According to Market Research Future Reports (MRFR), the market for sunglasses is projected to grow at a CAGR of 5.6%, holding a market value of USD 37.43 billion by the end of 2024. The growing usage of sunglasses to enhance facial beauty is estimated to be the most significant factor influencing the global market for the sunglasses market 2020. The demand for smart and trendy sunglasses is further augmenting the market size. The established players are making significant investments to innovate the product and unveil them in domestic and as well as in international markets.
Also, the increasing awareness to shield eyes from the ultraviolet radiation is another pivotal market augmenting the market size. Further, the increasing inclination of individuals towards outdoor activity and the seasonal variation is estimated to further propel the market. Therefore, the demand for sports sunglasses, fashionable sunglasses, has increased substantially.
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In addition, increased disposable income has provided a broad range of high-brand sunglasses. Further, online retailers have made it much easier and available to avail the sunglasses.
The renowned establishments of the Worldwide Sunglasses Market are Wenzhou Eugenia Eyewear Factory (China), Safilo Group S.p.A. (Italy), De Rigo Vision S.p.A. (Italy), Revo Holdings, LLC (US), Marcolin SpA. (Italy), Eyewear, Inc. (the US), Randolph Engineering, Inc. (the US), Marchon Luxottica Group S.p.A. (Italy), Fielmann AG (Germany), Maui Jim (US).
Worldwide for Sunglasses Industry can be classified based on product type, distribution channel, and region. On the basis of product type, the worldwide market for sunglasses can be distinguished into Aviator/Pilot, Cat Eye, Oval, Wayfarer, Rectangle, Round, and others.
On the basis of the distribution channel, the worldwide market for sunglasses can be distinguished into Store-Based, and non-store based.
On the basis of region, the worldwide market for sunglasses can be distinguished into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
The global market for sunglasses is estimated to rise significantly during the forecast period. On the grounds of the region, the worldwide market can be segmented into Asia-Pacific, Europe, North America, and the Rest of the World (RoW). As per the study conducted by MRFR, the global market for sunglasses is anticipated to be reigned by North America. The region acquires 39.49% of the market share during 2020. The most pivotal factor leading to regional development is the increased awareness of the impact of UV radiation on eyes and the usage of sunglasses as a daily fashion.
The high disposable income of the individuals has amplified the purchasing power. Therefore, consumers are willing to spend on luxury and fashion items. The European market is estimated to acquire the second position in terms of the largest market share. The market is developing in the European region owing to the increased awareness about the protection of eyes from the UV rays. On the other hand, the APAC region is estimated to grow at the fastest rate during the forecast period. The most crucial element responsible for regional growth is the high population in the various countries of APAC. Further, sunglasses are being adopted as a fashion symbol in various countries of the region. Also, the increased disposable income and the organized retail sector are estimated to drive the regional market further. The other regions of the world are likely to see steady growth due to lesser awareness. The market penetration is limited. Therefore, the reach is comparatively lesser. However, the usage of the internet, and the advertisements are fueling the market in the region.
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