Sunglasses Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
After the onset of COVID-19, the sales of sunglasses have witnessed the downfall owing to the fact that the number of social engagements, outdoor recreational activities and sports activities was halted due to the strict lockdown and quarantine measures, which were imposed by the government all over the world. Therefore, this factor has led to a decrease in demand or a decrease in the purchasing power of sunglasses during the 2020 period.
The growth rate of sunglasses is driven by the increased consumer awareness and demand for protection against ultraviolet radiation and glare, as well as the growing popularity of sunglasses as a fashion product. The aforementioned factors are, thus, increasing the market share for sunglasses.Seasonal variations have also propelled the engagement of consumers in outdoor activities, thus, there is a strong demand for sunglasses in both summer and winter, with respect to involvement in sports, tourism, and recreational activities. This is expected to impose strong growth in the market studied, over the forecast period.
The performances of products under extreme conditions are likely to act as a key growth factor for the market studied. Additionally, considerations, such as lightweight, flexibility, the durability of materials, and ample choices in lenses are likely to drive the demand for sunglasses over the forecast period. ​
The growing demand for sunglasses is due to factors, such as the rise in consumers’ disposable incomes, owing to which they seek branded, well-designed, and quality products and the consumers preference toward replacing sports sunglasses, along with the increase in preference toward maintaining a luxury living that also speaks about “societal statusâ€, by retaining high-end commodities.
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Key Market Trends
Polarized Sunglasses Segment Leading the Market
Polarized sunglasses are used for glare and brightness reduction and to block the unwanted horizontally polarized light. The protection from damaging UVA and UVB is helpful for anyone who spends a lot of time around water and snow. Thus, polarized sunglasses are increasingly demanded by consumers engaged in outdoor activities, such as sports.
In order to cater to the growing demand for polarized sunglasses, the global players are trying to expand their presence, as well as product portfolio in these sunglasses. In May 2019, Xiaomi Launched a range of Xiaomi Mi Polarized Sunglasses on its online platform, which provides six layered-lens technology for the elimination of glare, polarized light, and harmful UV rays.
Similarly, Luxottica Group SpA offers a range of Ray-Ban polarized sunglasses for men and women, which are claimed to eliminate glares, increase visual clarity, reduce eye strain, and enhance contrast. Therefore, with the increasing market development, which is taking place in the segment studied, therefore this factor is expected to drive the overall sunglasses market.
Domination of United States in the Sunglasses Market
Global players are entering the United States market owing to wellness awareness, especially among consumers in the country. Consequently, consumers’ demand for fashionable, affordable, and protective sunglasses is also fed by manufacturers. ​
In July 2016, SÅLEURS, an Australian company, launched its iconic sunglasses collection in the United States market. It fulfils the demand of consumers by providing fashionable classic frames with protective lenses, at a lower price.​
According to the survey conducted by the American Optometric Association (AOA), it has been found that over 80% of the consumers in the country wear sunglasses in summer. However, only one-third of them wear it in winters. Awareness regarding the harmful effects of UV rays, even in winters, has increased the demand for sunglasses in the region.
Domination of United States in the Sunglasses Market
Global players are entering the United States market owing to wellness awareness, especially among consumers in the country. Consequently, consumers’ demand for fashionable, affordable, and protective sunglasses is also fed by manufacturers. ​
In July 2016, SÅLEURS, an Australian company, launched its iconic sunglasses collection in the United States market. It fulfils the demand of consumers by providing fashionable classic frames with protective lenses, at a lower price.​
According to the survey conducted by the American Optometric Association (AOA), it has been found that over 80% of the consumers in the country wear sunglasses in summer. However, only one-third of them wear it in winters. Awareness regarding the harmful effects of UV rays, even in winters, has increased the demand for sunglasses in the region.
​ Also, the huge populace of sports enthusiasts and professionals in the United States prefers wearing sunglasses as they control light, which automatically enhances the performance of the player; this, in turn, drives the sunglasses market in the country.​
Competitive Landscape
The sunglasses market is a competitive market and comprises of regional and international competitors. The market is dominated by some of the key players such as EssilorLuxottica, Safilo Group S.p.A., LVMH, Fielmann AG, and Marcolin SpA. The leading players in the sunglasses market enjoy a dominant presence, worldwide. These players focus to leverage opportunities posed by emerging markets to expand their product portfolio, so that they can cater to the requirements for various segments, such as athleisure trend.​
Furthermore, global players increasing their investment to expand their footprint, in order to leverage opportunities posed by developing markets of Asia-Pacific, like China, India, Brazil, and South Africa to expand their revenue base.​ Also, the key players, such as Ray-Ban, Oakley are now focusing on a social media platform and online distribution channels for their online marketing and branding to attract more customers.​
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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Competitive Landscape
The sunglasses market is a competitive market and comprises of regional and international competitors. The market is dominated by some of the key players such as EssilorLuxottica, Safilo Group S.p.A., LVMH, Fielmann AG, and Marcolin SpA. The leading players in the sunglasses market enjoy a dominant presence, worldwide. These players focus to leverage opportunities posed by emerging markets to expand their product portfolio, so that they can cater to the requirements for various segments, such as athleisure trend.​
Furthermore, global players increasing their investment to expand their footprint, in order to leverage opportunities posed by developing markets of Asia-Pacific, like China, India, Brazil, and South Africa to expand their revenue base.​ Also, the key players, such as Ray-Ban, Oakley are now focusing on a social media platform and online distribution channels for their online marketing and branding to attract more customers.​
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
For sample report please visit : https://www.statzyreports.com/report/sr497011/sunglasses-market
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