CYCLING SUNGLASSES MARKET ANALYSIS

Cycling sunglasses are majorly worn by cyclists during races and training sessions. Cycling sunglasses are made up of polycarbonate lenses, which helps protect the eyes from various potential eye disorders such as eye strain, bulging eyes, eye twitching, and cataract. Cycling sunglasses are highly adaptable to various climatic conditions, as the lens can be changed during monsoon, summer, and foggy weather to enhance clear vision while cycling. Likewise, these sunglasses vary in structure from normal sunglasses, as these pack the eyes properly and help prevent the entry of environmental contaminants and sun rays from the sides. These advantages of sunglasses over conventional glasses, is in turn increasing its demand among the populace. Furthermore, increasing awareness of consumers regarding optical health, is in turn, boosting growth of the global cycling sunglasses market.

Market Dynamics

Rising prevalence of eye disorders caused due to cycling is driving growth of the global cycling sunglasses market. By 2050, an estimated 7.32 million people in the United States will have Primary Open-Angle Glaucoma (POAG), according to U.S. government statistics.

According to National Eye Institute, 90% of sports-related eye injuries can be avoided with the use of protective eyewear, including safety glasses and goggles, safety shields, and eye guards designed for a particular sport.  The adoption of these sunglasses is increasing so as to prevent exposure to UV rays, dust, and contaminants present in the air. According to Coherent Market Insights, the revenue in the sunglasses segment in Europe amounts to US$13,994 million in 2018 and is expected to increase to 254.69 million during the forecast period. The sunglass sector is thus offering lenses with 99 to 100 % UV rays blockage and shield or wraparound designs to block most of the UV rays.

According to Coherent Market Insights, the global sunglasses market is expected to exhibit a CAGR of 6.3% during the forecast period, majorly due to technological advancements. For instance, Oakley, Inc. improvised its cycling sunglass lenses by increasing its field of vision and enhancing wrap-around curvature, while keeping the weight down to a 22 g. This helps to completely cover the eye and the area around it, thereby preventing exposure to UV rays and other environmental contaminants.

Premiumization offered by brands, owing to high cost of manufacturing these sunglasses in turn, poses as a major factor hindering growth of the cycling sunglasses market.

Market Outlook

Europe holds the largest market for cycling sunglasses, owing to high number of cyclists in the region. According to Coherent Market Insights, 19.6 million bicycles were sold across Europe in 2016. Rising awareness about eye disorders amongst the populace is fueling growth of the cycling sunglasses market in the region.

In Belgium, cycling is the basic mode of transport and preferred by most citizens. As the climate in the country is extremely cold, cyclists prefer using anti-fog cycling sunglasses for a clear vision. Furthermore, according to Coherent Market Insights, Belgium plans to build 15 new cycling routes by 2025. This in turn, is expected to increase the number of cyclists in the region. Thus, boosting the demand for cycling wear and in turn, driving growth of the global cycling sunglasses market.

Likewise, Italy is the fastest growing market for cycling sunglasses owing to the cycling race competitions held in the region, for instance The Granfondo MILAN - SAN REMO cicloturistica which attracts a lot of potential cyclists to participate in it every year owing to which the cycling wear and cycling sunglasses are purchased in abundance. Hence, increasing adoption of cycling and participation of the citizens in racing competitions in the country is boosting the growth of the global cycling sunglasses market.

Key Players

Key strategies adopted by the global cycling sunglasses manufacturers include collaboration with sports event organizers, merger and acquisitions, partnerships, and product innovation. Kopin Corporation launched SOLOS Smart Glasses, which offers premium quality interchangeable lenses made from high impact safety rated Trivex polymer for ultimate clarity, detail, and protection, in addition to the anti-slip temple feature for a firmer grip for high training sessions. The Vista virtual screen helps cut down glare and shows high resolution color graphics in the sun. Solos Bike Glasses are even compatible with gadgets such as smartphones, to track and store a cyclist’s training data and progress for further reference and sharing.

Key players operating in the global cycling sunglasses market include Oakley, Inc., Topeak, Inc., Under Armour, Inc., Uvex Sports GmbH & Co., Nike, Inc., Specialized Bicycle Components, Inc., ASSOS of Switzerland GmbH, and Kopin Corporation.

Market Taxonomy

On the basis of distribution channel, the global cycling sunglasses market is segmented into:

• Sports Shops
• Specialty Stores
• Online Channels
• Others

On the basis of product type, the global cycling sunglasses market is segmented into:

• Anti-fog
• Rain Waterproof
• Sunlight Free
• Others

Cycling Sunglasses Market Key Developments:

Leading companies operating in the cycling sunglasses market are involved in several strategies such as new product launch and mergers & acquisitions in order to expand their business and global presence to mark their dominant position in the global market.

For instance, In February 2018, Tifosi Optics launched its SWANK sunglasses with vibrant color palette and lifestyle silhouette with many technical features found in the company’s high-performance sports sunglasses.

In July 2018, 100% Speedlab, LLC, introduced a new collection of Peter Sagan Limited Edition sunglasses at the Tour de France. The collection includes Speedtrap, S2, and Speedcraft models.

In October 2018, Peter Sagan, cycling glass brand, announced the launch of new set of riding specs- Glendale glasses. The glasses are available in standard lens with a Hydrolio treatment. It is also available in 100% HiPER lens, which results in high contrast and definition.

In September 2019, the Renshaw Active Lifestyle sunglasses and the Racetrap Sport Sunglasses joined eyewear line of 100%, leading player in sunglasses, by complementing lenses and frames developed in collaboration with Peter Sagan, three-time road world champion.