Sunglasses Market

Global Sunglasses Market:

The global sunglasses market size reached US$ 38.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 57.0 Billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032. Growing awareness about the harmful effects of ultraviolet (UV) rays, the increasing influence of fashion trends, the surging popularity of outdoor activities, expanding retail accessibility, the increasing demand for eco-friendly options, and the impact of celebrity endorsements and social media marketing are some of the factors accelerating the market growth.

Global Sunglasses Market Analysis:

• Major Market Drivers: The growing emphasis on personalized eyewear, catering to individual style preferences and fit, is primarily driving the global sunglass market. Furthermore, the emerging preference for digital screen protection lenses on account of increasing screen time in modern lifestyles is also contributing to the market growth. 
• Key Market Trends: The growing popularity of sunglasses made from bio-based materials on account of the increasing eco-consciousness among consumers is one of the significant trends driving the growth of the market. Furthermore, the escalating demand for adaptive eyewear, the influence of pop culture, and the wellness trend are catalyzing the demand for sunglasses that offer health benefits beyond UV protection, such as blue light blocking, which is accelerating the market growth.
• Geographical Trends: According to the report, Europe accounted for the largest market share. This can be attributed to the increasing focus on fashion and luxury brands, coupled with high consumer awareness about eye health and UV protection. Europeans' strong preference for designer labels and premium-quality products supports a lucrative market for high-end sunglasses. 
• Competitive Landscape: Some of the leading players in the global sunglasses market include, De Rigo Vision S.p.A., EssilorLuxottica SA, Eugenia Eyewear Company Ltd., Fielmann AG, LVMH Moët Hennessy Louis Vuitton, Marchon Eyewear Inc. (Vision Service Plan), Marcolin SpA, Maui Jim Inc., Randolph Engineering, Inc., Safilo Group S.p.A., Specsavers Optical Group Ltd., Titan Company Limited., among others. 
• Challenges and Opportunities: The sunglasses market faces numerous challenges such as intense competition, counterfeit products, and fluctuating consumer trends. However, these challenges are counterbalanced by significant opportunities, such as the increasing emphasis on eyewear as a fashion statement, rising awareness of eye health, and technological advancements in product manufacturing.
   

Global Sunglasses Market Trends:

Surging UV Protection Awareness

The increasing awareness among individuals regarding the harmful effects of UV rays is significantly augmenting the sunglasses market. Consumers are knowledgeable about the long-term risks of sun exposure, such as cataracts and macular degeneration, which is driving the demand for sunglasses that offer effective UV protection. Moreover, the American Academy of Ophthalmology advises for appropriate eye protection, such as sunglasses with UV-blocking capabilities, to shield the eyes from the potential harm caused by prolonged exposure to ultraviolet rays. Besides this, the escalating cases of eye disorders, such as cataract due to extreme UV exposure is also catalyzing the demand for sunglasses. Around 20% of cataract occurrences are brought on by UV exposure. In January 2023, according to the National Eye Institute, doctors and researchers discovered that certain factors, including excessive sun exposure, particularly without sunglasses, accelerate the formation of cataracts. Therefore, there is a rise in the demand for sunglasses to block 99% to 100% of UVA and UVB rays and shield the eyes from the sunlight. 

Growing Fashion Trends Influence

Sunglasses have transcended their original function of eye protection, becoming pivotal fashion accessories. Moreover, the increasing influence of celebrities and social media influencers is also prompting consumers to opt for the latest fashion trends and styles. In addition to this, various key market players are collaborating with fashion brands, famous individuals, and fashion icons to promote their products and expand the consumer base. For instance, in 2023, ZEGNA expanded its product portfolio by launching the latest eyeglasses collection in collaboration with Marcolin. The company stated that the ZEGNA sunglasses collection has several styles, including EZ0210, EZ0211-H, EZ0212, and EZ021, among others. In line with this, in 2023, Marcolin also launched its new Swarovski Macro Pavé collection in selected global travel retail stores. The company stated that the sunglasses feature large precision-cut Swarovski crystals in an oversized pavé shape. Furthermore, the inflating spending power of consumers, along with their elevating levels of lifestyles, are anticipated to propel the growth of the market in the coming years. 

