Polarized Sunglasses Market Impressive Growth, to Hit US$ 10,268.54 Million By 2030
According to Consegic Business Intelligence analysis, the polarized sunglasses market is experiencing steady growth (CAGR) of 5.2% during the forecast 2023-2030. This growth is primarily driven by the growing trend of outdoor sports activities, and Major Participants Includes are Ray-Ban (Luxottica Group S.p.A.), Maui Jim, Inc. (Kering), Prada Group, Guccio Gucci S.p.A., Louis Vuitton (LVMH), Polaroid Eyewear (Safilo Group), GKB Optic Technologies Pvt Ltd., Hoya, Fastrack Ltd. (Titan Company Limited), Costa Del Mar, Inc., Xiaomi, and EssilorLuxottica
New York, June 16, 2023 (GLOBE NEWSWIRE) — The global Polarized Sunglasses Market is expected to witness significant growth at a CAGR of 5.2% during the forecast period of 2023-2030. This growth is attributed to the increasing number of eye-related issues such as photokeratitis and cataracts, among others.
According to a recent report by Consegic Business Intelligence, the polarized sunglasses market is poised for strong expansion and is expected to reach USD 10,268.54 million by 2030. The market, which was valued at USD 6,866.59 million in 2022, is predicted to grow at a compound annual growth rate of 5.2% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market’s competitive landscape, market segmentation, regional outlook, and emerging technologies in the polarized sunglasses market.
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Polarized sunglasses have special filters that block intense reflected lights reducing glare and improving visibility. These special filters are called polarized filters which are oriented vertically and block the horizontal light that results in glare and further improves the visibility and reduces the eye strain.
Polarized sunglasses have become immensely popular among individuals engaged in various outdoor activities, such as driving, fishing, skiing, golfing, and water sports. Such types of sunglasses provide reliable protection and superior visual performance, allowing wearers to enjoy their favorite activities with enhanced comfort and safety.
Global Polarized Sunglasses Market: Report Attributes
|Report Attributes||Report Details|
|Market Size in 2030 (USD Million)||10,268.54 Million|
|By Frame Shape||Round/Oval, Rectangular, Square, Aviators, and Others|
|By Lens Material||Plastic, Glass, Metal, Fibre, and Others|
|By Application||Vehicle Driving, Outdoor Sports, Water Sports, Fishing and Boating, and Others|
|By End-User||Men, Women, and Unisex|
|By Distribution Channel||Online and Offline|
|Report Coverage||Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more.|
|By Region||North America, Asia-Pacific, Latin America, Europe, Middle East & Africa|
|Key Players||Ray-Ban (Luxottica Group S.p.A.), Maui Jim, Inc. (Kering), Prada Group, Guccio Gucci S.p.A., Louis Vuitton (LVMH), Polaroid Eyewear (Safilo Group), GKB Optic Technologies Pvt Ltd., Hoya, Fastrack Ltd. (Titan Company Limited), Costa Del Mar, Inc., Xiaomi, and EssilorLuxottica|
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Global Polarized Sunglasses Market Segmentation Details:
Based on Frame Shape, the aviators segment is expected to grow at the fastest CAGR over the forecast period in the polarized sunglasses market owing to the increasing popularity of fashion trends and the availability of varieties of designs and colors of aviators for both men and women. Further, aviators are widely used by pilots owing to their efficiency to block sunlight at high altitudes. Hence, the above-mentioned factors are fueling the growth of the polarized sunglasses market.
Based on Lens Material, the glass segment is anticipated to grow at the fastest CAGR over the forecast period as glass lenses offer benefits such as high optical density, scratch resistance, and efficient UV protection. Further, glass lenses refract light more efficiently and offer improved visibility as compared to plastics. Hence, the aforementioned factors are expected to boost the revenue growth of polarized sunglasses over the forecast period.
