The global sunglasses products market was valued at USD 11.6 billion in 2022 and is projected to expand at a CAGR of 6.9% from 2023 to 2030. The growing trend of eyewear fashion, the increasing influence of celebrities, and the rising awareness of eye protection are some of the major factors driving the growth of the sunglasses products market. In addition, the rising trend of online shopping is also contributing to the growth of the market. Furthermore, an increase in the number of product launches by key players to cater to the growing demand from customers is expected to further support the market growth.

Sunglasses come in various styles, colors, shapes, and sizes and are used for fashion, protection, and medical reasons. The growing interest of people in fashion and the increasing influence of celebrities have led to an increase in the sale of designer sunglasses. For instance, in April 2021, Balenciaga launched the new B-Line sunglasses collection, which consists of cat-eye, oval, and round shapes, as well as vari-colored lenses. The glasses are designed to provide a stylish look and come with a range of colors and materials, including metal, plastic, and acetate.

The rising awareness of eye protection is another major factor driving the growth of the market. The increasing number of campaigns and activities to create awareness about eye protection is expected to boost the demand for sunglasses products in the coming years. Furthermore, the increasing prevalence of outdoor activities such as trekking, camping, and cycling is also driving the demand for sunglasses products. For instance, in January 2021, Zeal Optics launched a new collection of mountain biking sunglasses, designed to provide maximum protection during outdoor activities. The collection features polarized lenses, vented shields, and adjustable temple tips, and is suitable for a variety of outdoor activities.

In addition, the rising trend of online shopping is also driving the growth of the market. The availability of a wide variety of sunglasses products on e-commerce platforms has made it easier for customers to compare and purchase the products. Moreover, the e-commerce platform further provides various offers on these products, which is boosting online sales. For instance, in April 2021, Oakley launched a new e-commerce platform, providing customers with access to a wide variety of sunglasses and eyewear products.

The sunglasses segment accounted for the largest share of around 36.6% of the market in 2021. Increasing outdoor activities and awareness about the harmful effects of UV rays are the primary factors driving the market growth. Additionally, rising fashion-consciousness among consumers, particularly among the youth, has been a key factor fueling the demand for sunglasses. According to a report published by Statista in March 2021, around 63% of people aged 18 to 24 years in the United Kingdom agreed that wearing sunglasses made them feel more confident.

The contact lenses segment is expected to witness the fastest CAGR of 7.5% during the forecast period. The growing demand for contact lenses is primarily attributed to the increasing awareness regarding the various advantages of contact lenses over traditional glasses, such as convenience, comfort, and aesthetic appeal. Furthermore, the increasing popularity of daily disposable lenses which are easy to use and offer convenience is also driving the demand for contact lenses. According to a report published by Market Research Future, in February 2021, around 63% of the population in the United States prefer using contact lenses over spectacles.

The optical outlets segment held the major share of the sunglasses products market in 2022. Optical outlets offer a wide range of sunglasses products, including lenses, frames, and contact lenses. The presence of a wide variety of brands and a plethora of options in terms of designs, colors, and sizes available at optical outlets entice consumers to purchase sunglasses products. Moreover, physical stores provide customers with an opportunity to try the products before buying, which is a major factor driving the growth of the segment.

The e-commerce segment is projected to register the fastest CAGR of 10.6% over the forecast period. The growth of the segment is attributed to the rising inclination of consumers towards online shopping. In addition, e-commerce sites offer a wide range of sunglasses products at discounted prices and allow consumers to compare and purchase products from the comfort of their homes. Furthermore, the availability of multiple payment options, such as credit and debit cards, online banking, and cash on delivery, further boosts the sales of sunglasses products through e-commerce platforms.

The polarized segment accounted for the largest revenue share of 56.2% in the year 2022. Polarized sunglasses provide the maximum level of protection from UV rays and harmful glares emitted from the sun. The lenses of polarized sunglasses are laminated with multiple layers of film which give them their distinct characteristics. This has increased the popularity of polarized sunglasses among the public and is driving the growth of the segment.

