LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global sunglasses market predicts a CAGR of over 6% during the period 2017-2021.
The report segments the global sunglasses market by lens material (polycarbonate lens material and ADC/CR- 39 lens material), by product (polarized sunglasses, non-polarized sunglasses), by gender (sunglasses for men and sunglasses for women) by distribution channel (specialty store, department stores, optical stores, and online retail) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global sunglasses market, according to Technavio consumer and retail researchers:
- Premiumization of sunglasses: a major market driver
- In 2016, the polarized sunglasses segment dominated the market with a share of more than 73%
- The Americas dominated the global sunglasses market with more than 40% share in 2016
- LUXOTTICA GROUP, Safilo Group, Essilor, LVMH, and MAUI JIM are the leading players in the market
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Premiumization of sunglasses: a major market driver
Premiumization of sunglasses is one of the major factors driving the global sunglasses market. Technology advances and innovation that are being introduced in the sunglasses market are crucial factors driving the growth of the market. The manufacturers in the industry are trying to enhance the quality and features of their products to attract brand-conscious customers and offer them a high return on investment (ROI).
According to Shikha Kaushik, a lead analyst at Technavio for retail goods and services research, “The health-awareness of consumers, especially on vision care, is driving the demand for premium sunglasses, which protect customers from the harmful effects of UVA and UVB rays. Premium range of sunglasses are also durable, have high glass quality, and effectively block harmful UV rays. HNWI customers prefer these products as they are considered status symbols. Therefore, luxury or premium brands can provide a huge competitive advantage to the manufacturers.”
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Americas: largest sunglasses market
Technavio researchers anticipate high growth for the global sunglasses market in the Americas due to the high purchasing power of the consumers in the region, awareness of the benefits of using sunglasses, and the presence of the major key vendors, especially in North American countries. Some of the major factors contributing to the growth of the sunglasses market in this region are increasing a number of high-net-worth-individuals (HNWIs) and ultra-high-net-worth-individuals (UHNWIs) and rising urbanization. The rising urbanization in the region has also raised the number of dual-income households, which facilitates spend on premium goods.
Competitive vendor landscape
The global sunglasses market is fragmented due to the presence of many competitors both at the regional and international level. The market is expected to rise in terms of value and volume during the forecast period. Manufacturers in the eyeglass industry are competing based on product price, design, quality, and brand presence. The acquisition of new, emerging, or regional brands by the leading competitors can help them maintain their dominance in the market during the forecast period. Different manufacturers in the market have incorporated diverse omnichannel marketing strategies in their business model to compete with brick-and-mortar retailers and e-retailers.
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