The Global Sunglasses Market size is expected to reach $20 billion by 2026, rising at a market growth of 6% CAGR during the forecast period. Sunglasses refer to eyewear that helps in preventing any kind of damage to the eyes from harmful sun rays.
New York, April 22, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Sunglasses Market By Distribution channel, By Frame Material, By Type, By Design, By Regional Outlook, Industry Analysis Report and Forecast, 2020 - 2026" - https://www.reportlinker.com/p06064820/?utm_source=GNW
Generally, they are colored to provide a shield from harmful sun rays. These sunglasses come in two categories: polarized and non-polarized, which can be further customized based on the customers’ needs. By using convex or concave lenses in sunglasses, customers can use them as spectacles as per the eye power of the person.
The sunglasses are made depending on their ultimate purpose. For instance, sunglasses for sports purpose are made of impact-resistant materials to safeguard eyes with a substantial color. If these sunglasses are made for casual or fashion purpose, then it is manufactured by utilizing materials which have lower resilience because they don’t need the similar strength.
In the manufacturing process of sunglasses, raw materials like CR-39 orally diglycol carbonate (ADC), polycarbonate, and silicone hydrogel, are used. Chemical companies like SABIC are manufacturing these raw materials and delivering them to the manufacturers of sunglasses. All these sunglasses manufacturers are producing products with specific requirements like anti-scratch or scratch-resistant coating, anti-reflection (AR) coating, etc.
Distribution channel Outlook
Based on Distribution channel, the market is segmented into Specialty Stores, Supermarkets & Hypermarkets, Online and Others. The offline market segment witnessed the maximum market share in 2019. It is due to the shifting consumer preference on trying out the product before the final purchase. The increasing distribution facilities by leading manufacturers are propelling the growth of the segment.
Frame Material Outlook
Based on Frame Material, the market is segmented into Injected, Metal, Acetate and Others. The Injected market dominated the Global Sunglasses Market by Frame Material 2019, growing at a CAGR of 5 % during the forecast period. The Metal market is expected to witness a CAGR of 6.5% during (2020 - 2026).
Based on Type, the market is segmented into Non-Polarized and Polarized. By product type, non-polarized sunglasses garnered the highest revenue share in 2019. There are a variety of non-polarized sunglasses available in different shapes and colors across offline stores. These glasses are less costly than other sunglasses and add to the style statement of the customers. Moreover, the dark color non-polarized sunglasses lower down the intensity of light, which can create discomfort to the eyes. This segment will continue to dominate the market owing to the lack of awareness among people about the suitability of sunglasses for each person.
Based on Design, the market is segmented into Round, Square, Cat Eye, Oval, Aviator, Rectangle, Others. The Round market dominated the Global Sunglasses Market by Design 2019, and would continue to be a dominant market till 2026. The Square market is experiencing a CAGR of 6.9% during (2020 - 2026). The Cat Eye market is estimated to grow at a CAGR of 7.5% during (2020 - 2026). Additionally, The Oval market is expected to witness a CAGR of 7.3% during (2020 - 2026).
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America is expected to witness a promising growth rate during the forecast period. Owing to the shifting fashion trends and rising customer preference for premium & luxurious sunglasses, the demand for the product will increase in this region. Additionally, the increasing disposable income has increased the purchasing power of customers in this region. Therefore, customers are spending more on purchasing luxurious eyewear to make appealing fashion statements.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; LVMH SE is the major forerunner in the Sunglasses Market. Companies such as Safilo Group S.p.A., De Rigo Vision S.p.A., Adidas AG, and Marcolin Group are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Prada S.p.A., Adidas AG, LVMH SE, EssilorLuxottica SA (Essilor Instruments USA), Maui Jim, Inc., Safilo Group S.p.A., De Rigo Vision S.p.A., Specsavers Optical Group Ltd., Fielmann AG (Korva SE), and Marcolin Group.
Recent strategies deployed in Sunglasses Market
Partnerships, Collaborations, and Agreements:
Jan-2021: De Rigo signed a multi-year distribution agreement with DIFF Eyewear, the designer sunglasses brand. Under this agreement, De Rigo is the only distributor of both DIFF Eyewear sun & optical frames in the North American optical market which is available via De Rigo REM’s sales channels. The agreement also includes the release of DIFF Eyewear in the optical market.
Oct-2020: Safilo Group renewed its licensing agreement with Pierre Cardin, an Italian-born naturalized-French fashion designer. The agreement aims to manufacture, design, and distribute Pierre Cardin prescription frames and sunglasses. This renewal continues their work together to make and develop the Pierre Cardin brand in the eyewear segment.
