Sunglasses: Key market research findings
- The Americas dominate the market geographically
- Increasing use of sunglasses as a fashion accessory boosts market growth
- Key vendors – Luxottica, Safilo, Essilor, LVMH, and Maui Jim
Technavio’s market research analysts predict the global market for sunglasses to grow at a CAGR of around 6% between 2016 and 2020. The growth of the market is fueled by the increasing use of sunglasses as a fashion accessory. Sunglasses are used by consumers across the world to showcase wealth, social status, and fashion sense. As a result, vendors are increasingly focusing on the development of sunglasses in new styles, sizes, colors, designs, and aesthetic features, encouraging customers to own more than just one pair. Designers are also coming up with customized sunglasses with bright hues, multi-colors, and jeweled designs as consumers prefer different styles for different occasions, such as for office wear, casual wear, party wear, and beachwear. In 2015, the global market for sunglasses was led by the Americas which accounted for around 46% of the overall market share. High purchasing power and the presence of key industry players in this region will fuel further growth of the sunglasses market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the sunglasses segment based on the distribution channel.
“The growing demand for sunglasses is attributed to the development of innovative and effective products and designs as well as the enhanced living standards of consumers worldwide. Technological advancements have facilitated marketers introduce sunglasses with innovative functionality. Vendors like Oakley are using innovations in lens development such as Prizm, which is a revolutionary lens technology. It offers an optimized performance by providing ultra-precise color tuning, designed for specific environments,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
In 2015, sunglass specialty stores was the largest sales-driving format with a share of around 47% followed by department stores and mass merchandisers. The first two retail formats display popular brands of manufacturers. Consumers prefer buying sunglasses from these channels as they offer a large portfolio of products, provide the required information and support to consumers, and offer them advice via expert customer service personnel. One of the most popular sunglass specialty stores is Sunglass Hut.
The key vendors in the global sunglasses market include Luxottica, Safilo, Essilor, LVMH, and Maui Jim. The global sunglasses market is highly fragmented and is experiencing increased competition due to increasing brand clutter and new product launches. There are a few major vendors in the market that have wide brand portfolios. At the same time, there are many retailers that are selling counterfeit products. Thus, vendors are investing heavily in developing technologically advanced sunglasses and marketing and promoting those sunglasses to improve brand loyalty.
A more detailed analysis is available in the Technavio report, Global Sunglasses Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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