Sunglasses Market 2020 Study of Growing Trends, Future Scope, New investment, Regional Analysis, Upcoming Business Opportunities and Global Forecasts to 2026 | Luxottica Group, Safilo Group, Kering, De Rigo Vision, Marchon Eyewear, Marcolin, LVMH, Charman

Sunglasses Market report provides a thoroughly researched abstract of the key players with considerable shareholdings at a global level regarding demand, sales, and income by providing better products and services. Research Report outlines a forecast for the Sunglasses market between 2020 and 2026. In terms of value, the Sunglasses industry is expected to register a steady CAGR during the forecast period.

The global Sunglasses market size is expected to reach USD 27.72 billion by 2026 according to a new study by Polaris Market Research. The report "Sunglasses Market Share, Size, Trends, Industry Analysis Report By Product (Polarized, Non-Polarized), By Material (CR-39, Polycarbonate, Polyurethane, Others), By Channel (Online, Offline), By Regions, Segments & Forecast, 2020 - 2026" gives a detailed insight into current market dynamics and provides analysis on future market growth.

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The key players covered in this study

o Luxottica Group
o Safilo Group
o Kering
o De Rigo Vision
o Marchon Eyewear
o Marcolin
o LVMH
o Charmant Group
o Essilor
o REVO

Market segment by Type, the product can be split into

o CR-39 Luxury Sunglasses
o Polycarbonate Luxury Sunglasses
o Polyurethane Luxury Sunglasses

Market segment by Application, split into

o Men
o Women

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Demand for sunglasses has led to the need for reduced dependency on spectacles and uptake of contact lenses. Therefore, growing awareness among the general population regarding the importance of protecting the eyes is the key driving force for the market. Sunglasses exhibit the highest growth rate, which is a direct result of burgeoning prices, especially in the high-end segment of the market. The expected increase in the demand of sunglasses for health, lifestyle, and cosmetic purposes is also expected to drive the market.

The average selling price of sunglasses is expected to be highest in the Europe, which is expected to drive the revenue in this market. Due to the dominant presence of major players of the market in Europe, there exists higher brand awareness and thus higher demand for the high-end sunglasses sector. This can be attributed to increasing awareness regarding eye healthcare and a trendsetting consumer base backed by abundant disposable incomes.

Increasing purchasing power backed by rising disposable incomes among the consumers across various regional markets is expected to drive the demand for sunglasses across the global market. Growing income level and households in the middle class have led to increased aggregate disposable income in developing regions.

Additionally, the proliferation of the internet and online retailing services is expected to positively impact the market. The Japanese market is characterized by growing demand for online purchase of sunglasses. However, growth in internet retailing has resulted in low product prices and thus has adversely affected the revenue streams. Growing purchase volumes of sunglasses are expected to curb the impact of this trend over the next seven years. High scope for penetration in this sector is expected to be an opportunity for industry participants.

Independent retailers and stores are businesses under private ownerships. These are usually single-store operations and offer both high risks and high rewards for the store owner. Major sunglasses vendors and brands give away franchising rights to individuals or enterprises willing to open up independent stores for a specific brand, retailer, or vendor for a certain royalty or franchise fee to be given to the sunglasses manufacturer.

Manufacturers have also made available prescription eyewear and sunglasses across several regions to grow their customer base. However, there lies a strong belief among consumers that sunglasses sold at certain drugstores are not customized and not in accordance with the prescription, due to which they do not focus the images but rather make them appear larger, thus costing significantly lesser.

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