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Sunglass Market – Attributed to Large Presence of Industry Players and High Purchasing Power of Consumers

Press Release   •   Apr 04, 2018 18:24 IST

Sunglasses are protective eyewear glasses that are mostly tinted in order to provide protection from the rays of the sun. Sunglasses protect the eyes from the glares of the sun which are often harmful. Sunglasses are polarized or non-polarized, and can be customized according to the needs of the customers. Both convex and concave lenses can be used to make a sunglass according to the eye power of an individual.

Sunglasses are mostly used for cosmetic purposes in order to enhance the appearance of an individual. The global market for sunglasses is segmented on the basis of lens material, lens coating, distribution channel, and geography. On the basis of lens material, the global sunglasses market is segregated into polycarbonate, plastic (ADC/CR-39), and glass. Polycarbonate material garnered the dominant market share in 2015 and is also forecasted to see the most speedy growth rate over the forecast period. This is attributed to the material’s high durability, light weight, and high resistance.In addition, the demand for polycarbonate is increasing due to its finer quality as compared to plastic or ADC. On the basis of lens coating, the global market for sunglasses is segregated into non-polarized and polarized sunglasses. Non-polarized sunglass held the dominant market share in 2015 and is anticipated to experience a declining growth rate over the forecast period owing to increased popularity of polarized sunglasses.

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Polarized sunglass is forecasted to have the most rapid growth rate owing to increased comfort and higher visibility. In addition, they also provide protection to people with light sensitivity by reducing eye-strain and displaying colors properly.Due to their premium prices, they also help to generate more revenue which is a major driving force of this segment.On the basis of distribution channel, the global market is segregated into in-shop retail and online retail. In-shop retail accounted for the dominant market share in 2015 and is likely to have a steady growth rate over the forecast period. This is attributed to the personalized service that consumers get while buying the product. Online retail is projected to seethe most rapid growth rate over the forecast period owing to reasonable prices and wide range of choices that it offers to customers. In addition, the option of trial before buying that is offered by online retailers in present times is another major reason that is driving the online retail segment in the global market.

Major drivers of the global sunglass market include development of innovative and improved products and designs that serve specific needs of customers. This is triggering market growth as consumers now look for customized products that serve specific purposes. In addition, technological advancements from manufacturers have helped them introduce sunglasses with additional functionality which is another major driver ofthe global market for sunglass. Innovative feature in sunglasses is triggering the market in a positive manner.

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Geographically, the global market for sunglasses is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America held the dominant market share in 2015 and is forecasted to have a steady growth over the forecast period. This is attributed to the large presence of industry players and high purchasing power of consumers in the region. Increased awareness about harmful UV rays among consumers is another major reason that is attributed to the high demand in the region.

Major players inthe global sunglass market include Luxottica, Essilor, Safilo, Maui Jim, LVMH Moët Hennessy Louis Vuitton SE, Michael Kors, Lanvin, Alexander McQueen, Fielmann, Revo, Marchon Eyewear, Pivothead, Charmant, Marcolin Eyewear, Specsavers Optical, and De Rigo Vision among others.