Sunglasses Market

Sunglasses are a type of protective eyewear made primarily to keep the eyes from being hurt or damaged by intense sunlight and other high-energy visible light. The existence of spectacles or glasses with colored, polarized, or darkened lenses allows them to occasionally serve as a visual aid as well. They also went by the name "sun cheaters" in the early 20th century. The frame, temples, and lenses are the three components that make up a pair of sunglasses. The nose pad, bridge, and a portion of the hinge are only a few of the components that make up the frame. The other part of the hinge is located on the temples, and it is screwed, glued, or heated to the frame. A finished pair is manufactured by independently fabricating each component before being put together.

Based on product type, the polarized segment accounted for a market share of 31.28% in 2021 and is expected to exhibit a CAGR of 6.36% during the forecast period. This is mainly owing to the growing consumer’s preference for polarized sunglasses owing to the growing benefits provided by it such as clear vision especially in bright light, reduced glare and reflection, reduced eyestrain, increased contrast, and minimal color distortion is likely to accelerate its market growth.

Based on category, the sports segment accounted for a market share of 14.72% in 2021 due to the growing innovations by the key players in this segment. For instance, in April 2022, Hans Anders launched new sports eyewear brand Driive with DSM bike team.

Based on gender, the male segment accounted for a market share of 41.09% in 2021 due to the increasing popularity of various types of sunglasses among men such as square wire frames, aviator sunglasses, eco-friendly sunglasses, sporty wraparound sunglasses, sunglasses with minored or tinted lenses, retro round sunglasses are set to positively influence its market growth.

Based on the distribution channel, the supermarkets & hypermarkets segment accounted for a market share of 27.33% in 2021 and is expected to exhibit a CAGR of 5.91% during the forecast period owing to the wide availability of products over here, eventually increasing consumers purchasing power.

The key factors driving the growth of the sunglasses market are the large pool of people suffering from cataracts and growing innovations by the major players. However, the high cost of raw materials is expected to restrict the market's growth during the forecast period. Furthermore, strategic mergers and acquisitions are anticipated to create growth opportunities for the market.