Sunglasses Market Evolving Opportunities With Ray-Ban, Oakley, Sunglass Hut, Persol, And Vogue Till 2025 | Grand View Research Inc.

Sunglasses Market Evolving Opportunities With Ray-Ban, Oakley, Sunglass Hut, Persol, And Vogue Till 2025 | Grand View Research Inc.

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The sunglasses market is expected to witness significant growth due to rising consumer preference for luxury and premium sunglasses, along with increasing disposable income.

The global sunglasses market size is expected to reach USD 17.0 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 2.3% over the forecast period. The market is expected to witness significant growth due to rising consumer preference for luxury and premium sunglasses, along with increasing disposable income.

Non-polarized sunglasses accounted for the largest market share in 2018 owing to easy availability and cheap pricing. Moreover, these sunglasses are available in many dark shades, which protect the eyes from the harmful sun rays. Polarized sunglasses are anticipated to expand at the highest CAGR of 2.6% from 2019 to 2025. Apart from providing 100% protection from the UV rays, these glasses also provide clear vision as compared to non-polarized glasses. Increasing awareness concerning eye health and harmful effects of sun rays and other emissions is expected to influence the consumer purchasing decision.

Product Insights

Non-polarized sunglasses accounted for the largest revenue share of 71.4% in 2018. Non-polarized lenses are majorly available in all offline stores in a variety of tinted glasses and shapes. They are relatively cheap and serve the purpose of adding style to the customer’s look as well as the dark shade reduces the intensity of light. Due to lack of knowledge among consumers regarding the type of eyewear suitable for them, this segment is expected to continue its lead over the next few years.

Polarized sunglasses are expected to emerge as the fastest growing segment, expanding at a CAGR of 2.6% in 2025. Polarized lenses offer 100% protection against UVA and UVB rays. This helps in preventing damage to eyes in the sun. They also provide a clear vision as compared to non-polarized lenses. However, these lenses do not perform well in front of LCD screens. They reduce the visibility of the image produced by cell phones, GPS devices, or other flat LCD screens.

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U.S. Sunglasses Market Size, By Product Outlook, 2015 - 2025 (USD Billion)

Offline distribution channel dominated the market in 2018. Many brands have their personalized stores worldwide to provide customer service and increase their distribution in the market. Customer preference to try out various pairs of sunglasses before purchasing is driving the market demand in this segment. Online distribution is expected to witness accelerated growth in the forecast period as manufacturers are increasing their advertising and promotional activities via digital channels. This distribution channel allows the manufacturers to reach out to a wider audience in less cost.

Europe held the largest market share in terms of revenue in 2018 due to the presence of major players and latest fashion trends followed in this region. Asia Pacific is anticipated to witness substantial growth due to increasing penetration of major brands in this region. Changing consumer preference driven by high disposable income is another factor propelling the market growth in this region.

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Further key findings from the study suggest:

  • In terms of revenue,online distribution channel is projected to expand at a CAGR of 2.5% over the forecast period

  • By product, the non-polarized segment dominated the market in 2018 owing to high visibility of the product in the emerging market

  • Europe held the largest sunglasses market share in 2018 owing to presence of major eyewear manufacturers in the region

  • The industry is highly competitive with a monopoly created by Luxottica Group. Various eyewear brands like Ray-Ban, Oakley, Sunglass Hut, Persol, and Vogue have been acquired by Luxottica to expand its brand portfolio in the market

  • In January 2017, Essilor, one of the major eyewear manufacturers, merged with Luxottica. This move was initiated to expand Luxottica’s brand portfolio and improve market penetration of Luxottica by leveraging Essilor’s target markets.

 Global Sunglasses Market Share, By Distribution Channel, 2018 (%)

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Grand View Research has segmented the global sunglasses market on the basis of product, distribution channel, and region:

Sunglasses Product Outlook (Revenue, USD Million, 2015 – 2025)

  • Polarized

  • Non-polarized

Sunglasses Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)

  • Online

  • Offline

Sunglasses Regional Outlook (Revenue, USD Million, 2015 – 2025)

  • North America

    •  U.S.

  • Europe

    • Germany

    •  France

  • Asia Pacific

    • China

    •  India

  • Central & South America

    •  Brazil

  • Middle East & Africa

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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