Growing Trend of Innovative Lenses to Drive the Sunglasses Market until 2020, Says Technavio

LONDON–(BUSINESS WIRE)–#Research–The global
sunglasses market
is expected to grow at a CAGR of around
6% during the forecast period, according to Technavio’s latest report.

In this report, Technavio
covers the market outlook and growth prospects of the global sunglasses
market for 2016-2020. The market is further categorized into
three lens material segments, including polycarbonate, ADC/CR-39,
and others, of which the polycarbonate segment dominated the market with
42% of the overall market share in 2015.

Branding is an important factor for players in the global sunglasses
market to sustain and grow. As there are numerous players offering
similar products, it has become important for the companies to
effectively market themselves and articulate the value proposition of
their products to their prospective customers
,” says Poonam Saini, a
lead retail
goods and services
research expert from Technavio.

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 advancement has
let marketers introduce sunglasses with innovative functionality.
Vendors like Oakley is using innovations in lens development such as
Prizm, which is a revolutionary lens technology that increases detail
for an optimized performance by providing ultra-precise color tuning,
designed for specific environments.

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Technavio’s research study segments the global sunglasses market into
the following regions:

  • Americas
  • APAC
  • Europe
  • MEA

In 2015, with a market share of over 42%, the Americas dominated the
global sunglasses market, followed by Europe with over 32%, APAC with
20%, and MEA with 6%.

Americas: largest market for sunglasses

The sunglasses market in the Americas is predicted to account for a
market share of 41% by 2020. North America dominated the global
sunglasses market in 2015 because of the high purchasing power and the
high level of awareness among consumers as well as the presence of key
industry players. The number of consumers who can afford branded
is higher in this region. Increased awareness about
harmful UV radiation among consumers in this developed market is driving
sales in the market.

The market in Central and South America has a mix of local and
international brands owing to tighter import restrictions that have
resulted in delays in product delivery and higher costs of imported
products. These restrictions have created a shortage of imported
sunglass brands in the region and has made domestic brands gain more
traction within the region
,” says Poonam.

High sales of premium brands fueling the sunglasses market in Europe

The sunglasses market in Europe is driven by the demand for
premium-priced sunglasses and customized colored glasses in the UK,
France, Italy, Spain, and Germany. The early penetration of tablets and
smartphones in this region has also boosted the growth of the online
retail market for eyewear products. New launches will enhance the
design and product range and will continue driving the growth in this
market during the forecast period.

The market in Europe is also growing due to increasing and fast-changing
fashion trends and availability of high-end brands within the region.
The key market players in the region are Essilor, Fielmann,
Luxottica, Grand Vision and Safilo Group. The
growing e-commerce industry in Europe has created significant
opportunities for eyewear marketers to build their omni-channel presence.

APAC will register the fastest growth due to rising urbanization
influencing people to embrace western lifestyles and culture

APAC will be the fastest-growing region for sunglasses in the next four
years. This is due to the high growth is the rising urbanization in the
region, which is influencing people to adopt western lifestyles and
culture. Another reason is that rapid economic development in countries
such as China, India, ASEAN countries, and South Korea has improved the
purchasing power of consumers who are now willing to spend more on
lifestyle products. Consumers are getting inclined toward
mid-to-high-end products in these countries.

Although brand consciousness about sunglasses is growing within the
region through increasing internet and mobile penetration, consumer
still prefers buying sunglasses from specialty retail stores because of
the touch and feel factor. Also, in countries like India and China,
there has been a boost in eyewear sales because of promotional discounts
offered by online retailers. Consumers constantly seek promotional
prices while making a purchase.

MEA will witness a slow growth

The sunglasses market in MEA is predicted to account for a market share
of 7% by 2020. The growth prospect for vendors in the region is high as
most of the countries in this region have hot and sunny climatic
conditions. Growing awareness about harmful UV radiation and its effects
is a major growth driver. Economic development and a rise in consumer
income will further add to the demand for sunglasses in the market.

The top vendors in the global sunglasses market highlighted in the
report are:

  • Essilor
  • Maui Jim
  • Luxottica
  • LVMH
  • Safilo

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value chain, including vendors, service providers, distributors,
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