Sep-2020: EssilorLuxottica teamed up with Facebook, an American technology conglomerate. The collaboration aims to integrate Facebook apps and technologies under which, Luxottica’s category leadership and iconic brands, and Essilor’s enhanced lens technology to assist people to connect with their friends and family.
Sep-2020: De Rigo signed a license agreement with TUMI, the leading international travel, and lifestyle brand. This agreement aims to design, manufacture, and distribute TUMI-branded sunglasses and prescription frames for both men & women. TUMI’s eyewear collection includes the iconic values and DNA of the brand with specific design, which includes TUMI’s dedication to innovation.
Sep-2020: De Rigo entered into a license agreement with Philipp Plein Group. This agreement aims to design, produce, and distribute on a global scale both sunglasses and prescription frames.
Sep-2020: Marcolin Group formed a partnership with Max Mara, an Italian fashion business. The partnership aims to design, manufacture and distribute the Max Mara sunglasses and eyewear range. The term for the partnership is five years. This partnership is built on Marcolin Group’s prevailing eyewear agreements with Sportmax and MAX&Co, two brands under the Max Mara Fashion Group.
Jul-2020: LVMH partnered with Stella McCartney along with Bernard Arnault. The partnership aims to design, produce and distribute sustainable eyewear collections, beginning from the spring 2021 collection.
May-2020: Safilo signed a ten-year license agreement with Ports. The agreement helps to design, manufacture, and distribute Ports branded sunglasses and optical frames. The agreement aimed to cover the Mainland China market, anticipate the first right option for Safilo to expand the distribution of the product in the market as per the demand and category development.
Mar-2020: Safilo entered into a new global ten-year licensing agreement with Isabel Marant, the French fashion designer. The agreement focuses on the designing, manufacturing, and distribution of Isabel Marant sunglasses and optical frames.
Nov-2019: Marcolin Group signed a licensing agreement with BMW Group, the world’s leading premium manufacturer of automobiles and motorcycles. This agreement includes the designing, manufacturing, and distribution of sunglasses and eyeglass frames for BMW M, BMW, and BMW M Motorsport labels.
Jul-2019: Maui Jim unveiled the official Manchester United Club Collection in collaboration with Manchester United. The collection features four styles and the red mirror treatment, which is inspired by the world’s most famous football clubs. The collaboration of both entities was signed in February 2019.
Acquisition and Mergers:
Jan-2021: Fielmann AG acquired an 80 percent equity ownership stake in Óptica & Audiología Universitaria. This acquisition helps Fielmann to enter the 15th European market. Also, the acquisition marks a crucial step in the ongoing internationalization of the Fielmann Group.
Jun-2020: Safilo Group acquired a 70% stake in the equity of the California company, Blenders Eyewear LLC. Through this acquisition, Blenders added to Safilo’s direct-to-consumer capabilities.
Jul-2019: EssilorLuxottica signed an agreement to acquire 76.72% ownership interest in GrandVision N.V. with Hal Optical Investments, a subsidiary of HAL Holding N.V., an international investment company. The agreement aimed to unlock the growth potential of the eyecare and eyewear industry.
Product Launches and Product Expansions:
Feb-2021: Safilo Group introduced a travel retail-exclusive pair of sunglasses from Jimmy Choo. The Ilana sunglasses are released on Lunar New Year and are available globally. These contemporary sunglasses have a sleek rounded slim silhouette in acetate. The sunglasses are designed with the JC Jimmy Choo logo on the temples and available a glitter, black, and gold color palette.
Mar-2019: Specsavers released an online service enabling UK customers to buy spectacles online for the first time. This online offering with a similar service multiplied the offers in Australia and the Netherlands.
Oct-2020: Marcolin Group expanded its geographical footprints by inaugurating a new subsidiary in Sydney. This opening is a part of the eyewear group’s objective to strengthen the commercial synergies with the existing regional office in Hong Kong and plays an important role in the growth in the APAC region.
Feb-2019: LVMH expanded its global footprints by setting up the second Thélios factory in Italy. Through the expansion, LVMH initiated the process of globalizing the production of eyewear, bust the traditional licensing system, under which the production and specifically the distribution of sunglasses & eyeglasses frames is done by a third party.
Scope of the Study
Market Segments covered in the Report:
By Distribution channel
• Specialty Stores
• Supermarkets & Hypermarkets
By Frame Material
• Cat Eye
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Prada S.p.A.
• Adidas AG
• LVMH SE
• EssilorLuxottica SA (Essilor Instruments USA)
• Maui Jim, Inc.
• Safilo Group S.p.A.
• De Rigo Vision S.p.A.
• Specsavers Optical Group Ltd.
• Fielmann AG (Korva SE)
• Marcolin Group
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