The global sports sunglasses market was valued at USD 1,460.90 million in 2018 and is expected to reach USD 1,788.14 million by 2024, at an estimated CAGR of 3.53%, during the forecast period, 2019
NEW YORK, Nov. 14, 2019 /PRNewswire/ --
Market Overview
The global sports sunglasses market was valued at USD 1,460.90 million in 2018 and is expected to reach USD 1,788.14 million by 2024, at an estimated CAGR of 3.53%, during the forecast period, 2019-2024. There are certain key factors driving the market studied, such as a rise in consumers' disposable incomes, owing to which they seek branded, well-designed, and quality products, consumers preference toward replacing sports sunglasses, along with the increase in preference toward maintaining a luxury living that also speaks about "societal status" by retaining high-end commodities. Such factors are anticipated to shape the market studied in the near future.Over the past few years, sports products have been witnessing a growing adaptation rate based on factors, such as awareness about physical fitness, experiences of adventure, and development of skills and abilities. The onset of engagement in sports activities, such as running, cycling, mountain biking, hiking, skiing, and backpacking, has led to a surge in demand for recreational clothing and equipment, thereby, facilitating the growth of the market studied.
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Scope of the Report
The global Sport Sunglasses Market is done by estimating individual active and inactive participation in sport and the value of economic activity in the sports market from both a supply and demand perspective. These are framed, tinted lenses that reduce direct eye exposure to sunlight.
Key Market Trends
Growing Popularity Of Outdoor Sports Activities
There is a rise in the number of people entering the global workforce, and a significant share among them is more likely to embrace sports and fitness as a part of recreational activities, which is again, aligned with the altering lifestyle preferences. Endurance sports have also paved a strong ground for enthusiasts to grab the varieties in sports accessories, thereby, positively driving the sports sunglasses sales worldwide. The rate of participation in outdoor activities, such as the United Kingdom's first open water 10K event, Heliskiing across Canada, Tour de France, and Ironman 70.3 Pays d'Aix, have scaled over the past few years. Along with it, brands, such as Persol, Mr. Leight, Prada Linea Rossa, and Cartier, are facilitating consumers with latest designs in the sports sunglasses market, specifically targeting the skiing and winter sports enthusiasts. The affluent societies across developed countries are anticipated to have high average incomes, making them capable enough to pursue recreational and outdoor activities. This is also linked with convenience culture, where the rise of "empowered consumers" are seeking out for more choices within activities, along with changing work patterns that facilitate them to use the desired time in a flexible manner.
North America Dominate the Global Market
Sports enthusiasts and professionals in the United States who play sports, like golf, running, cycling, tennis, water sports, snow sports, cricket, etc., need sunglasses that protect their eyes and look good on them. Hence, the demand for sports sunglasses is high in the United States. EssilorLuxottica is a major player of the US sports sunglasses market, with brands, like Oakley that provides a wide range of products with superior quality. Sportspersons prefer wearing sunglasses, as it controls light, which automatically enhances the performance of the player. Eye injuries are the leading cause of blindness in children, in the United States, and 90% of sports-related eye injuries can be avoided with the use of protective eyewear. The demand for safety is enhancing the demand for sports sunglasses. The companies manufacturing sports sunglasses in the United States are increasing their brand visibility, by hiring popular sportspersons to endorse their brands. Golf players, such as Bubba Watson, Rafa Cabrera Bello, Hideki Matsuyama, and Derek Ernst, endorse the Oakley brand of Luxxotica.
Competitive Landscape
The global sports sunglasses market is a highly fragmented market and comprises of regional and international competitors. The market is dominated by players EssilorLuxottica, Nike Inc., Bugaboss Eyewear Corporation, Liberty Sport Inc., Safilo Group SpA, and Under Armour Inc. The leading players in the sports sunglasses market enjoy a dominant presence worldwide. These players focus to leverage opportunities posed by emerging markets to expand their product portfolio, thus they can cater to the requirements for various sports, especially for aerial and snowboarding sports. Companies compete on different factors, including product offerings, material, design, price, functionality, and marketing activities, in order to gain the competitive advantage in the market.
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