products to tailor to diverse needs.
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“Manufacturers are experimenting with different colors in sunglasses to offer standout products to consumers. Technological advancements like augmented reality-enabled sunglasses and sunglasses with digital interfaces are opening up the market to a diverse array of opportunities. Thus, there are a number of unique opportunities present in the market for sunglasses,” says an analyst at FMI. says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights
Key Takeaways from the Sunglasses Market
- The sunglasses market is anticipated to be valued at US$ 32,171.4 million in 2024.
- Polarized sunglasses are the preferred product type in the market. In 2024, polarized sunglasses are projected to contribute to 32.4% of the market share by product type.
- Specialty stores are the top distribution channel in the market. In 2024, specialty stores are expected to account for 22.6% of the market share by distribution channel.
- India is one of the most promising countries in the market. The CAGR for the market in India is anticipated to be 8.7% over the forecast period.
- China is not far behind India when it comes to predicted growth. The CAGR for the market in China is pegged at 8.1% through 2034.
- The market in Australia is expected to register a CAGR of 5.4% over the forecast period.
Competition Analysis of the Sunglasses Market
Market players highly emphasize adopting marketing strategies in the sunglasses industry.
Constant upheaval in fashion trends necessitates the companies in the market to be aware of industry developments. Acquisitions, mergers, and collaborative strategies are common in the market.
Key Companies in the Sunglasses Market
- Luxottica Group
- Safilo Group
- Maui Jim
- De Rigo
- Charmant
- Specsavers Optical
- Revo
- Fielmann AG
- Pivothead
- LVMH Group
- MarcolinSpA
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Recent Developments in the Sunglasses Market
- In November 2023, a range of sports sunglasses designed for balance during strenuous physical activities was launched by OKNO by Eyewearlabs.
- In July 2023, the ConnectedRide Smartglasses from BMW were launched to help drivers with navigation and speed changes during the driving of the car.
- In April 2023, Xiaomi launched the Mijia Nylon Polarized Sunglasses. The sunglasses boast of resisting almost all UV rays.
Key Segments
By Product Type:
- Non-polarized
- Polarized
By Distribution Channel:
- Specialty Stores
- Online
- Malls
- Retail Stores
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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Authored by:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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