Sunglasses Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Sunglasses Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Sunglasses Market size is estimated at USD 23.32 billion in 2024, and is expected to reach USD 32.20 billion by 2029, growing at a CAGR of 6.66% during the forecast period (2024-2029).

Around 20% of cataract occurrences are brought on by UV exposure. In January 2023, according to the National Eye Institute, doctors and researchers discovered that certain factors, including excessive sun exposure, particularly without sunglasses, accelerate the formation of cataracts. Therefore, there is a rise in the demand for sunglasses to block 99% to 100% of UVA and UVB rays and shield the eyes from the sunlight. Moreover, sunglasses offer proper functionality in addition to style and a fashionable appearance. As a result, stylish sunglasses are gaining traction among fashion-conscious consumers, especially young individuals. Besides this, due to increasing involvement in sports, tourism, and recreational activities, there is a rise in the demand for sports sunglasses explicitly designed for use during physical activities, outdoor games, and sports. Furthermore, with rising disposable income, consumers are seeking branded, well-designed, and quality products. Also, manufacturers are introducing sunglasses in various forms, hues, and shapes to meet consumer preferences. For instance, in 2023, Marcolin launched its new Swarovski Macro Pavé collection in selected global travel retail stores. The company stated that the sunglasses feature large precision-cut Swarovski crystals in an oversized pavé shape. The octagon sunglasses are crafted from premium acetate and available in classic black, Havana brown, and milky white.

Sunglasses Market Trends

Inclination Toward Versatile Fashion Variants

The market studied mainly caters to the fashion segment, where consumer preference in sunglasses specifically includes fashion, enhancing facial aesthetics, brand value, and effective social media marketing and affluence. Traditional eyewear collections are more closely tied to ready-to-wear eye gear, which includes expression through colors, shapes, and embellishments. The major global players operating in the fashion industry are branching out their accessories, such as handbags and shoes., that accompany their eyewear. They are also collaborating with celebrities and fashion enthusiasts to attain consumer attention. Furthermore, manufacturers focus on producing fashionable and reasonably priced eyewear due to a shift in consumer preferences toward expensive accessories. For instance, in 2023, ZEGNA expanded the product portfolio by launching the latest eyeglasses collection in collaboration with Marcolin. The company stated that the ZEGNA sunglasses collection has several styles, including EZ0210, EZ0211-H, EZ0212, and EZ021, among others.

North America Dominates the Market

Global players are entering the North American market owing to high consumer demand for fashionable, affordable, and protective sunglasses. According to the Review of Optometric Business, in October 2022, the research of 2,000 Americans examined participants' awareness of how to take precautions to safeguard their bodies and eyes. While most respondents (72%) claim they are most cautious in the summer, 68% state that they take precautions whenever they go outside, even if it's just for a short while. While those in the West get more sun, those in the Northeast (56%) and those in the Southwest (63%) are more likely to wear sunscreen and sunglasses when going about their daily business, such as running errands. The increased awareness regarding the harmful effects of UV rays has increased the demand for sunglasses in the region. Also, the vast populace of sports enthusiasts and professionals in the United States prefers wearing sunglasses to reduce glare in bright conditions and enhance performance.

Sunglasses Industry Overview

The sunglasses market is competitive and comprises regional and international competitors. The market is dominated by key players, such as Essilor Luxottica, Safilo Group SpA, LVMH, VSP Global, and Kering SA. The major players are indulging in strategies, such as product launches, mergers and acquisitions, expansions, and partnerships, to establish a strong consumer base and esteemed position in the market. They also focus on leveraging opportunities posed by emerging markets to expand their product portfolios and cater to the requirements of the latest consumer trends.

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• The market estimate (ME) sheet in Excel format
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