Rise in Outdoor Activities

The surge in popularity of outdoor activities and sports is significantly augmenting the demand for specialized sports sunglasses. People are becoming health conscious due to which they are joining different types of sports like Tennis, Badminton, Running, Cycling, and Cricket as well. According to Sports, Fitness, and Leisure Activities: SFIA data 2021, 22.62 million people in the United States played Tennis. Moreover, sunglasses made for sports are customized to withstand harsh conditions and provide enhanced features like polarized lenses, which reduce glare, and wraparound designs to offer extensive coverage, protection, and vision clarity in various lighting conditions. In June 2022, Christopher Cloos, a leading maker of premium eyewear, launched its Cloos-Brooksby collection of eyewear. The collection includes blue light glasses and sunglasses used for Tennis sports. Various key market players are also collaborating with sports stars and teams to promote the adoption of sunglasses. For instance, in December 2022, a British eyewear brand, SunGod, collaborated with a London-based crit cycling team to launch Tekkerz Vulcanz, the Vulcanz Sunglasses. The model includes a photochromic lens, ultraviolet light memory polymer frame, and hydrophilic ear socks and nose pads. Such initiatives are anticipated to provide a positive outlook to the overall market in the years to come. 

Retail Expansion and Accessibility

The expansion of the retail sector and an increase in online shopping platforms, especially after COVID-19, have played a pivotal role in the sunglasses market's growth. The convenience of online shopping, coupled with the extensive variety it offers, has made it easier for consumers to access a wide array of sunglasses styles, brands, and price points. Moreover, various leading players are integrating with giant marketplaces to facilitate the easy buying and selling of sunglasses. For instance, in October 2023, Meta Platforms and Ray-Ban, a brand from Luxottica Group, partnered to introduce the second-generation Ray-Ban Meta smart glasses featuring AI technology. These smart sunglasses come equipped with an integrated speaker, a 12MP camera, and a five-microphone system, offering users the capabilities of live streaming, music playback, messaging, and phone calls. Similarly, in July 2023, Luxottica partnered with Eastman Kodak to include Kodak products in the Luxottica brand by January 2024. The brand will manufacture optical products for Kodak and will also undertake servicing for the same.

Sunglasses Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on the type, design, frame material, lens material, distribution channel and end user.

Breakup by Type:

• Non-polarized
• Polarized
   

Non-polarized dominates the market

The report has provided a detailed breakup and analysis of the market based on the type. This includes non-polarized and polarized. According to the report, non-polarized represented the largest segment.

The non-polarized segment is driven by the increasing demand for affordable, stylish, and versatile sunglasses suitable for everyday use. Consumers who prioritize fashion over technical features often opt for non-polarized lenses due to their wide variety of tints, colors, and styles, which make them a popular choice for casual wear and fashion statements. This segment benefits from the high turnover in fashion trends, encouraging consumers to purchase multiple pairs to match different outfits and occasions.

Breakup by Design:

• Round
• Aviator/Pilot
• Rectangle
• Square
• Oval
• Cat Eye
• Others
   

Round accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the design. This includes round, aviator/pilot, rectangle, square, oval, cat eye, and others. According to the report, round represented the largest segment.

The round segment is driven by the increasing popularity of vintage and retro styles, appealing to consumers who favor classic aesthetics with a modern twist. This style's resurgence is influenced by the bohemian and indie fashion trends, often associated with artistic and creative personalities. The design's timeless appeal, coupled with its ability to suit various face shapes, makes it a versatile choice.

Breakup by Frame Material:

• Injected
• Acetate
• Metal
• Others
   

Injected accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the frame material. This includes injected, acetate, metal, and others. According to the report, injected represented the largest segment.

The injected segment is driven by the increasing demand for lightweight, comfortable, and cost-effective sunglasses. These frames are produced using moldable plastic injected into a specific shape, allowing for high-volume production and design versatility. The material's flexibility and strength make it ideal for sports and active lifestyle sunglasses, offering durability and a snug fit. Additionally, the injected segment benefits from the ability to incorporate vibrant colors and intricate designs, catering to consumer preferences for stylish yet functional eyewear.

Breakup by Lens Material:

• Polycarbonate
• CR-39
• Polyurethane
• Others
   

Polycarbonate dominates the market

The report has provided a detailed breakup and analysis of the market based on the lens material. This includes polycarbonate, CR-39, polyurethane, and others. According to the report, polycarbonate represented the largest segment.

 The polycarbonate segment is driven by the increasing demand for durable, lightweight, and high-impact resistant lenses. Polycarbonate lenses offer superior protection against UV rays and are up to 10 times more impact-resistant than plastic or glass lenses, making them ideal for sports, children's eyewear, and safety glasses. Their inherent strength, combined with their thin profile, provides comfort and aesthetic appeal, catering to consumers seeking both safety and style. The material's adaptability to various coatings, like anti-scratch and anti-reflective, enhances its market appeal, positioning it as a preferred choice for consumers prioritizing eye safety and product longevity.

