Sunglasses Market Expected to Reach $18,164 Million by 2027—Allied Market Research

According to a new report published by Allied Market Research, titled, “Sunglasses Market by Type, Design, Frame Material, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” the global sunglasses market size is expected to reach $18,164 million by 2027 at a CAGR of 4.2% from 2021 to 2027.  

Sunglasses are perceived as a luxury fashion accessory. They are special lenses or protective eyewear designed to protect the eyes from the sun’s glare and high-energy visible light. Sunglasses sometimes function as a visual aid. In the past decade, the share of sunglasses had rapidly increased within the fashion accessory industry. The sunglasses serve the consumer need for fashion with functionality. As a popular fashion accessory, the sunglasses have a huge demand among the global youth population. Especially demand from the working youth, travel enthusiasts, and sportspersons are significant and this is a crucial driving factor for the global sunglasses market.

People are becoming more concerned about their health and their spending in health-related products is rising day-by-day. The sunglasses offer both protection and comfort to the eyes from the harmful bright rays of the sun. Extended exposure to the sunlight may cause cataracts, macular degeneration, cataracts, Pterygium, and photokeratitis. Moreover, a bright shaft of sunlight hitting directly in the eyes is dangerous especially while driving. The sunglass is a single solution to the aforementioned problems.

According to the market analysis, the sunglasses market is segmented into type, design, frame material, distribution channel, and region. On the basis of type, the market is categorized into polarized and non-polarized. By design, it is segregated into aviator/pilot, rectangle, square, oval, cat eye, and others. On the basis of frame design, it is segmented into acetate, metal, injected, and others. Based on distribution channel, it is segmented into supermarkets/hypermarkets, specialty stores, convenience stores, and online sales channel. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Italy, Germany, Netherlands, Switzerland, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa)

On the basis of type, the non-polarized segment was the highest contributor to the market, with $11,306.2 million in 2019, and is expected to sustain its significance during the forecast period. The non-polarized sunglasses consist of glass or plastic lenses and a frame holding the lenses. The non-polarized sunglasses reduce the overall intensity of the bright sunlight. A wide variety of non-polarized sunglasses are available depending upon the color of the lenses, design, materials used in the frames, and on-demand customization of the glasses. It is a popular choice of the consumers across the globe due its wide range of varieties and easy availability in both offline and online channels.

On the basis of design, the round segment was the highest contributor to the market, with $3,282.7 million in 2019, and is estimated to reach $3,436.8 million by 2027, at a CAGR of 3.8% during the forecast period.  The round and aviator segments collectively accounted for around 36.5% market share in 2019. The cat eye and oval segments are expected to witness significant growth rate during the forecast period.  

The cat eye and oval are emerging segments of the sunglasses market. Women are increasingly opting for cat eye and oval sunglasses. The aviator, round, oval, and cat eye sunglasses are currently trending in the market. The cat eye glasses are trending among women as the celebrities such as Rihanna, Kendall, RiRi, and the Hadid sisters added the design to their wardrobe. Celebrity endorsement plays a crucial factor in deciding the trending sunglasses designs.

On the basis of frame material, the injected frame segment was valued at $6,338.9 million in 2019, and is expected to reach $6,619.9 million by 2027, with a CAGR of 3.8%. Injected frame material is less expensive and its manufacturing involves less time. It is made by injecting the petroleum based plastic liquid into a metal mold. It is popular owing to its light-weight and comfort features and injected frames can be produced with a wide range of colors.

According to the sunglasses market trends, depending on distribution channel, the specialty store is a popular medium for customers to buy sunglasses. Easy availability of desired brands, designs, and colors of sunglasses drives growth of the specialty store segment. 

Online sale of sunglasses is also gaining popularity among customers, owing to proliferation of digital platforms at a global level.

Region wise, North America dominated the sunglasses market in 2019, and is expected to sustain its dominance throughout the forecast period. The key factors driving the growth of the sunglasses market in the region are high purchasing capacity of majority of the population, high demand for luxury and superior quality products, and consumer awareness regarding vision care.

The players operating in the global sunglasses market have adopted various developmental strategies to expand their market share and increase profitability in the market. The key players include EssilorLuxottica SA, Safilo Group SpA, Fielmann AG, Marcolin Eyewear, De Rigo Vision Spa, Stylrite Optical Industries, Eyevan Inc., Loch, Randolph, and Eugenia Eyewear. The prominent players are investing in technological advancements like 3D try-on developed by various market players on their website are trying to provide the customer best user experience while sitting at home.

Key findings of the study  

• The sunglasses market was valued at $16,851 million in 2019, and is estimated to reach $18,164 million by 2027, growing at a CAGR of 4.2% during the forecast period.  
• By type, the polarized segment is estimated to witness the fastest growth, registering a CAGR of 4.4% during the forecast period.
• In 2019, depending on frame material, the injected segment was valued at $6,338.9 million, accounting for 37.6% of the global sunglasses market share.  
• In 2019, the U.S. was the most prominent market in North America, and is projected to reach $3,926 million by 2027, growing at a CAGR of 1.4% during the forecast period.