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global plano sunglasses market size is driven by growing purchasing power and awareness regarding the need for eye protection by 2023

Press Release   •   Oct 18, 2016 07:39 EDT

Plano Sunglasses Market size is forecast to reach USD 26.46 billion by 2023; as per a new research report by Global Market Insights, Inc.

Growing purchasing power and awareness regarding the need for eye protection will drive global plano sunglasses market size. Brand conscious consumers are also willing to spend more on higher quality and aesthetic appeal. The plano sunglasses industry is characterized by changing material trends; polycarbonate (PC) and CR-39 are anticipated to witness high growth, with other materials such as glass and polyamide to exhibit low CAGR in the coming years.

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Plano sunglasses market price trend differs on a regional basis as well as across brands. Mark-ups are particularly high with brands such as Luxottica, and the European industry is characterized by the highest retail prices. Regardless of the technique used for production, the coating applied on the final lens determine the performance and price characteristics. Europe plano sunglasses market share was over 40% of the global revenue, and is forecast to approach USD 10 billion by 2023.

Plano Sunglasses Market Size

Although polarized sunglasses contributed a little over 20% to the overall volume in 2015, global revenue share is set to surpass 35% by 2023 due to higher prices and functionality. The majority of polarized sunglasses use injection molding for lens production. The lens molds in which melted polycarbonate is injected are compressed under high pressure and cooled to give way to the final product; this manufacturing process results in higher impact resistance.

Key insights from the report include:

  • Global plano sunglasses market shipments of over 300 million units in 2015 are forecast to gain at 4.6% CAGR from 2016 to 2023. Growing acceptance of vision correction surgeries such as LASIK and steady rise in the global contact lenses market will fuel growth.
  • Lifestyle changes due to growing urbanization, particularly in developed economies are a major driver for the eyewear market.

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  • Aging population base coupled with robust spectacles demand may hamper consumption. The unorganized sector, particularly in the Asia Pacific plano sunglasses market, is also projected to pressurize profitability of major industry participants. Steady adoption of prescription products has led to lower replacement rate.
  • Major industry participants are Luxottica and Safilo; together they account for majority of the plano sunglasses market share. This can be credited to their considerable in-house and licensed brand portfolio, vertical integration strategy, and global presence. Other companies include De Rigo, Marchon Eyewear, Marcolin, etc.
  • Retail outlets are the most widely used distribution channel. In Asia Pacific, the retail sector is highly fragmented, with stand-alone outlets and independent practitioners constituting high share. Frequent partnerships and joint ventures are carried out between industry players and retail chains in order to ensure brand establishment and increased geographical expansion.
  • Products used in sports are equipped with impact resistant materials in order to ensure safety, and also have a high degree of tint. In contrast, those designed for casual wear or purely for aesthetic purposes do not require the same degree of robustness, and are made using materials of lower resilience.

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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.