Sunglasses Market Size Worth $56.27 Billion By 2032 | CAGR: 6.6%

The global sunglasses market size is expected to reach USD 56.27 billion by 2032, according to a new study by Polaris Market Research. The report “Sunglasses Market Share, Size, Trends, Industry Analysis Report, By Product (Polarized and Non-Polarized); By Material; By Channel; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The major factor driving the sunglasses market is the availability of advanced and enhanced products and services that cater to the specific needs of customers. Moreover, there is a growing trend among consumers toward purchasing well-designed and high-quality sunglasses to enhance their overall look and style. Customers tend to prefer new products over older ones, and manufacturers have been able to introduce sunglasses with added features and functionality by implementing technological aspects. However, the presence of counterfeit products can have a negative impact on the sales and pricing strategies of established market players, thus impeding the growth of the market.

The sunglasses market suffered adverse effects as a result of the COVID-19 pandemic, with manufacturing activities being impacted and distribution networks disrupted globally. Government-mandated restrictions and guidelines pertaining to social distancing and lockdowns resulted in significant losses for market players, with major brand outlets and other sales channels remaining closed for the duration of the lockdown period. Moving forward, the prospects of the market hinge on the adoption of digital supply chain practices throughout the sunglasses industry worldwide.

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The demand for sunglasses in the global market is expected to be driven by the increasing purchasing power of consumers due to rising disposable incomes across various regional markets. The growth of the middle class and their increased aggregate disposable income in developing regions have contributed to this trend.

Moreover, the proliferation of the Internet and online retailing services is expected to have a positive impact on the market. For instance, the Japanese market is witnessing a growing demand for online purchases of sunglasses. However, this growth in internet retailing has resulted in low product prices, which has adversely affected revenue streams. Despite this, the expected growth in purchase volumes of sunglasses is expected to mitigate this trend over the years. This sector offers a high potential for penetration, which presents an opportunity for industry players.

Sunglasses Market Report Highlights

• The polarized segment is expected to experience the most rapid growth between 2023 and 2032, because of the popularity of outdoor sports and activities such as skiing and hiking worldwide.
• The online channel segment is projected to have the highest CAGR between 2023 and 2032. This is because it provides customers with affordable prices and a broad range of options. Furthermore, the ability to try products before purchasing, which is provided by online retailers, is an important factor expected to drive the segment in the forecast period.
• Asia Pacific is predicted to experience rapid growth between 2023 and 2032, as a result of an improved standard of living and lifestyle changes in countries like India, Japan, and South Korea.
• The global key market players include Luxottica Group S.p.A., Prada SPA, Safilo Group S.p.A, Fielmann AG, De Rigo SpA, Kering SA, Capri Holdings, LVMH, Marcolin S.p.A, and Maui Jim.

Polaris Market Research has segmented the Sunglasses market report based on product, material, channel and region:

Sunglasses, Product Outlook (Revenue - USD Billion, 2019 - 2032)

• Polarized
• Non-Polarized

Sunglasses, Material Outlook (Revenue - USD Billion, 2019 - 2032)

• CR-39
• Polycarbonate
• Polyurethane
• Others

Sunglasses, Channel Outlook (Revenue - USD Billion, 2019 - 2032)

• On-Line
• Off-Line

Sunglasses, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa