Sports Eyewear Market Expected to Reach $8.9 Billion by 2027—Allied Market Research

According to a new report published by Allied Market Research, titled, “Sports Eyewear Market," The sports eyewear market size was valued at $5.7 billion in 2019, and is estimated to reach $8.9 billion by 2027, growing at a CAGR of 7.3% from 2021 to 2027.

Sports eyewear is made to protect the eyes and improve performance when engaging in physical activity. This specialist eyewear has strong frames, and lenses that can withstand impact, and frequently include technology that reduces glare and enhances vision. These eyewear solutions provide active people with both style and utility, whether they are being used for cycling, skiing, or other sports.

The sports eyewear market is analyzed on the basis of product type, end user, mode of sale, and region. By product type, the market is divided into prescription glasses, sunglasses, and contact lenses. The sunglasses segment occupied the major sports eyewear market share in 2019 and is projected to maintain its dominance during the sports eyewear market forecast period. The segment is expanding as a result of rising consumer awareness of UV protection, fashion-conscious customers looking for stylish designs, and an increasing focus on outdoor activities. Performance and appeal are improved by advanced lens technologies such as photochromic characteristics and polarization. Collaborations and athlete endorsements with fashion labels increase market awareness even further. Key sports eyewear market growth factors include an increase in fitness-conscious lives and an increase in sports involvement globally. The sports eyewear market for sunglasses is anticipated to continue growing as customers place a premium on eye safety and fashion.

By end user, the market is segmented into men and women. The men segment is anticipated to grow at a moderate rate during the forecast period. Demand for sports eyewear is driven by a growing emphasis on outdoor activities and fitness, as well as a growing awareness of the need for eye protection in sports. Consumers who are concerned about their health are drawn to advances in lens technology, such as polarization and UV protection. Additionally, market expansion is aided by the growing popularity of specialized sports. Manufacturers are innovating to fulfill the changing demands of men who emphasize both performance and aesthetics in sports eyewear, which is encouraging the expansion of the market.

Depending on the mode of sale, it is classified into retail stores and online stores. The online stores segment is anticipated to grow at the highest CAGR during the forecast period. The incorporation of innovative lens technologies, lightweight frames, and customizable solutions are important developments. Online retailers are experiencing growth due to elements including virtual try-on functionality, convenience of browsing, and decision-helping user feedback. Global reach also helps e-commerce platforms reach a wider audience. More exposure and revenues are also a result of marketing tactics such as influencer partnerships and focused internet advertising. The market is continuing to grow as a result of consumers' desire for smooth online purchasing experiences.

North America dominated the global sports eyewear market in 2019, and its dominance is anticipated to continue during the forecast period. The sports eyewear market in North America is expanding rapidly, propelled by factors such as growing interest in sports fashion, more outdoor activity, and increased awareness of eye protection in sports. Innovations in technology, such as photochromic and polarized lenses, are improving performance and attracting customers. The desire for fashionable sports eyewear is also being impacted by the athleisure movement. In addition, the market is expanding largely because of the rise of sports gear e-commerce platforms. The market is further driven by the frequency of vision-related problems among athletes, and advancements in lens designs and materials that cater to particular athletic requirements. These sports eyewear market trends are driving the market demand. 

The major players analyzed for the global sports eyewear industry are 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, and Decathlon SA. These companies constantly develop innovative technologies, including adjustable features, lightweight materials, and polarized glasses. The market environment is becoming increasingly competitive due to the emergence of specialized brands such as Under Armour. Brand uniqueness is influenced by elements such as relationships with sports organizations, design aesthetics, and brand endorsements. Due to the market's vitality, companies must remain ahead of the curve by fusing innovative technology and style to satisfy the changing needs of athletes.

KEY FINDINGS OF STUDY

• By product type, the sunglasses segment was the highest revenue contributor to the market in 2019.
• As per end user, the women segment is expected to be the fastest-growing segment in the global sports eyewear market during the forecast period.
• Depending on the mode of sale, the retail stores segment was the largest segment in 2019.
• Region-wise, North America was the highest revenue contributor in 2019.