The Sunglasses Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Sunglasses Global Market Report 2024, The sunglasses market size has grown strongly in recent years. It will grow from $17.22 billion in 2023 to $18.87 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to fashion trends, increasing UV radiation awareness, celebrity endorsements, tourism and travel trends, outdoor activities.
The sunglasses market size is expected to see strong growth in the next few years. It will grow to $26.26 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to rising health consciousness, travel and tourism growth, social media influence, climate change impact, sports and outdoor lifestyle trends, brand collaborations and marketing. Major trends in the forecast period include celebrity and fashion influences on design, expansion of augmented reality (AR) try-on experiences, introduction of smart sunglasses with connectivity features, focus on gender-neutral and inclusive designs, collaborations with sustainable fashion brands.
The growing popularity of sunglasses as a fashion product is expected to propel the growth of the sunglasses market. The rise of consumer preference for well-designed and quality products to elevate their outfit and style has boosted the demand for sunglasses. Sunglasses bring instant symmetry to customers’ faces, which increases the perception of their natural beauty. For instance, according to a report published by a nonprofit trade association for manufacturers and suppliers of the optical industry in the USA, The Vision Council in 2021, a whopping 85% of the world’s adult population reports wearing sunglasses, and they mostly use them for sun protection, and some use it as prescription sunglasses with corrective lenses. Therefore, the growing popularity of sunglasses as a fashion product is driving the growth of the sunglasses market.
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The sunglasses market covered in this report is segmented –
1) By Type: Non-Polarized, Polarized
2) By Design: Aviator/Pilot, Rectangle, Round, Square, Oval, Cat Eye, Other Designs
3) By Frame Metal: Injected, Metal, Acetate, Other Frame Metals
4) By Distribution Channel: Specialty Stores, Supermarkets & Hypermarkets, Online, Other Distribution Channels
Major companies operating in sunglasses are focused on collaboration and partnerships to provide reliable services to customers. A strategic partnership is a structured affiliation between two or more commercial enterprises, typically established via one or more business agreements or contracts. For instance, in October 2023, Meta Platforms Inc., a US-based social technology company, partnered with Ray-Ban, an Italy-based provider of sunglasses and eyeglasses, to develop artificial intelligence-powered sunglasses. It is the first-generation Ray-Ban Stories smart glasses, featuring integrated cameras, open-ear speakers, and voice control. It offers a more hands-free, immersive experience and aim to potentially replace smartphones for certain tasks.
The sunglasses market report table of contents includes:
1. Executive Summary
2. Sunglasses Market Characteristics
3. Sunglasses Market Trends And Strategies
4. Sunglasses Market – Macro Economic Scenario
5. Global Sunglasses Market Size and Growth
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31. Sunglasses Market Other Major And Innovative Companies
32. Global Sunglasses Market Competitive Benchmarking
33. Global Sunglasses Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Sunglasses Market
35. Sunglasses Market Future Outlook and Potential Analysis
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