Global Sunglasses Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Sunglasses Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Sunglasses or sun glasses are a form of protective eyewear designed primarily to prevent bright sunlight and high-energy visible light from damaging or discomforting the eyes.

Market Overview:

The latest research study on the global Sunglasses market finds that the global Sunglasses market reached a value of USD 17140.84 million in 2022. It’s expected that the market will achieve USD 25088.41 million by 2028, exhibiting a CAGR of 6.55% during the forecast period.

From the perspective of sales channels, offline retail is an important sales channel for sunglasses. However, the epidemic directly affects retail physical store revenues, with a serious decline. The normal occurrence of fixed operating costs such as labor, rent, inventory, and bank loan interest expenses will put pressure on cash flow, and operating profits will fall sharply, directly challenging the survival of enterprises. Even if supported by online channels, it will still severely impact the development of the industry.

From the perspective of demand, According to the New York Times, the median age of patients in the second round wave of European epidemics has dropped from 60 in the first wave to around 37 and 20. And young people are an important consumer group in the sunglasses market. The large number of young people infected is undoubtedly a huge blow to the demand market. The decrease in tourists is also a huge blow to the sunglasses industry. Take Japan as an example. With fewer Chinese tourists coming to the Spring Festival, high-end sunglasses have been hit. Since Chinese tourists are an important consumer group of these products, the Japanese government has decided to impose restrictions on foreign tourists, including foreign tourists from important source markets such as China and South Korea, which has sharply reduced the demand for high-end sunglasses.

Political Factors

Political factors often have an impact on organizations and how they do business. Organizations need to be able to respond to the current and anticipated future legislation, and adjust their marketing policy accordingly.

These are all about how and to what degree a government intervenes in the economy. This can include – government policy, political stability or instability in overseas markets, foreign trade policy, tax policy, labor law, environmental law, trade restrictions and so on.

Economic Factors

Economic factors have a significant impact on how an organisation does business and also how profitable they are. Factors include – economic growth, interest rates, exchange rates, inflation, disposable income of consumers and businesses and so on.

These factors can be further broken down into macro-economic and micro-economic factors. Macro-economic factors deal with the management of demand in any given economy. Governments use interest rate control, taxation policy and government expenditure as their main mechanisms they use for this.

Legal Factors

Legal factors include - health and safety, equal opportunities, advertising standards, consumer rights and laws, product labelling and product safety. It is clear that companies need to know what is and what is not legal in order to trade successfully. If an organization trades globally this becomes a very tricky area to get right as each country has its own set of rules and regulations.

Region Overview:

From 2022-2027, Europe is estimated to witness robust growth prospects.

Company Overview:

EssilorLuxottica is one of the major players operating in the Sunglasses market, holding a share of 35.25% in 2020.

EssilorLuxottica

Luxottica Group Spa designs, manufactures, and distributes optical products. The Company offers wide range of fashion, luxury, and sports eye wear. Luxottica Group serves customers worldwide.

Safilo Group S.p.A.

Safilo Group S.p.A. designs, manufactures and distributes eyewear. The Company offers optical frames, sunglasses, technical sports glasses, ski goggles, and helmets under licensing agreements for luxury and premium brands as well as under its own brands.

Segmentation Overview:

By type, Non-polarized segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Offline segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Sunglasses market covered in Chapter 3:

Safilo Group S.p.A.
Walter and Herbert
IOVES Spa
Revo
Mirage Occhiali
Ottica Prealpi
EssilorLuxottica
Fielmann AG
Marcolin SpA.
Red Eyewear Ltd.
Randolph Engineering, Inc.
International Eyewear Ltd.
Maui Jim
Fabris Lane
De Rigo Vision S.p.A.
Marchon Eyewear, Inc.

In Chapter 4 and Chapter 14.2, on the basis of types, the Sunglasses market from 2018 to 2029 is primarily split into:

Polarized
Non-polarized

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Sunglasses market from 2018 to 2029 covers:

Offline
Online

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)