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Abstract, Snapshot, Market Analysis & Market Definition: Global Sunglasses Market The global sunglasses market size was valued at USD 14.5 billion in 2018 and is expected to expand at a healthy CAGR over the forecast period. Increasing awareness regarding harmful effects of UV rays on the eyes, coupled with growing acceptance of eyewear, including sunglasses, as a part of modern lifestyle accessory, is expected to drive the demand for sunglasses over the forecast period. Increase in disposable income has positively influenced the purchase of eyeglasses, majorly sunglasses, which are perceived as a fashion accessory. Increasing consumer preference for branded eyewear is positively impacting the product demand. Consumers are willing to spend more on luxury and branded sunglasses to create their own style statement. Moreover, manufacturers are introducing new varieties, shapes, and colors of sunglasses to accommodate consumer preferences, which is further expected to increase the market demand. Women are positively driving the market demand as a large number of women are becoming economically independent. Economic independence has been a major factor in increasing adoption of eyewear among women. Celebrity endorsements and digital advertisements are some of the other factors driving the demand for designer sunglasses. Key manufacturers are making high investments in product marketing in order to attract customers. Sunglasses provide protection from UV rays. Various combinations of tints and shades are available to protect the consumer’s eyes from harmful rays. Additionally, manufacturers provide custom-made sunglasses for corrected vision to enhance customer comfort and boost product sales. These products also cover the eye and protect it from dust and other flying particles, which one can come across while driving. These benefits are anticipated to fuel demand for sunglasses in the projected period. Many manufacturers are leveraging digital features to penetrate untapped markets and increase awareness about their company and products. For instance, many sunglasses companies are offering 3D try-on feature on their websites where the customer can try on the sunglasses virtually by capturing the customer’s photo and creating a virtual 3D replica of it. In addition to this, companies are providing doorstep delivery and at-home trial services to attract customers. Celebrity endorsements is a major factor improving customer adoption. Hence, many key manufacturers are entering into contractual alliances with famous celebrities across the globe to promote their product and brand in various regions. This is expected to increase overall product demand in the forecast period. Market Segmentation, Outlook & Viewpoint: Global Sunglasses Market Product Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025) Polarized Non-polarized Distribution Channel Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025) Online Offline Key Players, Recent Developments & Regional Insights: Global Sunglasses Market Non-polarized sunglasses accounted for the largest revenue share of 71.4% in 2018. Non-polarized lenses are majorly available in all offline stores in a variety of tinted glasses and shapes. They are relatively cheap and serve the purpose of adding style to the customer’s look as well as the dark shade reduces the intensity of light. Due to lack of knowledge among consumers regarding the type of eyewear suitable for them, this segment is expected to continue its lead over the next few years. Polarized sunglasses are expected to emerge as the fastest growing segment, expanding at a CAGR of 2.6% in 2025. Polarized lenses offer 100% protection against UVA and UVB rays. This helps in preventing damage to eyes in the sun. They also provide a clear vision as compared to non-polarized lenses. However, these lenses do not perform well in front of LCD screens. They reduce the visibility of the image produced by cell phones, GPS devices, or other flat LCD screens. This type is suitable for people with outdoor professions or professions that involve looking at screens regularly. Overall, many customers are now shifting to polarized glasses due to increasing awareness regarding vision loss and other eye damages caused by harmful sun rays or light emissions. This is contributing to the rapid growth of the segment, thereby driving market demand. Distribution Channel Insights By distribution channel, the market is segmented into online and offline. The offline segment accounted for the largest market share in 2018 owing to growing consumer preference to try out the sunglasses before purchasing them. Key manufacturers are increasing their distribution facilities to expand their market reach, thereby boosting the segment growth. For instance, Luxottica, a major manufacturer of eyewear in the world, has an extensive retail network comprising of approximately 9000 stores. Availability of a wide variety of sunglasses for trial on the spot is a key factor driving the segment. In addition, presence of trained professionals and salesmen in the stores who not only enlighten customers about their products but also help them choose correct sunglasses is boosting the segment growth. Polite and engaging salespersons improve customer loyalty, which is further expected to drive the product demand and fuel market growth. The online channel is gaining momentum as manufacturers are focusing on product marketing using various digital mediums. These digital mediums are mostly brand websites, social media pages, or accounts. They enable manufacturers to reach out to a wider audience and are cost-effective. Increasing services like providing 3D try-on feature on the website are expected to fuel the growth of this segment. Additionally, via such mediums, manufacturers are able to track consumer preferences and introduce new offerings as per the latest trend without incurring heavy costs on commercials. Manufacturers are also leveraging features of social media apps for live engagement with their customers. Marketing campaigns focus on using these platforms to announce product launches and create anticipation about new products in the market. Various blogging agencies are hired to create a buzz and virtual word-of-the-mouth promotion for the brands. These initiatives are undertaken to attract customers and boost product sales. However, authenticity of these platforms is a key concern of the customers, which may act as a potential risk to the market in future. Regional Insights In terms of revenue, the Europe sunglasses market accounted for the largest share of 31.5% in 2018. Presence of major players like Luxottica and Safilo is driving the product demand in this region. France, one of the fashion hubs in the world, holds a major share in the regional market. Major fashion trends, along with brand-conscious consumers, are driving the market in this region. Asia Pacific is anticipated to be the fastest growing regional market due to rapid penetration of international brands like Rayban, Oakley, and Dior. This region is untapped in terms of awareness regarding eye safety and harmful effects of sun rays and other light emissions. This, in turn, provides lucrative opportunities to manufacturers to attract customers. Moreover, countries like China and India are focusing on rapid industrialization, which has increased the disposable income in the region. This is expected to fuel the consumer spending power, thereby driving product demand. The market in North America is anticipated to expand at a CAGR of 1.9% from 2019 to 2025. Product demand in this region is predicted to rise due to changing fashion trends and increasing consumer preference for luxury and premium sunglasses. In addition, high disposable income has boosted the consumer purchasing power in North America. Hence, consumers are more willing to spend on luxury fashion accessories to make an effective style statement. Other regions in the world like Brazil and Saudi Arabia are expected to witness steady growth owing to low awareness and limited distribution facilities set up. Market penetration is currently limited to offline channels like malls. However, due to rapid increase in internet usage, manufacturers are increasing their advertisement and promotional activities. This is expected to increase consumer awareness about the product and drive market demand in these regions. Sunglasses Market Share Insights The global market is highly competitive due to the presence of global players like Luxottica group and Safilo. Luxottica is a major player in this market owing to various brands like Sunglass Hut, Ray-Ban, Oakley, Alain Mikli, and Vogue under its brand portfolio. Europe holds a significant revenue share in the market as it is a major fashion hub and is a home to key manufacturers. The population in North America is relatively richer owing to presence of major developed economies in this region. Additionally, increasing consumer preference for luxury and premium sunglasses has driven the revenue in this region. Rapidly changing fashion trends are compelling the leading companies to engage in the design and manufacturing of products with innovative features like design, style, fit, and colors. Continuous efforts by the manufacturers to differentiate themselves in the market are expanding the product portfolio, thereby fueling market growth. Key Insights Covered: Global Sunglasses Market 1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Sunglasses industry. 2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Sunglasses industry. 3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Sunglasses industry. 4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Sunglasses industry. 5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Sunglasses industry. Research Methodology: Global Sunglasses Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database 1.3.2. HCC’s Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization 1.6. Data Validation & PublishingChapter 2. Executive Summary 2.1. Market Outlook 2.2. Segmental Outlook 2.3. Competitive InsightsChapter 3. Sunglasses Market Variables, | read more...