Sunglasses are eyeglasses with colored or tinted lenses designed to protect the eyes from the glare of sunlight. They offer benefits such as ultraviolet (UV) protection, improved vision in bright conditions, reduced risk of cataracts, relief from sunlight and decreased chances of headaches caused by bright light.
The sunglasses market consists of sales, by entities (organizations, sole traders and partnerships), of sunglasses that refer to a type of eyewear designed to protect the eyes from bright sunlight and harmful ultraviolet (UV) rays. They typically consist of tinted or polarized lenses that reduce glare and offer UV protection, along with a frame to hold the lenses in place.
The global sunglasses market was valued at $15,064.6 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 2.0%.
Rise Of Ophthalmic Disorders
The rise of ophthalmic disorders supported the expansion of the sunglasses market during the historic period. Ophthalmic disorders refer to medical conditions or diseases that affect the eyes and their associated structures, including the eyelids, cornea, iris, lens, retina, optic nerve and surrounding tissues. Ophthalmic disorders factor significantly into the selection and use of sunglasses by individuals seeking relief from symptoms, protection from environmental hazards and enhancement of visual comfort and function. For instance, in 2022, according to the Centers for Disease Control and Prevention (CDC), a US-based government agency, 17.2% of Americans over 40 years of age will have a cataract in at least one eye (about 20.5 million people). Therefore, the rise of ophthalmic disorders supported the growth of the sunglasses market.
Integration Of Technology With Smart Sunglasses Redefining Fashion And Function
Companies operating in the sunglasses market are introducing smart sunglasses to blend fashion and function and expand the utility of their products. For example, in September 2023, Meta Platforms Inc, a US-based technology company, launched the next-generation Ray-Ban Meta smart glasses, which combine the latest in wearable tech with authentic Ray-Ban design. These smart glasses feature Meta AI, a conversational assistant activated by saying Hey Meta, improved audio with temple-tip speakers, an enhanced camera with an ultra-wide 12-megapixel camera, livestreaming capability and a redesigned charging case providing up to 36 hours of use. The glasses offer lightweight comfort, durability and over 150 different lens and frame combinations. They also include features like water resistance, improved camera sensors and upgraded wireless connectivity for better performance and stability.
The global sunglasses market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 28.5% of the total market in 2022.
Sunglasses Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global sunglasses market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for sunglasses? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The sunglasses market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider sunglasses market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by design, by frame metal and by distribution channel.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the sunglasses market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by design, by frame metal and by distribution channel in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for sunglasses providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Non-Polarized; Polarized
- 2) By Design: Aviator/Pilot; Rectangle; Round; Square; Oval; Cat Eye; Other Designs
- 3) By Frame Metal: Injected; Metal; Acetate; Other Frame Metals
- 4) By Distribution Channel: Specialty Stores; Supermarkets And Hypermarkets; Online; Other Distribution Channels
- Companies Mentioned: EssilorLuxottica SA; VSP Global Inc.; Kering SA; Safilo Group S.p.A.; De Rigo Vision S.p.A.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; sunglasses indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.