Sunglasses Market To Hit USD 33.5 Billion By 2032, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Sunglasses industry is projected to witness a CAGR of 3.6% during the period 2024-2032. This growth can be attributed to rising consumer focus on eye health and UV protection.

Selbyville, Delaware, Dec. 12, 2024 (GLOBE NEWSWIRE) --

Sunglasses market size was valued at USD 24.4 billion in 2023, is projected to grow at a CAGR of 3.6% during the forecast period, fueled by an increasing emphasis on eye health and protection.

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As more consumers prioritize UV protection, demand has risen for sunglasses that effectively block harmful rays. To meet this need, manufacturers are developing lenses with enhanced UV-blocking capabilities and glare reduction, attracting health-conscious buyers who favor premium and certified eyewear for maximum safety and comfort.

Sunglasses have transformed from simple functional items into essential fashion statements, with brands introducing new designs to keep pace with evolving sunglasses market trends. Influenced by social media, pop culture, and seasonal fashion shifts, brands are continuously refreshing their offerings with modern styles, colors, and materials. Consumers looking for unique, high-quality eyewear are increasingly drawn to these trend-driven products, which encourage innovation across the industry and drive overall market growth.

The rise of e-commerce has been pivotal to expanding access to a broader range of sunglasses, as online platforms provide options that are not always available in traditional stores. The convenience of shopping online, along with features like virtual try-ons and detailed product descriptions, has made it easier for consumers to make informed purchases. Brands are also embracing omnichannel retail strategies, merging online and offline experiences to better cater to customer preferences. This approach has particularly resonated with younger buyers, who appreciate the flexibility of choosing between digital and in-person shopping options.

In terms of product type, the sunglasses market is divided into polarized and non-polarized segments, with polarized sunglasses holding the largest market share, garnering USD 13.9 billion in revenue in 2023. This segment is expected to grow at a CAGR of 3.5% over the forecast period, as more consumers recognize the benefits of polarized lenses, including glare reduction and enhanced UV protection. These qualities are especially valued during outdoor activities, further cementing polarized sunglasses as the preferred choice for many.

The offline distribution channel remains dominant, accounting for 77.5% of the sunglasses market share, and is projected to grow at a CAGR of 3.7%. Physical stores provide the tactile shopping experience many consumers seek, offering the ability to try on products, assess their comfort, and consult knowledgeable sales staff. This emphasis on the in-store experience has contributed to the offline segment's continued strength in the market.

In North America, the United States leads the region's sunglasses market, holding a 73.9% share in 2023, driven by a strong demand for high-quality, fashion-forward eyewear. The U.S. market's growth is supported by increasing awareness of UV protection and eye health, coupled with a well-established retail network that caters to diverse consumer preferences.

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Major players in sunglasses market include De Rigo Vision, Essilor International, Fielmann, Johnson & Johnson Vision Care, Luxottica Group, LVMH Moët Hennessy Louis Vuitton, Marchon Eyewear, Marcolin, Maui Jim, Michael Kors Holdings, Oakley, Quay Australia, Safilo Group, Warby Parker, Zenni Optical. among others.

Partial Table of Contents (ToC) of the report:

Chapter 1 Methodology & Scope

1.1 Market scope & definitions

1.2 Base estimates & calculations

1.3 Forecast calculations

1.4 Data sources

1.4.1 Primary

1.4.2 Secondary

1.4.2.1 Paid sources

1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry 3600 synopsis, 2021-2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis

3.1.1 Factor affecting the value chain

3.1.2 Profit margin analysis

3.1.3 Disruptions

3.1.4 Future outlook

3.1.5 Manufacturers

3.1.6 Distributors

3.2 Supplier landscape

3.3 Profit margin analysis

3.4 Consumer behavior analysis

3.5 Key news & initiatives

3.6 Regulatory landscape

3.7 Impact forces

3.7.1 Growth drivers

3.7.1.1 Rising consumer focus on eye health and UV protection

3.7.1.2 Growing fashion and lifestyle appeal

3.7.1.3 Expansion of e-commerce and omnichannel retailing

3.7.2 Industry pitfalls & challenges

3.7.2.1 High competition and market saturation

3.7.2.2 Economic sensitivity and fluctuating disposable income

3.8 Growth potential analysis

3.9 Porter's analysis

3.10 PESTEL analysis

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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