Sunglasses Market

The global sunglasses market is projected to exhibit growth in both consumption volume and market value over the forecast period from 2022 to 2030. With an anticipated CAGR of +1.1% for consumption volume and +3.3% for market value, the market is expected to reach 2.4B units and $35.7B by the end of 2030, respectively. The United States leads in both consumption and production of sunglasses, with significant import and export activities in the market. Key insights provided on trends in consumption, production, imports, and exports offer a comprehensive view of the global sunglasses market.

Market Forecast

Driven by increasing demand for sunglasses worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.1% for the period from 2022 to 2030, which is projected to bring the market volume to 2.4B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market value to $35.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Sunglasses

In 2022, the amount of sunglasses consumed worldwide expanded markedly to 2.2B units, increasing by 15% against the previous year. The total consumption volume increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.

The global sunglasses market value totaled $27.6B in 2022, surging by 13% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The United States (1.1B units) constituted the country with the largest volume of sunglasses consumption, accounting for 49% of total volume. Moreover, sunglasses consumption in the United States exceeded the figures recorded by the second-largest consumer, China (216M units), fivefold. The third position in this ranking was taken by India (145M units), with a 6.6% share.

From 2012 to 2022, the average annual growth rate of volume in the United States totaled +4.3%. The remaining consuming countries recorded the following average annual rates of consumption growth: China (-1.0% per year) and India (+21.4% per year).

In value terms, the United States ($14.3B) led the market, alone. The second position in the ranking was taken by Japan ($2.9B). It was followed by China.

From 2012 to 2022, the average annual growth rate of value in the United States amounted to +2.2%. In the other countries, the average annual rates were as follows: Japan (-1.2% per year) and China (-0.8% per year).

In 2022, the highest levels of sunglasses per capita consumption was registered in the United States (3,212 units per 1000 persons), followed by the UK (1,011 units per 1000 persons), Germany (756 units per 1000 persons) and Japan (581 units per 1000 persons), while the world average per capita consumption of sunglasses was estimated at 278 units per 1000 persons.

From 2012 to 2022, the average annual growth rate of the sunglasses per capita consumption in the United States stood at +3.6%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the UK (+5.9% per year) and Germany (+3.6% per year).

Production

World Production of Sunglasses

In 2022, the amount of sunglasses produced worldwide stood at 1.4B units, picking up by 6.7% compared with the previous year's figure. Over the period under review, production, however, showed a pronounced reduction. The pace of growth appeared the most rapid in 2020 with an increase of 36%. Over the period under review, global production reached the maximum volume at 2.1B units in 2017; however, from 2018 to 2022, production remained at a lower figure.

In value terms, sunglasses production expanded slightly to $18.3B in 2022 estimated in export price. Overall, production, however, recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2015 when the production volume increased by 60%. Over the period under review, global production attained the maximum level at $27.7B in 2013; however, from 2014 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (715M units), China (384M units) and Japan (61M units), together accounting for 83% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by the United States (with a CAGR of +7.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Sunglasses

In 2022, purchases abroad of sunglasses increased by 26% to 1.3B units, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, sunglasses imports expanded markedly to $8.2B in 2022. The total import value increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 32%. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, the United States (388M units) represented the largest importer of sunglasses, achieving 31% of total imports. India (140M units) ranks second in terms of the total imports with an 11% share, followed by the UK (5.4%) and Germany (4.9%). Mexico (41M units), Hong Kong SAR (39M units), Italy (38M units), France (36M units), Spain (34M units), the Netherlands (27M units), Poland (22M units), the United Arab Emirates (21M units) and Canada (21M units) took a little share of total imports.

The United States experienced a relatively flat trend pattern with regard to volume of imports of sunglasses. At the same time, India (+26.3%), Germany (+20.2%), Poland (+8.6%), the UK (+5.0%), the Netherlands (+3.9%), Italy (+3.8%), France (+3.0%) and Spain (+1.6%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in the world, with a CAGR of +26.3% from 2012-2022. Mexico, Canada and the United Arab Emirates experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-1.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India and Germany increased by +9.9 and +3.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($2.1B) constitutes the largest market for imported sunglasses worldwide, comprising 25% of global imports. The second position in the ranking was held by Hong Kong SAR ($719M), with an 8.7% share of global imports. It was followed by Italy, with a 7% share.

In the United States, sunglasses imports expanded at an average annual rate of +4.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Hong Kong SAR (+10.7% per year) and Italy (+7.0% per year).

Import Prices By Country

In 2022, the average sunglasses import price amounted to $6.6 per unit, falling by -10.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The pace of growth appeared the most rapid in 2016 an increase of 8.5% against the previous year. Over the period under review, average import prices reached the peak figure at $7.4 per unit in 2021, and then reduced in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Hong Kong SAR ($18 per unit), while India ($0.6 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+11.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Sunglasses

In 2022, shipments abroad of sunglasses increased by 15% to 457M units, rising for the second consecutive year after three years of decline. Over the period under review, exports, however, recorded a abrupt contraction. The pace of growth was the most pronounced in 2021 when exports increased by 53%. Over the period under review, the global exports attained the peak figure at 1.4B units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, sunglasses exports surged to $8.5B in 2022. The total export value increased at an average annual rate of +4.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 38% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports By Country

China was the major exporter of sunglasses in the world, with the volume of exports finishing at 171M units, which was approx. 38% of total exports in 2022. Italy (72M units) held the second position in the ranking, distantly followed by Hong Kong SAR (39M units), Taiwan (Chinese) (29M units), the United States (26M units) and Germany (22M units). All these countries together held near 41% share of total exports. The Netherlands (14M units), Spain (12M units), Poland (11M units), Belgium (7.6M units) and France (6.9M units) held a minor share of total exports.

Exports from China decreased at an average annual rate of -15.6% from 2012 to 2022. At the same time, Poland (+15.4%), Spain (+7.8%), Germany (+6.7%), Belgium (+6.5%), the Netherlands (+2.2%), France (+2.1%), Italy (+2.1%) and the United States (+1.3%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in the world, with a CAGR of +15.4% from 2012-2022. By contrast, Hong Kong SAR (-4.0%) and Taiwan (Chinese) (-5.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Italy, Germany, the United States, Hong Kong SAR, Poland, the Netherlands, Spain and Taiwan (Chinese) increased by +11, +3.8, +3.7, +3.7, +2.2, +2.1, +2.1 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest sunglasses supplying countries worldwide were Italy ($3.4B), China ($2.1B) and Hong Kong SAR ($677M), together accounting for 73% of global exports. The United States, France, Germany, the Netherlands, Spain, Taiwan (Chinese), Poland and Belgium lagged somewhat behind, together accounting for a further 17%.

Poland, with a CAGR of +17.2%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average sunglasses export price stood at $19 per unit in 2022, stabilizing at the previous year. Over the period under review, the export price showed a resilient expansion. The most prominent rate of growth was recorded in 2018 an increase of 290%. The global export price peaked at $22 per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Italy ($47 per unit), while Taiwan (Chinese) ($3.6 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+26.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform