Luxury Sunglasses Market Outlook
The Sunglasses Market is estimated to reach a CAGR of 4.10 % and a value of USD 20,210.8 million by 2030 in the forecast period.
Sunglasses are protective eyewear primarily designed to protect the eyes from bright sunlight and UV and visible light from damaging the eyes.
The growing consumer awareness and rising concern for protection against ultraviolet rays and glare are chiefly driving the luxury sunglasses Market. The rising popularity of sunglasses among today's generation as a fashion trend is acting as a driving factor.
The seasonal variations are propelling the consumer's engagement in outdoor activities. The demand for sunglasses on the summer and winter days is higher. Other activities like sports, tourism, and recreational activities are reasons behind the market's demand. These factors are accelerating the market's growth in the forecast period.
The Sunglasses Market is reaching heights due to the consumers' disposable incomes propelling their interest toward well-designed, branded, and quality products. The preference for maintaining luxury living with societal status is propelling the market.
COVID-19 Analysis
During the COVID-19 pandemic, the Sunglasses Market Share witnessed a downfall in the growth graph. The halt in social engagements, outdoor activities, and sports activities has decreased the sales rate of the market. The lockdown and quarantine measures are imposed by governments that stop people from stepping out of their homes. Therefore, these factors have led to a decrease in the purchase of the products. The post-pandemic period will bring back the market's growth.
Key Players of the Sunglasses Market
Safilo Group S.p.A. (Italy), Luxottica Group S.p.A. (Italy), Wenzhou Eugenia Eyewear Factory (China), De Rigo Vision S.p.A. (Italy), Marcolin SpA. (Italy), Revo Holdings, LLC (US), Marchon Eyewear, Inc. (the US), Randolph Engineering, Inc. (the US), Alexander McQueen Trading Limited (UK), Fielmann AG (Germany), Maui Jim (US), Eyeking LLC (US), and Nike, Inc. (US) are some of the key players in the global sunglasses market.
Regional Analysis
According to the regional status, the Sunglasses market share industry covers prominent regions such as North America, the European region, Asia Pacific, and the rest of the world.
North America holds the top-most position in the sunglasses market Size. It is the largest among other regions. The higher investment from the consumer end will offer greater opportunities in the market. The rise in fashion trends in this region is driving the regional market.
Europe holds the next greatest share with plenty of growth opportunities. Europe is considered a HubSpot for fashion. The regional market is propelling due to product development and variation. Europe will acquire the highest profitability in the market. The Asia Pacific is the next regional player in the market. The effects of UV and harsh sun rays are higher in this region, accelerating the market. The rise in awareness about sunglasses for the protection of the eye is fuelling the regional market.
Market Segments
The Sunglasses Market is segmented into type, end-user, distribution channel, and product type.
The type of section is fragmented into Oval, Aviator and pilot, Cat-eye, Wayfarer, and Rectangle Eye. The product type is categorized into polarized and non-polarized.
The distribution channel is divided into non-store based and Store-based.
The end-user section is segmented into men, women, and unisex.
Industry News
Knockaround and Superfly have announced that Knockaround is an affordable and original sunglass out of San Diego. This will be the Official Eyewear sponsor of San Francisco's 2022 Outside Lands Festival, which is held in San Francisco's Golden Gate Park, Outside Lands. It is the celebration of music, food, and the Northern California lifestyle. This year, the 14th annual festival will be from Aug. 5 to 7, 2022.
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