Sports Eyewear Market Size, Share | Industry Report [2031]

Report Description

Sports Eyewear Market Outlook 2031

The global sports eyewear market size was valued at USD 9 Billion in 2022 and is likely to reach USD 13.7 Billion by 2031, expanding at a CAGR of 4.75% during the forecast period, 2023–2031. The market is propelled by rising sporting activities and a growing demand for trendy eyewear by athletes.

Increasing awareness about several benefits of sporting activities has boosted participation in various sports worldwide. Athletes commonly use sporting eyewear to protect their eyes from atmospheric factors and improve gaming performance. With the growing advances in manufacturing and technology, sporting eyeglasses are becoming highly effective and comforting. The rise of sports participation and events worldwide is likely to boost sales of various sports goods, thereby, fueling the market in the coming years.

• According to the Sports & Fitness Industry Association (SFIA)’s 2022 Manufacturers’ Sales Report, the revenue of the sports and fitness products industry increased by 15.8% in 2021, over the numbers of 2020. This growth is about a 16.4% increase since 2019 pre-pandemic numbers.

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The research report finds that the COVID-19 pandemic hindered the sports eyewear market. The major sporting events including the Tokyo Olympics 2020 had to be postponed or canceled, due to lockdowns and risks of infections. With the closure of grounds and indoor sports complexes, the training and sports organizations from local to international levels took a hit, which directly affected the demand for sports eyewear.

Supply chain hurdles and the closure of physical sports stores affected the sales, result in the slow growth of the market. Post the pandemic normalization, sporting events are gaining high significance, owing to rising health awareness. This is likely to aid the market in recovering from the decline caused by the COVID-19 pandemic.

Impact of Artificial Intelligence (AI) on the Sports Eyewear Market

AI advances are likely to support the growth of the market during the assessment period. This technology has the potential to be applied in various aspects of sports, including live events, training, performance analytics, and sporting goods & equipment manufacturing, among others. AI is likely to boost the manufacture of smart sports and fitness clothing, thereby, aiding sportsmen in effectively tracking their health and performance gaps. In the future, AI smart glasses are anticipated to be applied in sporting tournaments to gain different advantages in terms of broadcast, interaction, and decision-making.

• In September 2021, Bollé, a sports and lifestyle goods manufacturer, introduced a high-contrast lens Volt+, developed using AI technology. These lenses were made at the company’s lab EPIC, based in Lyon, France. This technology is to be included in Bolle’s sports and lifestyle sunglasses.

Sports Eyewear Market Dynamics

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Key Trends

Expansion of sports stores by sports brands is one of the major trends in the market. Sports sales have surged in the recent years, owing to the growing popularity of different sports and the subsequent rise in the demand for various sporting equipment. Major brands in the industry including Adidas, Nike, Decathlon, and Puma, are increasing their number of stores across the globe, to serve athletes and fitness enthusiasts with a diverse range of options.

• In February 2023, JD Sports, a British sports-fashion retail firm, announced the company’s plans to spend 3 billion pounds (USD 3.7 billion) to open 1,750 stores in the coming five years. The company intends to open between 250 to 350 new retail sports stores per year. In its expansion plan, the company intends to focus on adding new stores in the market of the US, Italy, France, Spain, and Germany.

Major Drivers

Increasing awareness about safety during sports and fitness activities is projected to propel the market in the coming years. Sports injuries are a concerning factor across the industry. The climate changes and weather effects have raised concerns about eye health among athletes. This has surged following vision safety measures, in order to protect their eyes from external harm. Sports eyewear such as sunglasses are essential in protecting from harmful sun rays in hot weather. These glasses provide comfort to the eyes and even enhance the outer view, allowing players to give their best.

• As per the information published by the National Safety Council (NSC), a leading non-profit safety advocate in the US, sports and recreational injuries grew by 12% in 2022. The age group 15 to 24 was reported to be with the highest sports injury rate.

Growing participation in sports and fitness activities is another major fueling factor of the market. Various governments and private organizations worldwide are encouraging people to participate in sports and athletics to enhance health. This is further supported by the ever-increasing popularity of sports tournaments and leagues such as the FIFA World Cup, Cricket World Cup, Indian Premiere League (IPL), Grand Slam, and BWF World Championship. The increase in interest in several sports has propelled the establishment of various sporting complexes and grounds, allowing enthusiast to explore their interests. This, as a result, is boosting the demand for sporting wear such as eyewear.

