- Summary
- Table Of Content
- Methodology
Polarized Sunglasses Market Introduction :
Consegic Business Intelligence analyzes that the Global Polarized Sunglasses Market Size is growing with a CAGR of 5.2% during the forecast period (2023-2030), and the market is projected to be valued at USD 10,268.54 Million by 2030 from USD 6,866.59 Million in 2022.
Polarized Sunglasses Market Definition & Overview :
Polarized sunglasses are a type of eyewear made with special lenses that reduce reflected glare from surfaces such as water, snow, and glass. The sunglasses are specifically designed to reduce glare and improve visual comfort and clarity. Their analysis revels their composition of several key components such as polarizing films, lenses, lens tint, and frame materials, among others. These components work together to provide unique functionality. Their lenses are usually made of high-quality optical materials such as polycarbonate or glass and are used to effectively block horizontal light waves.
Their frames are typically made from durable materials such as metal alloys, nylon, or acetate to provide strength, flexibility, and comfort to the wearer.
Polarized Sunglasses Market Insights :
Polarized Sunglasses Market Dynamics - (DRO):
Key Drivers :
The increasing popularity of outdoor activities
The increasing trend of outdoor activities such as fishing, boating, and others is rising the demand for sunglasses to improve visibility and reduce glare. Polarization is a technology that uses additional chemical coating around the lenses to reduce glare and absorb sun rays. Glare is horizontal light rays that damage the eyes and polarized lenses are used to block this light while allowing only vertical light to enter. Analysis of the market trends conludes that they are particularly used for outdoor activities to reduce glare caused by sunlight reflecting off surfaces such as water. This allows fishermen and boatmen to see beneath water surfaces and leads to increase in the market demand.
For instance, in May 2022, Derive Collection, a company developing products for digital nomads and light travelers, announced the launch of VEER, a hybrid smart glass. The glass is designed to offer blue light filter glasses and luxury sunglasses. The Veer blue light filter is designed to provide 99% UV protection, improve sleep quality, and reduce eye strain.
Hence, such types of sunglasses are ideal for outdoor activities that require prolonged periods in the sun. As a result, the rising popularity of outdoor activities is significantly boosting the market proliferation.
Increasing consumer inclination toward new fashion trends
Sunglasses are available in a wide range of designs, lens colors, frame shapes, and materials allowing individuals to choose the ones that align with their fashion preferences. Further, They are available in various styles, making them suitable for different occasions and outfits. The increasing fashion trend is boosting the use of premium fashionable accessories leading to elevated polarized sunglasses market demand.
For instance, Maui Jim Inc. launched Maui Jim aviator sunglasses for men as an epitome of classic style consisting of the latest and high-tech advancements for optimal performance. The versatility and adaptability of the sunglasses make them a popular choice among fashion-conscious individuals, therefore prominently driving the polarized sunglasses market growth.
Key Restraints :
Sensitivity to digital devices
Polarized lenses interact with certain types of digital screens, such as LCDs in smartphones, tablets, and others. The polarization of the sunglasses and the polarization of the LCD create a cross-interaction that disrupts the normal transmission of light. Such types of interferences can lead to reduced screen visibility, color distortions, and complete darkening of the screen. Hence, the sensitivity to digital screens is limiting the adoption of sunglasses for individuals relying heavily on digital devices.
Future Opportunities :
The increasing number of eye-related issues
Growing awareness about the importance of eye protection and the harmful effects of prolonged exposure to UV rays is anticipated to drive the demand for the market. Exposure to UV rays leads to a range of eye problems such as photokeratitis, cataracts, and macular degeneration, among others leading to vision impairment. The sunglasses are equipped with lenses that have a special coating designed to block UV rays. By wearing sunglasses that provide UV protection, individuals can minimize their exposure to these harmful rays, reducing the risk of eye-related problems.
For instance, according to the statistics published by World Health Organization in October 2022, about 2.2 billion people have a vision impairment or blindness across the globe out of which 94 million people are suffering from cataracts and 8 million people from age-related macular degeneration.
The rising cases of eye-related problems are expected to increase the adoption of sunglasses with polarized lenses that offer UV protection, hence emerging as one of many polarized sunglasses market opportunities.
The emergence of advanced technologies for production of innovative sunglasses
The advancement in technology provides a lucrative opportunity to the market players for the development of sunglasses that are anticipated to provide 100% protection against harmful UV rays, glare, and polarized light while offering a lightweight and comfortable fit.
For instance, in April 2023, Xiaomi introduced the launch of Mijia Nylon Polarized Sunglasses. They are equipped with nylon polarized lenses that utilize O6 layered lens technology to filter out 99.9% UV rays and 99% polarized light. Additionally, these lenses are anti-reflective and scratch-resistant and offer a comfortable fit.
Hence, the emergence of advanced technology for the production of such innovative sunglasses is boosting the expansion of the global market over the forecast period.
Polarized Sunglasses Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 | USD 10,268.54 Million |
| CAGR (2023-2030) | 5.2% |
| Based on the Frame Shape | Round/Oval, Rectangular, Square, Aviators, and Others |
| Based on the Lens Material | Plastic, Glass, Metal, Fibre, and Others |
| Based on the Application | Vehicle Driving, Outdoor Sports, Water Sports, Fishing and Boating, and Others |
| Based on the End-User | Men, Women, and Unisex |
| Based on the Distribution Channel | Online and Offline |
| Based on the Region | North America, Europe, Asia Pacific, Latin America, and 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 |
Polarized Sunglasses Market Segmental Analysis:
Based on the Frame Shape:
The frame shape segment is categorized into round/oval, rectangular, square, aviators, and others. In 2022, the rectangular segment accounted for the highest market share of 31.50% in the overall market. Rectangle glasses designs are ideal for men and women with curved jawlines and delicate facial characteristics which is the key driver of the market.
However, polarized sunglasses market analysis indicated that aviators segment is expected to grow at the fastest CAGR over the forecast period owing to the availability of varieties of colors and styles of aviators for both men and women, giving them opportunities to buy sunglasses of their choice. Analysis of polarized sunglasses market trend showcases that they are widely used by pilots to protect their eyes from sunlight and glare while flying.
For instance, Maui Jim, Inc. headquartered in Lahaina, Hawaii launched new aviator sunglasses for women with the help of PolarizedPlus2 technology that eliminates glare, manages HEV exposure, and blocks 100% of harmful UV rays. The aviators also offer color enhancement, clarity, and crisp optics in all light conditions.
Based on the Lens Material:
The lens material segment is categorized into plastic, glass, metal, fibre, and others. In 2022, the plastic segment accounted for the highest market share in the overall market. After analysis of different matrials it was found that Plastic lenses are more durable than glass lenses as they are difficult to crack or break. Further, the lightweight nature and low cost of plastic lens sunglasses as compared to other lens materials are boosting the dominance of the segment.
However, polarized sunglasses market analysis specified that glass is expected to be the fastest-growing segment over the forecast period. Glass offers the best optical experience as glass refracts light much more efficiently than plastic. Further, the glass lens material is scratch-resistant and blocks UV light more efficiently thereby, expected to drive the growth of the market in coming years.
Based on the Application :
The application segment is divided into vehicle driving, outdoor sports, water sports, fishing and boating, and others. In 2022, The largest polarized sunglasses market share for application segment is accounted form outdoor sports.Due to the the property of sunglasses to reduce glare and the presence of an anti-fog coating to provides an opportunity to avail clear vision while playing outdoor sports such as golf, tennis, hiking, biking, and others.
For instance, according to the study published in Research Gate more than 30% of the Swedish and 50% British engage in hiking activities. Further, in Germany, hiking is the third most popular rfecreational activity with 41% participation. Hence, thuis analysis showases that the rising trend for outdoor sports activities is a key factor driving the growth of the market.
However, vehicle driving is anticipated to grow at the fastest CAGR over the forecast period. The lenses present in on these sunglasses help to reduce glare reflected from flat and horizontal surfaces such as roads, making them ideal to wear while driving. Further, sunglasses with polarized lenses also helps in improving the contrast and offers UV protection which are the significant factors required while driving a vehicle. Hence, the aforementioned factors are collectively responsible for boosting the growth of the polarized glasses market during the forecast period.
