Sports Eyewear Market to Reach .9 Billion, Globally, by 2027 at 7.3% CAGR: Allied Market Research

Products that are customizable to the desires of the customer are becoming more valuable. Personalized options will become more prevalent in the sports eyewear industry, giving consumers the ability to select frame styles, lens types, and other features based on their requirements.

WILMINGTON, Del., Dec. 1, 2023 /PRNewswire/ —.Allied Market Research published a report, titled,Sports Eyewear Market by Product Type (Prescription Glasses, Sunglasses, and Contact Lenses), End User (Men and Women), and Mode of Sale (Retail Stores and Online Stores): Global Opportunity Analysis and Industry Forecast, 2021–2027″. According to the report, the global sports eyewear market size was valued at $5.7 billion in 2019, and is projected to reach $8.9 billion by 2027, growing at a CAGR of 7.3% from 2021 to 2027.

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Prime determinants of growth

The rise in awareness of eye protection is driving the growth of the market. However, the market for sports eyewear is significantly constrained by customization challenges. On the other hand, the growth in technological advancements is creating lucrative opportunities for the growth of the global sports eyewear market.

Report coverage & details:

Report Coverage

Details

Forecast Period

2021–2027

Base Year

2019

Market Size in 2019

$5.7 billion

Market Size in 2027

$8.9 billion

CAGR

7.3 %

No. of Pages in Report

250

Segments Covered

Product Type, End User, Mode of Sale, and Region.

Drivers

  • Rise in awareness of eye protection
  • Increase in participation in sports and fitness activities
  • Rise in outdoor recreational activities

 

Opportunities

  • Growth in technological advancements

 

Restraints

  • Limited awareness about sports eyewear
  • Customization challenges

 

The sunglasses segment to maintain its leadership status throughout the forecast period

By product type, the sunglasses segment held the highest market share in 2019, accounting for more than half of the global sports eyewear market revenue and is estimated to maintain its leadership status throughout the forecast period. A growing consciousness regarding the significance of eye protection during outdoor activities is propelling the need for sports sunglasses that have innovative characteristics including impact resistance, polarization, and UV protection. The prescription glasses segment, however, shows the fastest CAGR of 8.4% during the forecast period. The need for prescription sports eyeglasses has been fueled by a growing understanding of the value of eye protection during athletic activity.

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The men segment to maintain its leadership status throughout the forecast period

By end user, the men segment held the highest market share in 2019, accounting for more than half of the global sports eyewear market share, and is estimated to maintain its leadership status throughout the forecast period. A growing number of men are looking for sports eyewear with sophisticated features such as anti-glare coatings and UV protection on lenses and frames that are lightweight and stylish in nature. The women segment is expected to witness the fastest CAGR of 7.7% during the forecast period. There is an increasing need for specialized eyewear that blends style and performance as more women participate in a wider range of sports. Fashion and function have come together to create sports eyewear lines that cater to women’s tastes and come in a variety of colors and patterns.

The retail stores segment to maintain its leadership status throughout the forecast period

By mode of sale, the retail stores segment held the highest market share in 2019, accounting for more than two-thirds of the global sports eyewear market revenue and is estimated to maintain its leadership status throughout the forecast period. Sports eyewear consumers’ selections are influenced by the expansion of sustainable and eco-friendly options in retail establishments, which is in line with the growing consumer demand for environment-friendly products. The online stores segment is expected to witness the fastest CAGR of 8.1% during the forecast period. Online purchases are becoming more popular due to the ease of virtual buying and the ability to compare products and pricing.

North America to maintain its dominance by 2027

By region, North America held the highest market share in terms of revenue in 2019 and is projected to dominate the market during the forecast period. The sports eyewear market in North America is expected to develop by providing a blend of performance, style, and eye protection. In addition, Asia-Pacific is expected to witness the fastest CAGR of 9.2% from 2019 to 2027. The sports eyewear market in Asia-Pacific is expected to increase steadily over the next several years as a result of the population’s continued participation in a wide variety of outdoor activities and sports.

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Leading Market Players: –

  • Puma SE
  • Nike, Inc.
  • Under Armour, Inc.
  • Adidas AG
  • Titan Company Limited
  • Liberty Sport, Inc.
  • Safilo S.p.A.
  • EssilorLuxottica S.A.
  • Yiwu Conchen Glasses Co., Ltd
  • Decathlon SA.

The report provides a detailed analysis of these key players in the global sports eyewear market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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SOURCE Allied Market Research

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