Sunglasses Market Rising With Growth In New Technology Trends Research By 2025



The global sunglasses market size is expected to reach USD 17.0 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 2.3% over the forecast period. The market is expected to witness significant growth due to rising consumer preference for luxury and premium sunglasses, along with increasing disposable income.
Non-polarized sunglasses accounted for the largest market share in 2018 owing to easy availability and cheap pricing. Moreover, these sunglasses are available in many dark shades, which protect the eyes from the harmful sun rays. Polarized sunglasses are anticipated to expand at the highest CAGR of 2.6% from 2019 to 2025. Apart from providing 100% protection from the UV rays, these glasses also provide clear vision as compared to non-polarized glasses. Increasing awareness concerning eye health and harmful effects of sun rays and other emissions is expected to influence the consumer purchasing decision.
Offline distribution channel dominated the market in 2018. Many brands have their personalized stores worldwide to provide customer service and increase their distribution in the market. Customer preference to try out various pairs of sunglasses before purchasing is driving the market demand in this segment. Online distribution is expected to witness accelerated growth in the forecast period as manufacturers are increasing their advertising and promotional activities via digital channels. This distribution channel allows the manufacturers to reach out to a wider audience in less cost.
Europe held the largest market share in terms of revenue in 2018 due to the presence of major players and latest fashion trends followed in this region. Asia Pacific is anticipated to witness substantial growth due to increasing penetration of major brands in this region. Changing consumer preference driven by high disposable income is another factor propelling the market growth in this region.
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https://www.grandviewresearch.com/industry-analysis/sunglasses-market/request/rs4
Further key findings from the study suggest:
·         In terms of revenue,online distribution channel is projected to expand at a CAGR of 2.5% over the forecast period
·         By product, the non-polarized segment dominated the market in 2018 owing to high visibility of the product in the emerging market
·         Europe held the largest sunglasses market share in 2018 owing to presence of major eyewear manufacturers in the region
·         The industry is highly competitive with a monopoly created by Luxottica Group. Various eyewear brands like Ray-Ban, Oakley, Sunglass Hut, Persol, and Vogue have been acquired by Luxottica to expand its brand portfolio in the market
·         In January 2017, Essilor, one of the major eyewear manufacturers, merged with Luxottica. This move was initiated to expand Luxottica’s brand portfolio and improve market penetration of Luxottica by leveraging Essilor’s target markets.
The online channel is gaining momentum as manufacturers are focusing on product marketing using various digital mediums. These digital mediums are mostly brand websites, social media pages, or accounts. They enable manufacturers to reach out to a wider audience and are cost-effective. Increasing services like providing 3D try-on feature on the website are expected to fuel the growth of this segment.
Additionally, via such mediums, manufacturers are able to track consumer preferences and introduce new offerings as per the latest trend without incurring heavy costs on commercials. Manufacturers are also leveraging features of social media apps for live engagement with their customers. Marketing campaigns focus on using these platforms to announce product launches and create anticipation about new products in the market.
Various blogging agencies are hired to create a buzz and virtual word-of-the-mouth promotion for the brands. These initiatives are undertaken to attract customers and boost product sales. However, authenticity of these platforms is a key concern of the customers, which may act as a potential risk to the market in future.
Non-polarized sunglasses accounted for the largest revenue share of 71.4% in 2018. Non-polarized lenses are majorly available in all offline stores in a variety of tinted glasses and shapes. They are relatively cheap and serve the purpose of adding style to the customer’s look as well as the dark shade reduces the intensity of light. Due to lack of knowledge among consumers regarding the type of eyewear suitable for them, this segment is expected to continue its lead over the next few years.
Browse Press Release of this report:                                
https://www.grandviewresearch.com/press-release/global-sunglasses-market
Grand View Research has segmented the global sunglasses market on the basis of product, distribution channel:
Sunglasses Product Outlook (Revenue, USD Million, 2015 - 2025)
·         Polarized
·         Non-polarized
Sunglasses Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
·         Online
·         Offline
Polarized sunglasses are expected to emerge as the fastest growing segment, expanding at a CAGR of 2.6% in 2025. Polarized lenses offer 100% protection against UVA and UVB rays. This helps in preventing damage to eyes in the sun. They also provide a clear vision as compared to non-polarized lenses. However, these lenses do not perform well in front of LCD screens. They reduce the visibility of the image produced by cell phones, GPS devices, or other flat LCD screens.
This type is suitable for people with outdoor professions or professions that involve looking at screens regularly. Overall, many customers are now shifting to polarized glasses due to increasing awareness regarding vision loss and other eye damages caused by harmful sun rays or light emissions. This is contributing to the rapid growth of the segment, thereby driving market demand.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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