Sunglasses Market Size, Share, Growth, Trends, Report 2023-2032
The global sunglasses market was surpassed at USD 29.77 billion in 2022 and is expected to hit around USD 54.58 billion by 2032, growing at a CAGR of 6.25% from 2023 to 2032. The sunglasses market in the United States was accounted for USD 7.5 billion in 2022.
Key Pointers
Report Scope of the Sunglasses Market
| Report Coverage | Details |
| Revenue Share of Europe in 2022 | 37% |
| CAGR of Asia Pacific from 2023 to 2032 | 6.94% |
| Revenue Forecast by 2032 | USD 54.58 billion |
| Growth Rate from 2023 to 2032 | CAGR of 6.25% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Companies Covered | Luxottica Group; Safilo Group; Maui Jim; De Rigo; Charmant; Specsavers Optical; Revo; Fielmann AG; Pivothead; LVMH Group; MarcolinSpA |
Increasing awareness regarding the harmful effects of UV rays on the eyes, along with the rising acceptance of eyewear, including sunglasses, as a part of modern lifestyle accessories is anticipated to propel the demand for sunglasses during the forecast period.
The fashion industry has primarily influenced the purchase of the product due to the increased disposable income of consumers. In addition, the growing preference of consumers toward branded eyewear is boosting the demand for the product. To create a personalized statement of style, consumers are willing to spend more on branded and luxury sunglasses. Furthermore, sunglasses with various shapes, varieties, and colors are being introduced by manufacturers to meet the preference of consumers.
The market for sunglasses is also positively influenced by women as they are becoming independent economically. The adoption of eyewear among women has increased due to this factor, which is further driving the market. One of the major factors influencing the growth of designer sunglasses is increasing digital advertisements coupled with celebrity endorsements. Moreover, high investment is made by manufacturers for the marketing of these products to attract more customers.
Protection from UV rays is obtained by the usage of sunglasses. Sunglasses are available in a combination of various shades and tints that helps in the protection of eyes against harmful rays. In addition, custom-made sunglasses are being availed by the manufacturers for corrected vision to boost the sales of the product by enhancing the experience of the customers. These products also protect the eyes from other things including flying particles and dust.
The COVID-19 pandemic took a toll on various industries and had the same effect on the global market. A downfall has been observed in the market due to no demand for such products among consumers. Halt in sports activities, outdoor activities, and social engagements due to the situation of lockdown across the globe along with strict government guidelines to stop the further surge of the pandemic has also resulted in the downfall of the market for sunglasses. However, with the upliftment of such guidelines and resuming of other outdoor activities, the market observed a surge and got back on track.
Product Insights
The non-polarized sunglasses segment held a share of 71% in 2022. The growth of the segment can be attributed to the fact that they are comparatively more economical and affordable. These products are highly used by consumers as they add an element of style to their look along with reducing the intensity of light and protecting from harmful rays due to the presence of dark shades. The segment is likely to grow due to the high presence of these products in the offline channel combined with the unavailability of knowledge regarding other products. Due to the above-mentioned facts, the segment is expected to remain in the lead in the coming years.
The polarized segment is expected to grow with a CAGR of 6.93% over the forecast period. The growth of the segment is attributed to an increasing shift in preference toward polarized sunglasses over non-polarized ones. 100% protection is obtained by the usage of polarized sunglasses against UVA and UVB rays, thus preventing eyes to get damaged by the sun. A comparatively clear vision is also obtained over non-polarized glasses. Polarized sunglasses are highly adopted by professionals who work outdoors and work looking at screens regularly. Thus, the increasing awareness regarding polarized glasses due to their various benefits is contributing to the growth of the segment over the forecast period.
Distribution Channel Insights
The offline segment held a revenue share of 82% in 2022. The growth of the segment is attributed to the high preference of consumers to try the products pre-purchasing. Key players operating in the market expand their offline distribution channels to reach the maximum number of customers. Moreover, the high availability and presence of diverse sunglasses for trials on the spot are driving the segment. Furthermore, the presence of trained and professional salesmen in physical stores to influence customers increases the sales of sunglasses.
The online segment is expected to grow with a CAGR of 7.65% from 2023 to 2032. The growth of the segment is attributed to the increasing focus of manufacturers on the marketing of the product with the use of digital mediums. The online segment majorly includes social media accounts or pages, brand websites, and various e-commerce sites. Such online channels are cost-effective and help the manufacturers to read a wider level of customers. The growth of the segment is also attributed to growing technological advances and their implementation such as 3D try-on features. Moreover, such online channels help providers to track down the preference of the customers and recommend various offers and products as per the ongoing trend to attract them, thereby increasing sales.
Regional Insights
Europe dominated the global market and held a share of 37% in 2022. The growth of the segment is attributed to the presence of a number of key players in the region. The growth of the regional market is also attributed to countries such as France, which is also known as one of the fashion hubs in the world. Moreover, factors such as major fashion trends and a large number of brand-conscious people are boosting the market growth. In addition, the high disposable income of people is fueling the market growth over the forecast period.
Asia Pacific is anticipated to grow with a CAGR of 6.94% over the forecast period due to the rapid penetration of international brands such as Rayban, Oakley, and Dior. This region is untapped in terms of awareness regarding eye safety and the harmful effects of sun rays and other light emissions. This, in turn, provides lucrative opportunities for manufacturers to attract customers. Moreover, countries such as China and India are focusing on rapid industrialization, which has increased disposable income in the region. This is expected to fuel consumer spending power, thereby driving product demand.
Sunglasses Market Segmentations:
By Product
By Distribution Channel
By Regional
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Sunglasses Market
5.1. COVID-19 Landscape: Sunglasses Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Sunglasses Market, By Product
8.1. Sunglasses Market, by Product, 2023-2032
8.1.1. Polarized
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Non-polarized
8.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Sunglasses Market, By Distribution Channel
9.1. Sunglasses Market, by Distribution Channel, 2023-2032
9.1.1. Offline
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Online
9.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Sunglasses Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2020-2032)
10.1.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.1.3.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.1.4.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2020-2032)
10.2.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.2.3.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.2.4.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Product (2020-2032)
10.2.5.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Product (2020-2032)
10.2.6.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.3.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.3.3.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.3.4.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Product (2020-2032)
10.3.5.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Product (2020-2032)
10.3.6.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.4.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.4.3.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.4.4.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Product (2020-2032)
10.4.5.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Product (2020-2032)
10.4.6.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2020-2032)
10.5.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.5.3.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.5.4.2. Market Revenue and Forecast, by Distribution Channel (2020-2032)
Chapter 11. Company Profiles
11.1. Luxottica Group
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Safilo Group
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Maui Jim
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. De Rigo
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Charmant
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Specsavers Optical
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Revo
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Fielmann AG
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Pivothead
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. LVMH Group
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers