The sunglasses market is expected to be valued at USD 32,171.4 million in 2024. In contrast, the market value was marked at USD 30,236.3 million in 2023. The market is expected to progress at a CAGR of 6.0% over the forecast period. By 2034, the value of the market is forecasted to have inflated to USD 57,614.1 million.
As awareness rises about the harmful effects of UV rays, protective eye gear like sunglasses are enjoying increased demand. Consumers also feel the need to protect their eyes from dust and other harmful particles out on the street. Thus, sunglasses are being resorted to by consumers.
However, beyond the original function of sunglasses, the product has become synonymous with fashion. Sunglasses have become a key part of fashion outfits, to the point that specialized stores just for sunglasses are being increasingly opened. Manufacturers are abetting fashion-minded people by launching innovative and customized products to tailor to diverse needs.
Key Takeaways from the Sunglasses Market
- The sunglasses market is anticipated to be valued at US$ 32,171.4 million in 2024.
- Polarized sunglasses are the preferred product type in the market. In 2024, polarized sunglasses are projected to contribute to 32.4% of the market share by product type.
- Specialty stores are the top distribution channel in the market. In 2024, specialty stores are expected to account for 22.6% of the market share by distribution channel.
- India is one of the most promising countries in the market. The CAGR for the market in India is anticipated to be 8.7% over the forecast period.
- China is not far behind India when it comes to predicted growth. The CAGR for the market in China is pegged at 8.1% through 2034.
- The market in Australia is expected to register a CAGR of 5.4% over the forecast period.
Competition Analysis of the Sunglasses Market
Market players highly emphasize adopting marketing strategies in the sunglasses industry.
Constant upheaval in fashion trends necessitates the companies in the market to be aware of industry developments. Acquisitions, mergers, and collaborative strategies are common in the market.
Recent Developments in the Sunglasses Market
- In November 2023, OKNO by Eyewearlabs introduced a range of sports sunglasses. The sunglasses are designed to rest stably on the face even during intense physical activity.
- In November 2023, Israeli brand KAWAYAN launched a limited series of sunglasses. The sunglasses are made with eco-friendly material and mark the brand’s entry into the market.
- In July 2023, automobile giant BMW introduced the ConnectedRide Smartglasses. The smart sunglasses come with a display built into the lenses, helping users with speed and navigation while driving.
- In April 2023, Xiaomi launched the Mijia Nylon Polarized Sunglasses. The product is aimed at filtering out almost all UV rays and is scratch-resistant.
Key Companies in the Sunglasses Market
- Luxottica Group
- Safilo Group
- Maui Jim
- De Rigo
- Charmant
- Specsavers Optical
- Revo
- Fielmann AG
- Pivothead
- LVMH Group
- MarcolinSpA
Get Connected with Our Expert Analyst on Email: sales@futuremarketinsights.com
Key Segments
By Product Type:
- Non-polarized
- Polarized
By Distribution Channel:
- Specialty Stores
- Online
- Malls
- Retail Stores
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
