Sunglasses - Madagascar | Statista Market Forecast

In Madagascar, the revenue in the Sunglasses market is projected to reach US$15.17m by the year 2024.
According to market analysts, this segment is expected to grow annually by 7.85% (CAGR 2024-2029).
When compared to other countries, United States generates the highest revenue with US$5bn expected in 2024.
Considering the total population, per person revenues of US$0.49 are expected to be generated in the same year.
Looking ahead, the volume in the Sunglasses market is expected to increase to 1.9m pieces by 2029.
This segment is expected to show a volume growth of 1.3% in 2025.0.
The average volume per person in the Sunglasses market in Madagascar is expected to be 0.1pieces in 2024.
Madagascar's unique flora and fauna inspire the design of locally-made sunglasses, incorporating sustainable materials and supporting the island's economy.

Definition:

The Sunglasses market includes framed, tinted lenses that reduce direct eye exposure to sunlight.

Additional information:

The market comprises revenues, average revenue per capita, volume, average volume per capita, and price. Revenues are generated through both online and offline sales channels. Key players in the market include Ray-Ban, Oakley, Gentle Monster, Gucci, and Armani. These companies are leaders in their respective segments and are known for their innovative products, brand reputation, and extensive distribution networks. For more information on the data displayed, use the info button right next to the boxes.

Sunglasses from glass and plastic
With and without optically lenses

Spectacle cases
Lens cleaning wipes

Annual growth in the global eyewear market is expected to be robust over the next five years. Shifting consumer megatrends, transforming market structures and technological innovations are key drivers of this growth. Particularly, ageing is one of the most significant global demographic factors impacting eye care as the need for vision correction increases and becomes more complex as a person grows older. Additionally, increasing screen time especially among youngsters might cause more serious effects than previously thought, supporting the constant demand for preventive eye care.

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on eyewear products, which include spectacle lenses, sunglasses, eyewear frames, and contact lenses that are produced for private end consumers. Retail sales through both offline and online sales channels are included.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, market data from third-party sources (e.g., independent databases), historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for making forecasts about the Eyewear market, which is projected to grow steadily. The main drivers are GDP per capita, consumer spending per capita, and healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The eyewear market includes corrective eyewear, such as spectacles and contact lenses, as well as sunglasses and other eyewear products. The global market was valued at around 170 billion U.S. dollars in 2022 and, by 2029, the value of the worldwide eyewear market was forecast to reach close to 300 billion U.S. dollars. This market can be segmented in various ways. For example, vision care products sold at optical retail locations in the United States is a multi-billion dollar market. Alternatively, the market can be divided into four main categories: spectacle lenses, frames, sunglasses, and contact lenses. In the United States, the revenue of all of these eyewear categories are forecast to grow over the coming years.