October 13, 2020
According to the research report titled ‘Sunglasses Market Share, Size, Trends, Industry Analysis Report By Product; By Material; By Channel; By Regions, Segment Forecast, 2020 - 2026‘, available with Market Study Report, global sunglasses market is expected to hit USD 27.72 billion mark by the year 2026.
Increasing popularity of refractive surgeries and high purchasing power among individuals are the leading factors likely to contribute to global sunglasses market growth during the forecast period.
Widespread usage of sunglasses has limited individual’s dependency on spectacles and contact lenses. Increasing awareness regarding eye care among the population is expected to positively influence global sunglasses market outlook. Appealing offers on sunglasses, especially in the high-end segment is also contributing to market remuneration.
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Sunglasses are adopted for lifestyle, health, and cosmetic purposes, which will fuel global sunglasses industry growth. Availability of prescription eyewear and sunglasses will create growth opportunities for industry partakers.
However, increasing cases of ophthalmic disorders and consumer mistrust in drugstores for purchasing customized sunglasses may restrain the growth of global sunglasses market to some extent.
Speaking of product spectrum, global sunglasses industry is segmented into non polarized and polarized. With respect to material type, the market is divided into polyurethane, CR-39, polycarbonate and others. As per sales channel, the industry is bifurcated into offline and online.
Based on regional landscape, Europe sunglasses market is expected to witness highest growth rate during the forecast period, owing to high average selling price of the product in the region. Further, presence of major companies in the region, enhanced brand awareness among the individuals, improved cognizance for eye protection, and high net-worth population are propelling the demand for sunglasses. Also, rise in online retail business and high smartphone penetration are poised to positively influence the industry growth in Europe.
Meanwhile, Japan sunglasses market is reckoned to record strong CAGR over 2020-2026, owing to consumer inclination towards purchasing sunglasses online. However, e-commerce has plunged product prices, thus adversely affecting the revenue streams.