Sports Eyewear Market Size, Share & Trends Analysis Report By Product (Ski Sports, Outdoor Sporting & Traveling, Water Sports), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2019 - 2025

Report Overview

The global sports eyewear market size was valued at USD 8.43 billion in 2018 and is projected to expand further at a CAGR of 4.4% from 2019 to 2025. Rising awareness about the health benefits of sports activities, outdoor games, and physical exercises in emerging economies including China and India is expected to be a favorable factor for market growth. High demand for fashionable sunglasses or goggles is expected to drive the market further.

The growing popularity of sports leagues organized by sports federations including the Fédération International de Football Association (FIFA) and Board of Control for Cricket in India (BCCI) is also expected to help boost the demand for sports eyewear. Rising awareness about sports injuries and the number of national and international sports events around the globe also lead to increased adoption of protective gear including eyewear.

Several safety gear manufacturers are sponsoring national and international events to gain the competitive advantage, as well as to increase product feasibility. For instance, in June 2016, Ferrari N.V. signed a sponsorship agreement with the Luxottica Group. Governments of various countries and key product manufacturers are adopting numerous initiatives to increase participation in outdoor sports and physical activities.

For instance, The Sport for All initiative by the U.S. President’s Council on Sports, Fitness & Nutrition aimed at educating all American citizens about the health benefits of sports and physical activities. The project released a report ‘Play for Life: A Playbook to Get Every Kid in the Game’, which offers eight strategies to make sports participation a meaningful, accessible, and safe option.

Application Insights

Outdoor sporting & traveling was the largest application segment in 2018 and is expected to maintain dominance over the forecast period. Eye protection accessories are considered essential products in all kinds of sports activities. Moreover, rising safety awareness during outdoor sporting & traveling is boosting the demand for goggles, thereby supporting segment growth. Shifting consumer preference towards luxury and comfort due to improved living standards has fueled the demand for branded and high-quality products. For instance, according to the report published by the World Travel & Tourism Council, the global leisure spending was USD 4,233.3 billion in 2017, with a Year-on-Year (YoY) growth of more than 10%. Ski sports, on the other hand, is projected to be the fastest-growing application segment at a CAGR of 4.7% from 2019 to 2025.

Distribution Channel Insights

Offline segment accounted for more than 60% of the global sports eyewear market share in 2018. The rising number of exclusive sports stores and sports equipment outlets in developing countries including China and India is anticipated to promote the utility of sports eyewear over the forecast period. For instance, in July 2018, Bausch & Lomb Inc. successfully launched six exclusive stores under the brand name John Jacobs in India. According to the company, India is one of the fastest-growing consumer centers for sports, fashion, and lifestyle.

This strategic move provided a competitive edge to the company and thus, in turn, helped expand its customer base. The online segment is expected exhibit the fastest CAGR of 4.8% from 2019 to 2025. Increasing internet penetration as a result of extensive usage of smartphones is expected to drive the online channel segment. Moreover, online stores, such as Amazon, provide easy product access. This factor is also expected to contribute to the segment growth.

Regional Insights

Led by Germany, U.K., and France, Europe is projected to be the largest regional market over the next few years as the region is considered as one of the key destinations, which host several sports events. For instance, in July 2019, Europe is going to host World Aquatics Championship. This event will propel the market growth in the region significantly. In addition, in February 2019, the region hosted, Alpine World Ski Championships and Nordic World Ski Championships, which also boosted the market growth.

Asia Pacific is estimated to be the fastest-growing market registering a CAGR of 5.4% from 2019 to 2025. The region hosts a number of international sports events, which is expected to augment the market growth. For instance, in 2020, Japan is going to host Olympics and in 2023, India will host the Cricket world cup. A number of global companies are launching exclusive stores in the emerging economies of APAC to increase their customer base, which will drive the regional market further.

Key Companies & Market Share Insights

Major manufacturers are adopting several strategic steps including mergers and acquisitions, capacity expansion, and technological and application innovation. Some of the prominent companies in this market are Luxottica Group SpA; Nike, Inc.; Adidas AG; Xenith, LLC; Carl Zeiss AG; Marchon Eyewear, Inc.; MYKITA GmbH; Under Armour, Inc.; Zoggs International Ltd.; Aqua Lung International; and Speedo International.

These manufacturers are focusing on providing custom products to increase consumer base and market share. They are also focusing on increasing their geographical reach, especially in developing countries, to gain maximum application penetration. The establishment of R&D centers coupled with strategic partnerships with investment companies to launch innovative technologies is likely to be the critical success factor for companies.

Sports Eyewear Market Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global sports eyewear market report on the basis of application, distribution channel, and region:

• Application Outlook (Revenue, USD Million, 2015 - 2025)

  • Outdoor Sporting & Traveling

  • Water Sports

  • Ski Sports

  • Others

• Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)

  • Offline

  • Online

• Regional Outlook (Revenue, USD Million; 2015 - 2025)

  • North America

    •  The U.S.

  • Europe

    •  U.K.

  • Asia Pacific

    • China

    • Australia

    •  India

  • Central & South America

    •  Brazil

  • Middle East & Africa