Based on Application, in 2022, the outdoor sports segment contributed the largest market share in the polarized sunglasses market. Outdoor sports involve prolonged exposure to sunlight that exposes the eyes to harmful UV rays. Polarized sunglasses offer protection against UV rays reducing the risk of eye damage and fatigue. This protection from sun damage makes polarized glasses highly desirable for sports enthusiasts, thereby driving the growth of the market.
Based on End-User, the women segment is anticipated to grow at the fastest CAGR over the forecast period in the polarized sunglasses market owing to the increasing fashion trend among women leading to increased demand for premium accessories such as polarized glasses. Hence, the availability of a wide range of designs, lens colors, frame shapes, and materials in polarized sunglasses offers women to select polarized sunglasses that align with their fashion preferences. Thus, the above-mentioned factor is expected to boost the revenue growth of the market over the forecast period.
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Based on the Distribution Channel, the online segment is anticipated to grow at the fastest CAGR over the forecast period owing to the availability of a large number of online platforms with a wide range of polarized sunglasses coupled with the convenience of home delivery. Further, the rising number of internet users and increasing adoption of smartphones are the key factors boosting segment growth.
Based on Region, North America is anticipated to grow at the fastest CAGR over the forecast period owing to the increasing standard of living particularly in the U.S., and the rising trend of outdoor activities such as fishing and skiing which is expected to result in increasing demand for polarized sunglasses in the region.
Key Market Takeaways
- By lens material, the plastic segment accounted for the highest market share in the polarized sunglasses market statistics in 2022.
- Based on application, the outdoor sports segment accounted for the highest market share in the polarized sunglasses market statistics in 2022.
- By end-user, the women segment is anticipated to grow at the fastest CAGR over the forecast period.
- Based on the distribution channel, the online segment is expected to grow at the fastest CAGR over the forecast period.
- Asia Pacific is expected to grow at the fastest CAGR of 6.8% during the forecast period due to the growing healthcare industry in the region.
- In 2022, North America accounted for the highest market share at 37.45% and was valued at USD 2,571.54 million, and is expected to reach USD 3,858.92 million in 2030.
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As per the research, Ray-Ban (Luxottica Group S.p.A.), Maui Jim, Inc. (Kering), and Prada Group are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the polarized sunglasses market is expected to grow steadily due to increasing investment in the healthcare sector and medical devices. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
- In September 2021, EssilorLuxottica was recognized with a “Silmo d’Or” award for the launch of Transitions XTRActive Polarized lenses designed for patients who need extra protection in high-glare situations.
List of Major Global Polarized Sunglasses Market:
- Ray-Ban (Luxottica Group S.p.A.)
- Maui Jim, Inc. (Kering)
- Prada Group
- Guccio Gucci S.p.A.
- Louis Vuitton (LVMH)
- Polaroid Eyewear (Safilo Group)
- GKB Optic Technologies Pvt Ltd.
- Fastrack Ltd. (Titan Company Limited)
- Costa Del Mar, Inc.
Global Polarized Sunglasses Market Segmentation:
- By Frame Shape
- By Lens Material
- By Application
- Vehicle Driving
- Outdoor Sports
- Water Sports
- Fishing and Boating
- By End-User
- By Distribution Channel
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Frequently Asked Questions in the Polarized Sunglasses Market Report
- What was the market size of polarized sunglasses in 2022?
– In 2022, the market size of polarized sunglasses was USD 6,866.59 million.
- What will be the potential market valuation for polarized sunglasses by 2030?
– In 2030, the market size of polarized sunglasses will be expected to reach 10,268.54 million.
- What is the key restraint, hampering the growth of the polarized sunglasses market?
– Sensitivity to digital devices is hindering the demand for polarized sunglasses.
- What is the dominating segment in the polarized sunglasses market, by application?
– In 2022, the outdoor sports segment accounted for the highest market share in the overall polarized sunglasses market.
- Based on current market trends, which geographical region contributed the largest share of the market?
– North America contributed the largest market share in the polarized sunglasses market.
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