Global sunglasses market to reach $18.16 billion by 2027: Allied Market Research

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. Based on region, North America contributed to the largest share in 2019, and is estimated to maintain its dominant share in terms of revenue by 2027. Manufacturing activities and disruption network has been disrupted due to lockdown imposed by many governments across the world.

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Portland, OR, May 17, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global sunglasses market generated $16.85 billion in 2019, and is expected to reach $18.16 billion by 2027, witnessing a CAGR of 4.2% from 2021 to 2027. The report provides an extensive analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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.

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Covid-19 Scenario:

  • Manufacturing activities and disruption network has been disrupted due to lockdown imposed by many governments across the world. Moreover, the raw material shortage occurred. The bank on import-export activities impacted the market.
  • Major brand outlets, supermarkets & hypermarkets, and other sales channels were closed during the lockdown. This resulted in huge losses for vendors and manufacturers as the demand reduced considerably. However, the demand is expected to grow steadily during the post-lockdown.

The report offers detailed segmentation of the global sunglasses market based on type, design, frame material, distribution channel, and region.

Based on type, the non-polarized segment held the highest market share in 2019, accounting for more than two-thirds of the total share, and is projected to maintain its lead position during the forecast period. However, the polarized segment is estimated to witness the largest CAGR of 4.4% from 2021 to 2027.

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Based on distribution channel, the specialty store segment accounted for the highest market share in 2019, holding more than one-third of the global sunglasses market, and is estimated to continue its leadership status during the forecast period. However, the online sales channel segment is projected to manifest the highest CAGR of 5.7% from 2021 to 2027.

Based on region, North America contributed to the largest share in 2019, accounting for nearly two-fifths of the total market share, and is estimated to maintain its dominant share in terms of revenue by 2027. However, Asia-Pacific is estimated to grow at the fastest CAGR of 6.9% during the forecast period.

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Leading players of the global sunglasses market analyzed in the research include EssilorLuxottica SA, Fielmann AG, Safilo Group SpA, De Rigo Vision Spa, Marcolin Eyewear, Eyevan Inc., Stylrite Optical Industries, Randolph, Loch, and Eugenia Eyewear.

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

 

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