The sunglasses market is estimated to be valued at USD 32,171.4 million in 2024. The value of the market was USD 30,236.3 million in 2023. The progress of the market is expected to be at a CAGR of 6.0% from 2024 to 2034. The sunglasses market is expected to reach USD 57,614.1 million by 2034.
Consumption Analysis of the Sunglasses Market
| Attributes | Details |
|---|---|
| Sunglasses Market Value for 2024 | USD 32,171.4 million |
| Projected Market Value for 2034 | USD 57,614.1 million |
| Value-based CAGR, 2024 to 2034 | 6.0% |
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The sunglasses market was valued at USD 24,500.0 million in 2019. The market progressed at a CAGR of 5.4% from 2019 to 2023.
Sunglasses continued to rise in prominence over the historical period as a way to make a fashion statement. However, the pandemic restrained the growth of the market. As restrictions were placed on going outdoors, sales of sunglasses dropped. However, as restrictions were eased, demand for sunglasses increased as places, such as beaches, started opening up again. Thus, the market got back on the path of recovery. By 2023, the value of the market had reached USD 30,236.3 million.
| Market Valuation (2019) | USD 24,500.0 million |
|---|---|
| Historical CAGR (2019 to 2023) | 5.4% |
| Historical Market Valuation (2023) | USD 30,236.3 million |
Long-term Analysis of Sunglasses Market from 2024 to 2034
The industry value of sunglasses is estimated to be USD 32,171.4 million in 2024. The growth of the market is predicted to be healthy over the forecast period from 2024 to 2034, with a CAGR of 6.0%.
With rising consciousness of the harmful effects of UV rays, the adoption of sunglasses is expected to grow over the forecast period. In addition to safety measures, sunglasses are also becoming an integral part of outfits. Sunglasses are being used even when the sun is not around, for use in pubs or other party places. Thus, sunglasses are highly used by fashionistas. The growth of the market is expected to be faster over the forecast period than during the historical period.
Sunglasses with people for prescriptions are also being sold in large quantities. Thus, the scope of the market is not limited. Innovative designs in both the glass and the frame of the sunglasses are expected to further boost the market.
With sunglasses becoming an integral part of high-class fashion, premium sunglasses are also enjoying high demand. By 2034, the market value for sunglasses is expected to have jumped to USD 57,614.1 million.
| Attributes | Details |
|---|---|
| Top Product Type | Polarized |
| Market Share in 2024 | 32.4% |
Polarized sunglasses are coasting on the trust shown in the product by consumers. In 2024, polarized sunglasses are expected to be the leading product type among consumers, with a market share of 32.4%.
Polarized sunglasses help keep the glare down, offering protection to consumers. Thus, the use of polarized sunglasses in outdoor activities such as sports is prominent. Manufacturers are taking steps to keep the darkness associated with polarized sunglasses down. Therefore, there is further scope for the product to develop.
| Attributes | Details |
|---|---|
| Top Distribution Channel | Specialty Stores |
| Market Share in 2024 | 22.6% |
Specialty stores have emerged as the top distribution channel for sunglasses. In 2024, specialty stores are expected to hold 22.6% of the market share by distribution channel.
Sunglasses are receiving increasing importance in outfits, often being used to make a fashion statement. Fashionistas are thus hunting down specific sunglasses and preferring the variety provided by specialized stores. People with specific requirements regarding prescriptions are also preferring stores that specialize in sunglasses. Thus, specialty stores have emerged as the leading distribution channel for sunglasses.
Europe has historically dominated the market. The beach-going and sports culture in the region has contributed to making sunglasses a prominent part of attires in Europe. The fashion-obsessed population of the region has also contributed to market growth.
The Asia Pacific is emerging to be full of exciting opportunities in the market. The rising fashion-obsessed population of the region, aided by influencers and celebrities, has helped the market to grow significantly.
| Countries | CAGR (2024 to 2034) |
|---|---|
| United States | 3.3% |
| Australia | 5.4% |
| Germany | 5.1% |
| India | 8.7% |
| China | 8.1% |
India is predicted to be one of the leading countries in the market over the forecast period. The CAGR for the market in India is expected to be 8.7% from 2024 to 2034.
Indian consumers are influenced by social media trends when it comes to sunglasses. Film culture also plays a prominent role in driving sunglasses trends in the country. Thus, market players in India are recruiting film stars and influencers to penetrate deeper into the Indian customer base. Indian consumers are also responding by buying sunglasses in high quantities, from low-priced ones to premium quality. As a result, the market is marked for substantial growth in the region.
China is another Asian country with an expected CAGR of 8.1% over the forecast period. Technological advancements are driving the market forward in China. Sunglasses are being outfitted with advanced technologies like facial scanners in the country. Another area of development is the digital interface sunglasses. For example, in September 2022, Lenovo announced the launch of the T1 sunglasses. The sunglasses can connect with phones and broadcast media directly onto the glasses.
Germany is known for its beach-going and party culture. German consumers are taking the help of sunglasses to stand out from the crowd and are quick to hop on trends. Manufacturers are taking notice and offering a wide array of products to the German people. For example, in April 2023, Rodenstock expanded its Retro Classic and Essential sunglasses range. The market is expected to register a steady CAGR of 5.1% in Germany over the forecast period.
With its abundant beaches and scope for watersports, Australian people are heading outdoors regularly. The Australian population is also looking to dress fashionably for outdoor outings.
Thus, premium sunglasses are coming into vogue in the country, with rising disposable income making the price irrelevant for many consumers. The market is expected to register a CAGR of 5.4% over the forecast period.
The United States is home to a diverse array of brands offering a variety of products to consumers. Fashion giants like Oakley, Ray-Ban, and Tom Ford proliferate across the United States. Thus, sunglasses produced in the country are often at the forefront of fashion. The market is anticipated to progress at a respectable CAGR of 3.3% over the forecast period.
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Marketing plays an important role in the progress of the market. Companies are looking to differentiate products with the help of marketing, often taking the help of celebrity endorsement.
The market can often be at the whim of fashion trends. Thus, companies concentrate on constant innovation. Brands are employing merger and acquisition strategies to gain a bigger foothold in the market.
Recent Developments in the Sunglasses Market
The size of the sunglasses market is estimated to be USD 32,171.4 million in 2024.
Technological advancements and celebrity endorsements are the two trends in the sunglasses market.
The sunglasses market is expected to reach a valuation of USD 57,614.1 million by 2034.
Polarized sunglasses are highly preferred by consumers, and are expected to account for 32.4% of the market share by product type in 2024.
The market in India is expected to expand at a CAGR of 8.7% over the forecast period.
| Expected Base Year Value (2023) | USD 169.01 billion |
|---|---|
| Anticipated Forecast Value (2033) | USD 291.00 billion |
| Estimated Growth (2023 to 2033) | 5.6% CAGR |
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