The sports sunglasses market is projected to grow at a compound annual growth rate (CAGR) of 7.3 percent from 2022 to 2027 and to post a 6.8 percent year-over-year growth rate in 2023, according to a recent 156-page report by research firm Technavio. Market growth is driven by the rising popularity of sunglasses among the young and middle-aged population, the increasing occurrence of eye-related problems among the global population, and the increased demand for product customization. Furthermore, an increasing number of people participating in sports and other outdoor activities regard sunglasses as an appealing and trendy accessory. Endurance sports and the rising participation in outdoor competitions also boost sports sunglasses sales globally.
Europe is estimated to contribute 40 percent to the growth of the global market during the forecast period. The major players in Europe’s sports sunglasses market are the U.K., France, Italy, Spain, Germany, and other Nordic countries such as the Netherlands, Sweden, and Finland. Growth in Europe is primarily driven by the increasing demand for sports sunglasses from consumers involved in winter sports activities. According to the report, another factor driving the growth in European countries is the growing demand for sports sunglasses as a multiuse accessory, which can be used in both sport and travel.
One of the significant challenges to the global sports sunglasses market is the increasing availability of substitute products, such as conventional sunglasses and luxury eyewear. Attributes like polarized lenses and smudge-proof and anti-reflection properties are also often featured in regular sunglasses. These substitute category products can be cheaper than sports sunglasses and are available in abundance in the market, with high competition from the unorganized sector and its lower prices. These factors could negatively affect the profitability of established players, thereby, the overall market growth during the forecast period.
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