The global sunglasses market size is expected to
reach USD 17.0 billion by 2025, 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.
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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.
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.
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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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