According to the Research and Markets paper “Global Sunglasses Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026),” the current outlook for the sunglasses market is immensely competitive. Several regional and international players, including Safilo Group SpA, EssilorLuxottica, LVMH, Marcolin SpA, and Fielmann AG are dominating the world market. The market gives them equal opportunities to expand their offerings to meet the demand of target segments.
The developing markets of countries, including India, China, South Africa, and Brazil are prompting global companies to invest in their markets. Furthermore, leading brands, such as Oakley and Ray-Ban are now eyeing the latest technologies, like online distribution and social media to gain the attention of potential customers.
According to the latest numbers, the value of the global sunglasses market, as of 2020 is USD 17,097.17 million, which might witness a CARG of 5.93% by 2021-2026 (forecast period).
Sales of Sunglasses During the Time of Covid-19
The complete lockdowns and quarantines greatly impacted the sales of sunglasses, bringing them down substantially. In 2020, the sunglasses market experienced a great loss. Although a change is expected this year as consumers are tired of being locked down and travel incentives are increasing.
The two factors contributing to the exponential growth of the market are the awareness amongst people regarding the harmful effects of UV rays and the popularity of sunglasses as a fashion accessory.
Moreover, growth in sports, recreational, and tourism activities that prompt people to go out are also contributing to the growth of the sunglasses businesses, which is expected to escalate further over the forecast period.
Several factors are going to contribute to the growth in demand for sunglasses, including their performance under extreme conditions, durability, flexibility, light weight, and the availability of options.
Reasons Behind Growth in Demand
According to the experts, the biggest reason behind the growing demand for sunglasses is the growth in the disposable incomes of customers. The modern crowd seeks a luxury lifestyle and does not shy away from investing in things that put them into elite status. Today, people prefer wearing quality, well-designed, and stylish sunglasses.
Polarized Sunglasses – The Latest Trend Again
The fervor for polarized glasses is increasing by the day. Used for brightness reduction, glare, and horizontally polarized light, these glasses protect eyes from harmful UVA and UVB rays. They are right for people spending more time in the sun and snow.
Owing to these changes, the global sunglasses companies are expanding their product portfolio. Xiaomi penetrated this growing market by launching a range of Xiaomi Mi Polarized Sunglasses in May 2019. Along the same lines, Luxottica Group SpA launched a range of Ray-Ban polarized sunglasses that claimed to offer better contrast, reduce eye strain, enhance visual clarity, and eliminate glare.
United States of America – Global Sunglasses Market Dominator
The US has a high number of sunglasses-loving people offering a good market to global players in the arena. De Rigo, in January 2020, declared a licensing agreement for the design, production, and distribution of Gap-branded prescription sunglasses and frames in the US, Canada, and other countries.
As 80% of Americans prefer wearing sunglasses during summer and even in winter to protect themselves from the harmful UV radiation, sunglasses brands are seeing a resurgence. Moreover, professionals and sports enthusiasts wearing glasses to control light are also boosting the market.