Existing Restraints

The high cost of premium sports eyewear and the easy availability of counterfeit products are some of the major restraints of the market. Expensiveness is a major concern in low-to-medium-income families, owing to this the preference is given to lesser quality products. The availability of duplicate alternatives in the market cuts into the profits of major brands, thereby, restricting the overall growth of the market.

Emerging Opportunities

Rising demand for fashionable and smart sports eyewear is expected to generate opportunities in the global market. Growing popularity and fandom in sports have consequently increased the number of endorsements and the use of fashionable sportswear by athletes.

The key players in the industry are developing a wide variety of eyewear such as sunglasses, lenses, and helmets that are of high performance while providing a significant fashion quotient. Additionally, with the growing advances in technology, various sports eyewear makers are developing high-end technology-integrated products for improving athletes' comfort and performance during training and game time.

Scope of Sports Eyewear Market Report

The global market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Sports Eyewear Market Segment Insights

Application Segment Analysis

Based on application, the sports eyewear market is divided into outdoor sporting & traveling, ski sports, indoor sports, ball sports, water sports, and others. The outdoor sporting & traveling segment held the major revenue share of the market in 2022 and is expected to continue leading in terms of demand during the assessment period. The growth of this segment is attributed to the rising outdoor sporting and traveling activities post the normalization of the COVID-19 pandemic.

Increasing health awareness has expanded people’s interest in fitness, sports, and traveling. As a result, the demand for various sporting goods such as sunglasses and lenses has increased. The surging safety awareness in outdoor sports and traveling is likely to fuel the demand for sports eyewear, thus boosting this segment.

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Distribution Channels Segment Analysis

On the basis of distribution channels, the global market is bifurcated into offline and online. The offline segment is further divided into specialty stores, sports chains, hypermarkets, and others. The offline segment is projected to register major growth, in terms of sales, during the forecast period, as consumers prefer tryouts and hands-on testing with eyewear for their comfort. The growing presence of sporting chains and specialty sports stores across worldwide regions is further propelling this segment.

The online segment is projected to hold a significant growth share of the market in the coming years, with growing advances in technology features in e-commerce platforms. The use of technology such as augmented reality (AR) and virtual reality (VR) allows buyers to test the compatibility of eyewear before buying. Additionally, growing reach by eCommerce providers and rising number of sellers on these platforms are likely to further boost the online segment.

Gender Segment Analysis

Based on gender, the sports eyewear market is segmented into men, women, and unisex. The men segment is expected to register a robust growth rate during the forecast period, owing to growing participation in sports and fitness activities. Rising focus on eye safety due to environmental factors further fuels the demand for goggles, sunglasses, and lenses in the men’s category.

The women segment is expected to witness considerable growth during the assessment period, as growing encouragement is given to women's sports tournaments on local and international levels. Major sports organizers are focusing on broadening the scope of tournaments by arranging men’s equivalent leagues and events for women. Moreover, the growing support from various governments globally in increasing women’s inclusion in sports has fueled demand for different sports goods.

Regional Analysis

In terms of region, the global sports eyewear market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is projected to dominate the global market in the coming years, due to the growing adoption of hi-performance and durable sportswear. The major presence of several sports brands such as Nike, Under Armour, Puma, and Adidas is further boosting the regional market for sports eyewear.

The rising standard of living of consumers is further driving sales. Implementation of lightweight material, personalization of products, and inclusion of smart technologies such as AI and Machine Learning are likely to create growth opportunities for the key market players in North America.

• As per a recently published report, the revenue from the Sports and Outdoor industry is anticipated to reach USD 36.65 Billion in 2023. The industry is likely to expand at a CAGR of 8.2%, reaching USD 50.3 billion in revenue by 2027. The major contribution to revenue generation is projected to come from China.

The market in Asia Pacific is expected to grow at the fastest growth rate the market during the projection period, owing to rising participation in sporting and fitness activities by the population in the region. The growing disposable income, presence of large populations, and surging popularity of sporting leagues are fueling the sales of sports eyewear. In addition, the expansion of chain stores and online sales has opened new prospects for growth in this region.

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