Breakup by Distribution Channel:

• Offline
• Online
   

Offline accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes offline and online. According to the report, offline represented the largest segment.

 The offline segment is driven by the increasing consumer preference for a tactile shopping experience, where customers can physically assess the quality, fit, and style of sunglasses. This segment benefits significantly from the advantage of immediate product access, allowing customers to walk out with their purchase instantly, satisfying the instant gratification desire. Personalized customer service in offline stores plays a crucial role, offering expert advice, immediate feedback, and a personalized shopping experience that builds customer trust and loyalty. 

Breakup by End User:

• Men
• Women
• Unisex
   

The report has provided a detailed breakup and analysis of the market based on the end user. This includes men, women, and unisex.

The men's segment is driven by the increasing demand for specialized sunglasses that combine functionality with masculine aesthetics. The women's segment is driven by the increasing emphasis on fashion and the role of sunglasses as a pivotal accessory in women’s wardrobes. The unisex segment is driven by the increasing preference for versatility, simplicity, and inclusivity in fashion choices. This segment caters to individuals seeking practical, stylish, and gender-neutral eyewear that transcends traditional gender norms.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Europe leads the market, accounting for the largest sunglasses market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe accounted for the largest market share.

The Europe sunglasses market is driven by the increasing focus on fashion and luxury brands, coupled with high consumer awareness about eye health and UV protection. Moreover, the inflating spending capacities of individuals living in Europe, along with the presence of premium luxury eyewear brands in the region, is also contributing to the market growth. Moreover, various key market players in the region are collaborating with famous personalities and e-commerce platforms to promote the advertise sunglasses, which is creating a positive outlook for the overall market. For instance, in December 2022, a British eyewear brand, SunGod, collaborated with a London-based crit cycling team to launch Tekkerz Vulcanz, the Vulcanz Sunglasses. The model includes a photochromic lens, ultraviolet light memory polymer frame, and hydrophilic ear socks and nose pads. Similarly, in January 2024, Safilo and Aeffe announced the early renewal of the global licensing agreement for Moschino and Love Moschino eyewear. The company extended the timeline through this licensing agreement until December 2033.

Leading Key Players in the Sunglasses Industry:

In the dynamic sunglasses market, key players are engaging in a variety of strategic maneuvers to capture consumer interest and expand market share. These companies are heavily investing in research and development (R&D) to innovate in UV protection, durability, and wearability, incorporating advanced materials and technology to offer products that combine style with functional benefits. They are also leveraging the power of digital marketing and social media platforms to reach a broader audience, employing influencer partnerships and virtual try-on features to enhance customer engagement and personalize the shopping experience. Sustainability has become a significant focus, with many brands introducing eco-friendly materials and promoting recycling programs to appeal to environmentally conscious consumers. Additionally, strategic collaborations with fashion designers and limited-edition collections are being used to infuse exclusivity and luxury into their offerings, aiming to cater to a diverse range of preferences and price points in a highly competitive market.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include: 

• De Rigo Vision S.p.A.
• EssilorLuxottica SA
• Eugenia Eyewear Company Ltd.
• Fielmann AG
• LVMH Moët Hennessy Louis Vuitton
• Marchon Eyewear Inc. (Vision Service Plan)
• Marcolin SpA
• Maui Jim Inc.
• Randolph Engineering, Inc.
• Safilo Group S.p.A.
• Specsavers Optical Group Ltd.
• Titan Company Limited
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Global Sunglasses Market News:

• March 2024: Sunglass Hut, the world's premier destination for high-quality sunglasses, announced the launch of a new innovative loyalty program, The Sun Club. The pioneering program is designed to reward loyal customers and will offer exclusive benefits throughout the year.
• January 2024: Safilo Group and Levi Strauss & Co. announced their global eyewear licensing agreement renewal. Through this, the company allows distribution of its eyewear product globally, leveraging its strong brand awareness and widespread point of sales in Europe, North America, and Asia.
• December 2023: Innovative Eyewear, Inc. announced through an agreement with Authentic Brands Group (Authentic), the launch of the Nautica Smart Eyewear collection. Nautica smart eyewear will be made in eight initial sunglass styles, with two of the styles also available with a blue light-blocking lens for indoor use.

Global Sunglasses Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the sunglasses market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global sunglasses market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the sunglasses industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.