Global Sunglasses Market Sees Striking Growth with a Projected CAGR of 5.03%

DUBLIN, Aug. 21, 2023 /PRNewswire/ -- The "Sunglasses Market - Growth, Trends, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.

The global sunglasses market is poised for remarkable expansion, with a projected compound annual growth rate (CAGR) of 5.03% over the forecasted period. Sunglasses are no longer just fashion accessories; they have become indispensable functional assets, offering protection against the sun's glaring rays. The significance of sunglasses extends beyond style, with growing awareness about their role in safeguarding eyes from harmful UV exposure.

Recent research by the National Eye Institute underscores the importance of sunglasses in preventing cataracts accelerated by excessive sun exposure. Approximately 20% of cataract cases are linked to UV exposure, emphasizing the critical role of sunglasses in maintaining eye health. These protective eyewear options block an impressive 99% to 100% of UVA and UVB rays, cementing their importance in modern eye care.

The sunglasses market is propelled by rising disposable incomes, coupled with heightened consumer awareness of eye protection. Increasing demand for stylish accessories, particularly among the younger generation, further fuels this market growth. Seasonal variations, such as increased outdoor activities during summer and winter, contribute to solid market demand. Sports, tourism, and recreational pursuits create a strong demand for sunglasses, bolstering the market's resilience.

Sunglasses Market Trends: Adapting to Fashion and Functionality

A shift in millennials' preferences towards a dynamic lifestyle and a penchant for high-quality accessories is driving market expansion. Eyewear manufacturers are focusing on designing fashionable yet affordable eyewear to meet this burgeoning consumer demand. Rapid responses to evolving fashion trends and innovative designs cater to fashion enthusiasts, further enhancing market dynamics.

Fashion remains a significant driver, with consumer preferences for sunglasses rooted in enhancing facial aesthetics, brand value, and social media appeal. Industry leaders in the fashion sector are diversifying their offerings, extending their brand identity to include sunglasses and other accessories. Celebrities and fashion influencers contribute to the growing brand affinity, further boosting the sunglasses market.

Innovations continue to shape the sunglasses market, with creative designs and novel product types gaining traction. Notably, a Japanese company introduced polarized sunglasses/face shields in 2021, designed to set new fashion trends. With properties like anti-fog, windproof, and dustproof capabilities, these innovative eyewear solutions combine fashion and functionality seamlessly.

North America Takes Center Stage

The North American market is witnessing heightened wellness awareness among consumers, propelling demand for fashionable, affordable, and protective sunglasses. A proactive approach to eye care is becoming the norm, with consumers seeking products that offer style without compromising on functionality. As more than 25 million Americans are projected to develop cataracts by 2022, the importance of sunglasses in reducing UV light-induced damage gains significance. North America, with its emphasis on health and wellbeing, emerges as a dominant market for sunglasses.

A 2022 study involving 2,000 Americans underscored the prevalent awareness of sun protection, with respondents acknowledging the importance of safeguarding their eyes and bodies. Factors such as increased sunscreen and sunglasses usage, even during short outdoor activities, reflect a growing consciousness of UV damage prevention. The demand for sunglasses persists even during winter months, as awareness about UV rays' harmful effects continues to grow.

Competitive Landscape and Market Dynamics

The global sunglasses market is highly competitive, featuring a mix of regional and international players. Key market participants, including EssilorLuxottica SA, Safilo Group S.p.A., LVMH Moet Hennessy Louis Vuitton, Marcolin SpA, and Fielmann AG, exert a significant influence. These industry leaders continually explore opportunities in emerging markets, expanding their portfolios to cater to diverse consumer segments, such as athleisure enthusiasts.

Investments in online marketing and branding strategies, including social media platforms and online distribution channels, are increasingly common among market giants like Ray-Ban and Oakley. This strategic shift taps into the online-savvy consumer base, driving brand visibility and customer engagement.

Competitive Portfolio:

• EssilorLuxottica SA
• Safilo Group S.p.A.
• LVMH Moet Hennessy Louis Vuitton
• Fielmann AG
• Marcolin SpA
• De Rigo Vision S.p.A.
• Fosun International Limited
• Revo Holdings, LLC
• Kering
• VSP Global
• Julbo SA

For more information about this report visit https://www.researchandmarkets.com/r/73sad7

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