Based on the Distribution Channel :
The distribution channel is divided into online and offline. In 2022, the largest market share was accounted to the offline segment. Offline channels have an extensive physical presence, allowing customers to have the opportunity for browsing, comparing, and purchasing varieties of polarized sunglasses in-store. Additionally, offline retail channels provide a personalized customer experience to seek guidance and receive immediate assistance in selecting the right sunglasses for specific requirements. Hence, the aforementioned factors are collectively responsible for boosting the growth of the offline segment.
However, the online segment is expected to grow at the fastest CAGR during the forecast period. Online distribution channels offer the convenience of easily browsing through a wide range of sunglasses with polarized lenses, comparing prices, reading reviews, and making purchases. Further, the shift in customer behavior of shopping online through e-commerce websites, online marketplaces, and mobile applications is contributing to segment growth.
For instance, according to the India Brand Equity Foundation, in 2022, the Indian e-commerce market reached USD 74.8 billion and is expected to reach USD 350 billion by 2030. Hence, the oncoming rise of e-commerce platforms is expected to boost the revenue of the market over the forecast period.
Based on the End-user:
The end-user segment is classified into men, women, and unisex. In 2022, the men segment accounted for the highest market share attributed to greater participation of men in outdoor sports activities such as biking, hiking, and others that widely require sunglasses with polarized lenses for UV protection and clear visibility.
However, the women segment is expected to grow at the fastest CAGR over the forecast period owing to the availability of a variety of designs, lens colors, and frame shapes, for women making them suitable for different occasions and outfits. Further, the rising popularity of fashion trends among women is expected to increase the growth of the market.
Based on the Region :
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
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. In North America, the U.S. accounted for the highest market share of 63.35% during the base year 2022 owing to the increasing fishing, boating, skiing, and other sports activities that require polarized sunglasses to protect the eyes from the glare caused by sunlight reflecting off surfaces such as water and snow.
For instance, according to the Canadian Ski Council, the total number of ski areas in Canada accounted for 275 with more than 19 million visits reported per season. Further, 14.2% of Canadians over the age of 12 participate in snowboarding and skiing. Hence, the rising outdoor activities in the region particularly in Canada are boosting the sales for polarized sunglasses. Moreover, Asia Pacific is expected to grow at the fastest CAGR of 6.8% during the forecast period owing to the increase in number of companies that offer products in the polarized sunglasses industry and rising awareness regarding eye safety.
Top Key Players & Market Share Insights :
The polarized sunglasses market is highly competitive, with several large players and numerous small and medium enterprises. Companies operating in polarized sunglasses industry have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. 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. The key players in the market include-
- Ray-Ban (Luxottica Group S.p.A.)
- Maui Jim, Inc. (Kering)
- Fastrack Ltd. (Titan Company Limited)
- Costa Del Mar, Inc.
- Xiaomi
- EssilorLuxottica
- Prada Group
- Guccio Gucci S.p.A.
- Louis Vuitton (LVMH)
- Polaroid Eyewear (Safilo Group)
- GKB Optic Technologies Pvt Ltd.
- Hoya
Recent Industry Developments :
- In April 2023, EssilorLuxottica and Roger Federer announced an exclusive licensing agreement for the design, manufacture, and worldwide distribution of eyewear between the Roger Federer ("RF") and Oliver Peoples brands.
- In October 2022, Kering completes the acquisition of Maui Jim Inc., holding more than 90% of the iconic sunglass brand Maui Jim.
Key Questions Answered in the Report
What was the market size of the polarized sunglasses market in 2022? +
In 2022, the market size of polarized sunglasses was USD 6,866.59 million.
What will be the potential market valuation for the polarized sunglasses market by 2030? +
In 2030, the market size of polarized sunglasses will be expected to reach USD 10,268.54 million.
What are the key factors driving the growth of the polarized sunglasses market? +
The increasing popularity of outdoor activities and the rising consumer inclination toward new fashion trends are the key factors driving the growth of the polarized sunglasses market.
What is the dominating segment in the polarized sunglasses market by frame shape? +
In 2022, the rectangular segment accounted for the highest market share of 31.50% in the overall polarized sunglasses market.
Based on current market trends and future predictions, which geographical region will have the fastest impact on the polarized sunglasses market's growth in the coming years? +
Asia Pacific is expected to be the fastest-growing region in the market during the forecast period.
