According to a new report published by Allied Market Research, titled, “Sunglasses Market by Type, Design, Frame Material and Distribution Channel: Global Opportunity Analysis and Industry Forecast 2021-2027″. The global sunglasses market size was valued at $16,851 million in 2019, and is estimated to reach $18,164 million by 2027, registering a CAGR of 4.2% from 2021 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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Increase in consumer awareness regarding eyes protection along with rise in disposable income fuel the global sunglasses market significantly. Moreover, the growing demand for fashionable accessories among the global youth population is another notable factor responsible for fostering the growth of the sunglasses market during the forecasted period.
The sunglasses serve the consumer need for fashion with functionality. As a popular fashion accessory, the sunglasses have a huge demand among the global youth population. Increase in popularity of travel retail, prominence of e-commerce among the consumers, and exclusivity and premiumization drive the growth of the global sunglasses market. However, availability of counterfeit products and lack of penetration in lower-tier towns and cities hinder the market growth. On the other hand, introduction of augmented reality technology and innovations in designs present new opportunities in the coming years.
On the basis of type, the non-polarized segment was the highest contributor to the market, with $11,306.2 million in 2019, and is expected to sustain its significance during the forecast period. The non-polarized sunglasses consist of glass or plastic lenses and a frame holding the lenses. The non-polarized sunglasses reduce the overall intensity of the bright sunlight. A wide variety of non-polarized sunglasses are available depending upon the color of the lenses, design, materials used in the frames, and on-demand customization of the glasses. It is a popular choice of the consumers across the globe due its wide range of varieties and easy availability in both offline and online channels.
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On the basis of design, the round segment was the highest contributor to the market, with $3,282.7 million in 2019, and is estimated to reach $3,436.8 million by 2027, at a CAGR of 3.8% during the forecast period. The round and aviator segments collectively accounted for around 36.5% market share in 2019. The cat eye and oval segments are expected to witness significant growth rate during the forecast period.
Region wise, North America dominated the sunglasses market in 2019, and is expected to sustain its dominance throughout the forecast period. The key factors driving the growth of the sunglasses market in the region are high purchasing capacity of majority of the population, high demand for luxury and superior quality products, and consumer awareness regarding vision care.
The key players include EssilorLuxottica SA, Safilo Group SpA, Fielmann AG, Marcolin Eyewear, De Rigo Vision Spa, Stylrite Optical Industries, Eyevan Inc., Loch, Randolph, and Eugenia Eyewear.
Key Benefits For Stakeholders:
○ The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
○ Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
○ In-depth analysis and the market size and segmentation assist to determine the prevailing sunglasses market opportunities.
○ The major countries in each region are mapped according to their revenue contribution to the market.
○ The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the sunglasses industry.
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