The market for sports sunglasses is anticipated to expand from US$ 5,597.08 million in 2022 to US$ 8,115.06 million by 2030, reflecting a compound annual growth rate (CAGR) of 4.8% during the period from 2022 to 2030.
Sports sunglasses are designed with ultraviolet (UV) ray protection and impact-resistant coatings that minimize glare and enhance contrast, thereby improving visibility during various activities. These sunglasses come in both polarized and non-polarized options, featuring tinted and clear lenses, making them versatile enough for daily use. Consequently, the demand for sports sunglasses is surging globally. According to the Sports & Fitness Industry Association (SFIA), over 76% of the U.S. population, equating to approximately 236.9 million individuals, engaged in at least one physical activity in 2022. This marks a 9.2% increase in participation since 2017 and a 1.9% rise from 2021. Additionally, Eurostat reported that in 2019, around 44% of Europeans participated in physical activities weekly. Sports enthusiasts recognize the necessity of protecting their eyes from hazards such as dust, wind, and debris, leading them to choose sports sunglasses that offer superior protection and enhance their performance in sports. Both athletes and casual participants are willing to invest in premium sports sunglasses that not only shield their eyes but also signify their dedication to an active and health-oriented lifestyle. This blend of functionality and style is driving the increasing demand for sports sunglasses, further fueled by the growing engagement in sports and physical activities.
Technological innovations are providing numerous advantages that align with the changing preferences and needs of consumers. A significant development in this area is the enhancement of lens technology. Modern sports sunglasses feature advanced lens coatings, including polarized and photochromic options. Polarized lenses effectively reduce glare and improve contrast, making them particularly suitable for activities such as water sports, skiing, and driving. Photochromic lenses adjust to varying light conditions, offering flexibility for users involved in diverse outdoor sports. These technological improvements enhance visual comfort and the overall user experience, making sports sunglasses increasingly appealing to consumers.
In 2022, the Middle East & Africa region is projected to experience the highest CAGR in the global sports sunglasses market throughout the forecast period. The hosting of major sporting events positively impacts the region's economy, raising awareness of sports among the general population and leading to increased participation in various athletic activities annually. Athletes involved in car racing, cycling, and water sports particularly require sports sunglasses. For example, Saudi Arabia has been hosting "The Darker Rally" since 2020, attracting numerous off-road drivers from around the globe to its deserts. In March 2023, the UAE held the Dubai Racing World Cup at the Meydan Racecourse. Furthermore, the growing recognition of the significance of sports and physical fitness among individuals and fitness enthusiasts is further propelling the demand for sports sunglasses in the Middle East & Africa. These elements are expected to significantly contribute to the growth of the sports sunglasses market in the region.
Key players in the global sports sunglasses market include Columbia Sportswear Co, EssilorLuxottica SA, Liberty Sport Inc, Under Armour Inc, Nike Inc, Rapha Racing Ltd, Puma SE, Decathlon SE, Adidas AG, and Safilo Group SpA. These companies are actively engaged in strategic initiatives such as research and development, mergers and acquisitions, market expansion, and the introduction of new products to deliver high-quality and innovative offerings.
The overall size of the sports sunglasses market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included vice presidents, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the sports sunglasses sector.