Sports Eyewear Market Size Worth $11.40 Billion By 2025 | CAGR 4.4%

The global sports eyewear market size is expected to reach USD 11.40 billion by 2025 registering a CAGR of 4.4%, according to a new report by Grand View Research, Inc. Rising demand for lightweight goggles or sunglasses with dynamic designs is expected to be a key growth-driving factor for the market. The market is also driven by the shifting customer preferences owing to increasing awareness about safety during sports and physical activities. Customer acceptance for several types of safety, as well as fashionable, eyewear is fueling the demand further.

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In addition, rising awareness about the benefits of using sports eyewear during outdoor sports, physical activities is likely to contribute to the demand. Europe was the largest regional market in 2018 and accounted for a global share of 34.8%. Asia Pacific is expected to be the fastest-growing regional market with a CAGR of 5.4% from 2019 to 2025. Major companies are entering the lucrative markets of APAC region, such as India and China, to gain competitive edge and increase product penetration. For instance, in March 2019, Under Armour, Inc. opened retail outlet in India. According to the company, the country has huge growth potential owing to shifting focus of customers on health and wellness.

Application Insights

Outdoor sporting & traveling was the largest application segment in 2018 and is expected to maintain the dominance over the forecast period. Eye protection accessories are considered as essential products in all kind of sports activities. Moreover, rising safety awareness during outdoor sporting & traveling is boosting the demand for goggles, thereby supporting segment growth. Shifting consumer preference towards luxury and comfort due to improved living standards has fueled the demand for branded and high-quality products. For instance, according to the report published by World Travel & Tourism Council, the global leisure spending was USD 4,233.3 billion in 2017, with a Year-on-Year (YoY) growth of more than 10%. Ski sports, on the other hand, is projected to be the fastest-growing application segment at a CAGR of 4.7% from 2019 to 2025.

Distribution Channel Insights

Offline segment accounted for more than 60% of the global sports eyewear market share in 2018. Rising number of exclusive sports stores and sports equipment outlets in developing countries including China and India is anticipated to promote the utility of sports eyewear over the forecast period. For instance, in July 2018, Bausch & Lomb Inc. successfully launched six exclusive stores under the brand name John Jacobs in India. According to the company, India is one of the fastest-growing consumer centers for sports, fashion, and lifestyle.

For more information: www.grandviewresearch.com

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

Grand View Research, Inc.
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This release was published on openPR.