Sunglasses Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 23.32 Billion |
| Market Size (2029) | USD 32.20 Billion |
| CAGR (2024 - 2029) | 6.66 % |
| Fastest Growing Market | South America |
| Largest Market | North America |
| Market Concentration | High |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
Sunglasses Market Analysis
The Sunglasses Market size is estimated at USD 23.32 billion in 2024, and is expected to reach USD 32.20 billion by 2029, growing at a CAGR of 6.66% during the forecast period (2024-2029).
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. Moreover, sunglasses offer proper functionality in addition to style and a fashionable appearance. As a result, stylish sunglasses are gaining traction among fashion-conscious consumers, especially young individuals. Besides this, due to increasing involvement in sports, tourism, and recreational activities, there is a rise in the demand for sports sunglasses explicitly designed for use during physical activities, outdoor games, and sports. Furthermore, with rising disposable income, consumers are seeking branded, well-designed, and quality products. Also, manufacturers are introducing sunglasses in various forms, hues, and shapes to meet consumer preferences. For instance, in 2023, Marcolin 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. The octagon sunglasses are crafted from premium acetate and available in classic black, Havana brown, and milky white.
Sunglasses Market Trends
Inclination Toward Versatile Fashion Variants
The market studied mainly caters to the fashion segment, where consumer preference in sunglasses specifically includes fashion, enhancing facial aesthetics, brand value, and effective social media marketing and affluence. Traditional eyewear collections are more closely tied to ready-to-wear eye gear, which includes expression through colors, shapes, and embellishments. The major global players operating in the fashion industry are branching out their accessories, such as handbags and shoes., that accompany their eyewear. They are also collaborating with celebrities and fashion enthusiasts to attain consumer attention. Furthermore, manufacturers focus on producing fashionable and reasonably priced eyewear due to a shift in consumer preferences toward expensive accessories. For instance, in 2023, ZEGNA expanded the 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.
North America Dominates the Market
Global players are entering the North American market owing to high consumer demand for fashionable, affordable, and protective sunglasses. According to the Review of Optometric Business, in October 2022, the research of 2,000 Americans examined participants' awareness of how to take precautions to safeguard their bodies and eyes. While most respondents (72%) claim they are most cautious in the summer, 68% state that they take precautions whenever they go outside, even if it's just for a short while. While those in the West get more sun, those in the Northeast (56%) and those in the Southwest (63%) are more likely to wear sunscreen and sunglasses when going about their daily business, such as running errands. The increased awareness regarding the harmful effects of UV rays has increased the demand for sunglasses in the region. Also, the vast populace of sports enthusiasts and professionals in the United States prefers wearing sunglasses to reduce glare in bright conditions and enhance performance.
Sunglasses Industry Overview
The sunglasses market is competitive and comprises regional and international competitors. The market is dominated by key players, such as Essilor Luxottica, Safilo Group SpA, LVMH, VSP Global, and Kering SA. The major players are indulging in strategies, such as product launches, mergers and acquisitions, expansions, and partnerships, to establish a strong consumer base and esteemed position in the market. They also focus on leveraging opportunities posed by emerging markets to expand their product portfolios and cater to the requirements of the latest consumer trends.
Sunglasses Market Leaders
-
EssilorLuxottica SA
-
Safilo Group S.p.A.
-
LVMH Moët Hennessy Louis Vuitton
-
Kering SA
-
VSP Global
*Disclaimer: Major Players sorted in no particular order
Sunglasses Market News
- 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.
- 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.
- January 2024: Safilo and Hugo Boss announced the early renewal of their global licensing agreement. With this license renewal, the company aims to cater to its product demand until December 2030.
Sunglasses Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Sunglasses As A Fashion Statement
4.1.2 Advertisement and Promotional Activities
4.2 Market Restraints
4.2.1 Availability of Counterfeit Products
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Competitive Rivalry within the Industry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Polarized
5.1.2 Non-polarized
5.2 End User
5.2.1 Men
5.2.2 Women
5.2.3 Unisex
5.3 Distribution Channel
5.3.1 Offline Retail Stores
5.3.2 Online Retail Stores
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 Germany
5.4.2.3 Spain
5.4.2.4 France
5.4.2.5 Italy
5.4.2.6 Russia
5.4.2.7 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 South Africa
5.4.5.2 United Arab Emirates
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 EssilorLuxottica SA
6.3.2 Safilo Group S.p.A.
6.3.3 LVMH Moët Hennessy Louis Vuitton
6.3.4 Fielmann AG
6.3.5 Marcolin SpA
6.3.6 De Rigo Vision S.p.A.
6.3.7 Fosun International Limited
6.3.8 Revo Holdings, LLC
6.3.9 Kering SA
6.3.10 VSP Global
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Sunglasses Industry Segmentation
Sunglasses are a form of protective eyewear designed primarily to prevent UV rays and high-energy visible light from damaging or discomforting the eyes. The global sunglasses market is segmented by product type, end-user, distribution channel, and geography. By product type, the market is segmented into polarized and non-polarized types. By end-user, the market is segmented into men, women, and unisex. The distribution channel is categorized into offline retail stores and online retail stores. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The market sizing has been done in value terms in USD for all the abovementioned segments. Source:
| Product Type | |
| Polarized | |
| Non-polarized |
| End User | |
| Men | |
| Women | |
| Unisex |
| Distribution Channel | |
| Offline Retail Stores | |
| Online Retail Stores |
| Geography | |||||||||
| |||||||||
| |||||||||
| |||||||||
| |||||||||
|
Sunglasses Market Research FAQs
How big is the Sunglasses Market?
The Sunglasses Market size is expected to reach USD 23.32 billion in 2024 and grow at a CAGR of 6.66% to reach USD 32.20 billion by 2029.
What is the current Sunglasses Market size?
In 2024, the Sunglasses Market size is expected to reach USD 23.32 billion.
Who are the key players in Sunglasses Market?
EssilorLuxottica SA, Safilo Group S.p.A., LVMH Moët Hennessy Louis Vuitton, Kering SA and VSP Global are the major companies operating in the Sunglasses Market.
Which is the fastest growing region in Sunglasses Market?
South America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Sunglasses Market?
In 2024, the North America accounts for the largest market share in Sunglasses Market.
What years does this Sunglasses Market cover, and what was the market size in 2023?
In 2023, the Sunglasses Market size was estimated at USD 21.77 billion. The report covers the Sunglasses Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Sunglasses Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the emerging technologies shaping the future of Sunglasses Market?
The emerging technologies shaping the future of Sunglasses Market are a) Smart glasses with AR/VR integration b) Self-tinting lenses c) Personalized fit customization
Sunglasses Industry Report
The global sunglasses market is on a growth trajectory, driven by health concerns over UV radiation, fashion trends, and technological innovations. Sunglasses have evolved from mere eye protection to essential fashion accessories, with high-end designers and celebrities endorsing them. Innovations like smart sunglasses and the use of durable materials like polycarbonate enhance consumer appeal. While offline sales dominate, online platforms are gaining traction due to convenience and the wealth of information available. The market caters to a broad audience with polarized, non-polarized, multifunctional, and sports-oriented designs, promising a bright future with consumer-centric innovations. Statistics for the Sunglasses market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Sunglasses analysis includes a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.