The non-polarized segment is anticipated to expand at the highest CAGR of 6.5% over the forecast period. The increasing inclination of customers towards cost-effective eyewear and the introduction of innovative styles in the non-polarized segment are the major drivers of the segment. For instance, in October 2020, Luxottica Group, launched a new campaign, ‘Race to the Sun’, to promote their new non-polarized sunglasses. The campaign emphasizes the need for UV protection, which is driving the demand for non-polarized sunglasses.

Asia Pacific accounted for the largest revenue share in the global sunglasses market in 2022 due to the presence of a large number of sunglasses manufacturers in this region. Moreover, emerging economies such as China, India, and South Korea are generating strong demand for sunglasses due to the rising awareness about the importance of eye protection and changing fashion trends. Furthermore, the increasing disposable income of the people in this region due to the growth of the middle class is driving the demand for branded luxury sunglasses.

Europe is expected to be the second-largest market due to the presence of a large number of sunglasses manufacturers, such as Ray-Ban, Oakley, Prada, and Gucci. The presence of a large number of people in Europe is also driving the demand for sunglasses, as they are increasingly adopting them as a fashion accessory. Moreover, the rising awareness about skin protection and eye protection is driving the demand for sunglasses in the region.

North America is expected to witness significant growth in the market due to the growing popularity of sunglass brands and rising consumer spending on luxury products. Additionally, the presence of prominent players, such as Michael Kors, American Eagle, and Fossil Group, is further driving the growth of the market in this region.

In this part of the sunglasses products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your sunglasses products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions

The main source of revenues for a sunglasses products business comes from sales of sunglasses, retail and wholesale. Here you will find a list with a description of possible sources of profit such as the sale of accessories, fundraising, the sale of merchandise, and discounts for bulk orders.

Projecting Expenses

In this section, all the regular expenses related to keeping the sunglasses products business running will be described. The list of operating expenses includes wages, maintenance and repairs, utilities, insurance policies, advertising, product design and development, licensing fees, and others.

Some of the major companies operating in the sunglasses market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Gucci launched the Sunglasses Collection, a range of sunglasses designed to provide superior protection from the sun’s UV rays.

– In August 2022, Prada launched the Aviator collection of sunglasses, designed to provide superior protection from UV rays.

– In October 2022, Ray-Ban launched the new Wayfarer collection, a range of sunglasses designed to provide superior comfort and protection from harmful UV rays.

Some of the prominent players in the sunglasses market include:

– Luxottica Group S.p.A.
– Safilo Group S.p.A.
– Prada S.p.A
– Oakley, Inc.
– Ray-Ban
– Gucci
– Burberry Group PLC
– VF Corporation
– Kering S.A.
– Marcolin S.p.A.

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global sunglasses products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Aviators
– Wayfarers
– Oversized
– Sports Sunglasses
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Mass
– Premium

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential for Product Innovation in Sunglasses?
[A]: Product innovation is a key factor driving the sunglasses market. New technologies, such as photochromic lenses, polarized lenses, and anti-reflective lenses, are being introduced in the sunglasses market. Moreover, advancements in fashion trends and the emergence of ‘wearables’ are creating opportunities for new product launches in the sunglasses market.

[Q]: Who are the Key Players in the Sunglasses Products Market?
[A]: Key players in the sunglasses products market include Luxottica Group, Safilo Group, Marcolin Group, De Rigo Vision, Carl Zeiss AG, Marchon Eyewear, Inc., and Essilor International.

[Q]: Which Region Offers the Largest Opportunity for Sales of Sunglasses Products?
[A]: North America is expected to be the largest market for sunglasses products, with an absolute dollar opportunity of $7 B (USD).

[Q]: What are the factors driving the Sunglasses products market?
[A]: Key factors driving the sunglasses products market include increasing disposable incomes, rising awareness about UV protection, the growing popularity of sports and outdoor activities, and changing lifestyle trends. Additionally, technological advancements in the sunglasses industry and the introduction of stylish sunglasses are expected to drive the market.