Global Sunglasses Market, Opportunities and Forecast, 2017-2031F

Global sunglasses market was valued at USD 20.58 billion in 2023, expected to reach USD 32.31 billion in 2031, with a CAGR of 5.8% for the forecast period between 2024 and 2031. The market is diverse in nature with several style options, frame types, and materials available online as well as offline. In addition to being a functional accessory, the product is influencing the global sunglasses market in terms of fashion and sports activities.

The market has varied consumer preferences such as large number of consumers focusing on style and brand image, while others are concerned with the product’s performance and its durability. Manufacturers continually add diversified designs to their portfolios, from aviators and wayfarers to sport-specific designs. For instance, in July 2023, BMW Group launched its innovative motorcycle goggles, BMW Motorrad ConnectedRide Smartglasses. The goggles offer head-up display technology and reflect all appropriate data, such as speed, navigation, or gear, directly into the rider’s vision field in real time, enabling safer motorcycle riding. The product can be easily connected to the user’s smartphone through app and Bluetooth.

With growing emphasis on sustainability trends and greater awareness of the environment, brands are shifting to using eco-friendly materials and sustainable production methods for manufacturing sunglasses. Bio-based materials, recycled plastics, and sustainable packaging are being incorporated to appeal to environmentally friendly consumers.

The growing popularity of e-commerce platforms has further accelerated the demand for sunglasses globally. These platforms allow consumers to check product reviews and ratings and compare prices and deals. Moreover, celebrities and social media influencers greatly impact consumers' buying decisions, shaping market trends and driving the demand for brands and styles.

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Sustainability Fuels Market Growth

Sustainability is one of the major trends driving the growth of the global sunglasses market. Individuals seek products that are good for the eyes and the environment. Sustainable sunglasses are not manufactured from hazardous materials or scarce resources like traditional sunglasses but from sustainable elements such as biomaterials, recycled plastic, or wood. Manufacturers are emphasizing fair trade practices, ethical labor standards, and environmental preservation to appeal to eco-friendly consumers. It entails promoting animal welfare and engaging in vegan and sustainable production for many.

Even though metal and other non-animal materials are used to make the majority of sunglasses, animal-related components, such as adhesives and dyes, are occasionally used in their construction. Hence, a growing number of buyers are consciously choosing eco-friendly sunglasses made of wood, recycled plastic, or bio-acetate. In August 2023, Gandys International launched its latest range of Italy-made, vegan, and cruelty-free sunglasses, containing 39% plant resin lenses and 64% plant-based biodegradable frames. The product comes in seaweed paper packaging and a vegan apple leather case, following the sustainability trend.

Growing Outdoor Recreation Participants Drive the Demand for Sunglasses

As there is a surge in outdoor recreation participants and no established threshold for UV radiation exposure to the eyes, it is imperative to wear sunglasses while playing outdoors during the daytime. According to the Outdoor Industry Association, outdoor recreation participants aged six and older grew from 2.3 percent in 2022 to 55 percent of the United States population.

Sports sunglasses are functional accessories that improve performance and protect vision, regardless of style. These specialty glasses are more than a fashion accessory essential to gameplay. A player's visibility can be significantly impaired by the bright sun, making it difficult to play effectively. To overcome this difficulty, sports sunglasses reduce glare, guarantee clear eyesight, and greatly enhance attention during crucial times on the field. In February 2024, L.G.R, in collaboration with Eugenio Amos, launched its first sports sunglasses, BASE 8, designed by Carlo Borromeo and manufactured using an injected bio-based polymer. The product is available in four colors with polarized mirror lenses.

Asia-Pacific is the Fastest Growing Market

Urbanization and rapid economic growth are among the significant factors driving the market growth in Asia-Pacific. Greater disposable incomes allow consumers to spend on fashion accessories, including sunglasses. Furthermore, the impact of western culture and social media trends contribute to the growing demand for sunglasses in the region. Rising demand for fashionable and functional eyewear can be observed in the region, complementing different lifestyles and outfits. Moreover, many parts of Asia-Pacific face strong sunlight, emphasizing growing awareness for eye health against UV rays, further spurring the demand for sunglasses. In November 2023, OKNO under Eyewearlabs, launched its new range of sports sunglasses in India, ideal for all types of outdoor sports. The products come with 8 Base Lenses, providing matchless precision and clear vision. The frame material used is premium quality TR90 nylon, along with adaptable nose pads.

Future Market Scenario (2024 – 2031F)

1. Advanced lens, materials, and manufacturing technologies are expected to enter the market with a growing consumer focus on eye health. Integration of smart features in the product in the form of AR displays and biometric sensors will be adopted by manufacturers.
2. With rising demand for sustainable and eco-friendly products, brands will prioritize using sustainable materials and eco-friendly manufacturing processes while producing sunglasses.
3. Growing emphasis on online shopping is likely to reshape the distribution landscape of the global sunglasses market. Brands are expected to increase their online presence to capture most of the market share.

Report Scope

"Sunglasses Market Assessment, Opportunities and Forecast, 2017-2031F", is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global sunglasses market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business model, competitive intelligence, etc.

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