Global Sunglasses Market 2020-2021 & Forecast to 2026 with LVMH SE Dominating the $20 Billion Industry
The “Global Sunglasses Market By Distribution channel, By Frame Material, By Type, By Design, By Regional Outlook, Industry Analysis Report and Forecast, 2020 – 2026” report has been added to ResearchAndMarkets.com’s offering.
The Global Sunglasses Market size is expected to reach $20 billion by 2026, rising at a market growth of 6% CAGR
Sunglasses come in two categories: polarized and non-polarized, which can be further customized based on the customers’ needs. By using convex or concave lenses in sunglasses, customers can use them as spectacles as per the eye power of the person.
The sunglasses are made depending on their ultimate purpose. For instance, sunglasses for sports purpose are made of impact-resistant materials to safeguard eyes with a substantial color. If these sunglasses are made for casual or fashion purpose, then it is manufactured by utilizing materials which have lower resilience because they don’t need the similar strength.
In the manufacturing process of sunglasses, raw materials like CR-39 orally diglycol carbonate (ADC), polycarbonate, and silicone hydrogel, are used. Chemical companies like SABIC are manufacturing these raw materials and delivering them to the manufacturers of sunglasses. All these sunglasses manufacturers are producing products with specific requirements like anti-scratch or scratch-resistant coating, anti-reflection (AR) coating, etc.
Distribution channel Outlook
Based on Distribution channel, the market is segmented into Specialty Stores, Supermarkets & Hypermarkets, Online and Others. The offline market segment witnessed the maximum market share in 2019. It is due to the shifting consumer preference on trying out the product before the final purchase. The increasing distribution facilities by leading manufacturers are propelling the growth of the segment.
Frame Material Outlook
Based on Frame Material, the market is segmented into Injected, Metal, Acetate and Others. The Injected market dominated the Global Sunglasses Market by Frame Material 2019, growing at a CAGR of 5 % during the forecast period. The Metal market is expected to witness a CAGR of 6.5% during (2020 – 2026).
Based on Type, the market is segmented into Non-Polarized and Polarized. By product type, non-polarized sunglasses garnered the highest revenue share in 2019. There are a variety of non-polarized sunglasses available in different shapes and colors across offline stores. These glasses are less costly than other sunglasses and add to the style statement of the customers.
Moreover, the dark color non-polarized sunglasses lower down the intensity of light, which can create discomfort to the eyes. This segment will continue to dominate the market owing to the lack of awareness among people about the suitability of sunglasses for each person.
Based on Design, the market is segmented into Round, Square, Cat Eye, Oval, Aviator, Rectangle, Others. The Round market dominated the Global Sunglasses Market by Design 2019, and is expected to continue to be a dominant market till 2026. The Square market is experiencing a CAGR of 6.9% during (2020 – 2026). The Cat Eye market is estimated to grow at a CAGR of 7.5% during (2020 – 2026). Additionally, The Oval market is expected to witness a CAGR of 7.3% during (2020 – 2026).
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America is expected to witness a promising growth rate during the forecast period. Owing to the shifting fashion trends and rising customer preference for premium & luxurious sunglasses, the demand for the product will increase in this region. Additionally, the increasing disposable income has increased the purchasing power of customers in this region. Therefore, customers are spending more on purchasing luxurious eyewear to make appealing fashion statements.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; LVMH SE is the major forerunner in the Sunglasses Market. Companies such as Safilo Group S.p.A., De Rigo Vision S.p.A., Adidas AG, and Marcolin Group are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Prada S.p.A., Adidas AG, LVMH SE, EssilorLuxottica SA (Essilor Instruments USA), Maui Jim, Inc., Safilo Group S.p.A., De Rigo Vision S.p.A., Specsavers Optical Group Ltd., Fielmann AG (Korva SE), and Marcolin Group.
Scope of the Study
Market Segments covered in the Report:
By Distribution channel
By Frame Material
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis – Global
Chapter 4. Global Sunglasses Market by Distribution channel
Chapter 5. Global Sunglasses Market by Frame Material
Chapter 6. Global Sunglasses Market by Type
Chapter 7. Global Sunglasses Market by Design
Chapter 8. Global Sunglasses Market by Region
Chapter 9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/3kay48
View source version on businesswire.com: https://www.businesswire.com/news/home/20210521005146/en/
Laura Wood, Senior Press Manager
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