New York,
NY 06 Dec 2019:The global sunglasses
market size is anticipated to reach 36,459.5
million by 2026 according to a new study published by Polaris Market Research.
The report “Sunglasses Market Share, Size, Trends, Industry Analysis
Report, By Lens Type (Polarized, Non-Polarized); By Material (CR-39, Polycarbonate,
Polyurethane, Others); By Distribution Channel (Offline Stores, Online
Channels); By Regions, Segments & Forecast, 2019 – 2026”
provides detailed market insight and taps future market trends.
In 2018, offline stores accounted
for highest market share in terms of revenue. North America is expected to be
the leading market for sunglasses in revenue terms in 2018. The main drivers to
growth of sunglasses are the increasing awareness amongst consumers to the
lurking dangers posed to the naked eye by harmful UV rays and secondly, a
rising living standard.
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The increasing will to adopt latest
styles, and sunglasses having been nick-named as a cool and indispensable
fashion accessory boosts the sunglasses market growth. The essential expansion
of Internet and rise of e-commerce, use of smart phones and a proportional
chunk of technologically abreast consumers would support growth. The high-end
premium technology segment has been growing at a steady rate in industry growth
and displays a lot of promise in years to come.
The products are now a days looked
upon less as a fashion accessory and more as an indispensable aid to shut out
UV radiation. The products have brand recall factor and are a step ahead in its
race for chic tag. Sunglasses that offer shade, but no UV protection cause
pupils to dilate and provide access to more of those harmful
rays.
The cool fashion quotient that
sunglasses have come to be identified with has encouraged consumers to buy the
latest chic designs and luxury brands. The growing retail industry, modern
retail practices, growing technological advancements and online trading would
increase the sales of sunglasses during the forecast period. Increasing exports
and product innovations are supporting eye wear market across the region.
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The growing disposable incomes have
encouraged consumers to buy the product that more often than not live up to
their living standards. Furthermore, consumers are rooting for trendy and
designer sunglasses that will enhance their personality to some extent. Hence
epitome of fashion consciousness and high and uptown living standards would
contribute to the growth of the sunglasses.
Sale of product through online
channels has been attracting considerable footfalls over the years. This trend
off online shopping is gaining significant traction in developing economies
that applies to prominent players to distribute their products globally. New
entrants are also showcasing their products online. Online platforms offer
market players a marketplace to distribute their products while lowering
operational costs.
North America leads the sunglasses
industry in terms of revenue and is expected to lead throughout forecast
period. Increasing population, high disposable incomes and growing health
consciousness has propelled growth in the region.
The leading players in
market include Luxotica Group, S.p.A, Prada S.p.A, Safilo Group S.p.A, Fielman
AG, De Rigo Vision, Alexander McQueen, Michael Kors, LVMH Moet Henessey Louis
Vuitton SE, Marcolin Eyewear and Maul Jim.
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