Global Sports Eyewear Market Analysis
The Sports Eyewear Market is projected to reach USD 13.57 billion with a CAGR of 4.80% by 2032, according to the latest report from Market Research Future. The increasing participation in various sports and fitness activities globally is contributing to a larger consumer base for sports eyewear. The growing popularity of adventure sports and outdoor activities is further fueling the demand for sports eyewear.
Drivers
AI Technology Advances to Boost Market Growth
Advances in AI are expected to support market growth during the assessment period. AI technology has applications in various areas of sports, including live events, training, performance analysis, and manufacturing of sports equipment. The integration of AI is expected to facilitate the production of intelligent sports and fitness apparel, enabling athletes to effectively track health and performance deficiencies. AI smart glasses are anticipated to be utilized in sports tournaments in the future, providing benefits in broadcasting, interaction, and decision-making.
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Opportunities
Rising Health Awareness to Offer Robust Opportunities
The increasing awareness of health and fitness has heightened interest in sports, fitness activities, and travel. This surge in demand for sports-related goods, such as sunglasses and eyeglass lenses, is notable. The growing safety awareness in outdoor sports and travel is expected to drive an increased demand for sports eyewear, presenting robust market opportunities.
Restraints and Challenges
High Cost of Premium Sports Eyewear to Act as Market Restraint
The high cost of premium sports eyewear and the widespread availability of counterfeit products may act as restraints over the forecast period. Affordability and accessibility challenges could hinder market growth, especially among price-sensitive consumers.
Market Segmentation
The global sports eyewear market is segmented based on application and distribution channels.
- By application, outdoor sports and traveling are expected to lead the market over the forecast period.
- By distribution channel, offline retail is projected to dominate the market over the forecast period.
COVID-19 Analysis
The COVID-19 pandemic has significantly impacted the sports eyewear market. Postponement or cancellation of key sporting events, including the 2020 Tokyo Olympics, due to lockdowns and infection risks, had a cascading effect. The closure of sports fields and indoor sports facilities disrupted domestic and international training and sports organizations, directly affecting the demand for sports eyewear. Supply chain disruptions and closures of brick-and-mortar sports stores further impacted sales, leading to a slowdown in market growth.
Regional Analysis
North America to Command Sports Eyewear Market
The North American sports eyewear market is expected to lead, driven by the rise in athletic events and the demand for protective eyewear in the region. Sports sunglasses made of durable materials like polycarbonate, protecting athletes’ eyes from UVA and UVB radiation, are gaining popularity. The increasing demand for high-performance sportswear from popular sports brands like Adidas, Puma, Under Armour, and Nike is propelling the sports eyewear market in North America.
Key Players
Eminent industry players in the global sports eyewear market include Nike, Inc., Carl Zeiss AG, Marchon Eyewear, Inc., MYKITA GmbH, Under Armour, Inc., Adidas AG, Xenith, LLC, Zoggs International Ltd., Aqua Lung International, and Speedo International. These key players are at the forefront of innovation and market dominance in the sports eyewear industry.
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