Segmentation By Frames (Alto & Rondo); By Lenses (Polarized Lenses & Non-Polarized Lenses); By Application (Elderly, Adults & Teenagers); By Model (Bluetooth & Bone Conduction); By Distribution Channel (Online & Offline Channel) - Global Demand Analysis & Opportunity Outlook 2020-2027
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The audio sunglasses market is anticipated to grow at a modest CAGR over the forecast period, owing to the devices being expensive, even though they possess multiple features and can be utilized for various activities such as listening to music and various other audio updates, including making and receiving calls through the press of a button in these audio sunglasses. The market is segmented by frames into alto and rondo, by lenses into polarized and non-polarized lenses, by application into elderly, adults and teenagers, by model into bluetooth and bone conduction and by distribution channel into online and offline. The online segment that forms part of distribution channel is estimated to attain the highest market share, owing to the increase in the working population that are preferring to transact online, owing to the benefits received by them in the form of discounts, messages, delivery status that can be checked online and home delivery of the products that has made it easier to operate for the individuals as compared to conducting transactions through offline retail stores. The adult population falling under the application segment is anticipated to witness the highest demand, owing to the presence of a huge working population with huge disposable incomes and their desire to own high end products that are tech driven which will provide comfort to the user.
Audio Sunglasses are those sunglasses which offer augmented reality capabilities, apart from protecting the eyes from any form of damage caused by sunlight. These sunglasses are fitted with built-in tiny speakers attached to the arms in order to enable the user to enjoy a smooth audio experience such as listening to music and so on. Another feature of these audio sunglasses is that the audio content can be heard only by the user who is wearing these sunglasses.
Growing Awareness Among Consumers About The Need To Protect Themselves From Harmful Radiations And Preferences Among Consumers For Owning High Technology Devices
There is a greater awareness among consumers as compared to the earlier generation about the ill-effects of harmful radiations caused by sun and the need to protect themselves from its harmful effects. There is also a growing preference among the general population, especially the large working population to own high end tech driven devices that possess multiple features and can perform a variety of functions. The feasibility provided by smartphones and other smart devices for performing several tasks by the use of an app is driving the demand for these products among the consumers globally. Besides, growing disposable incomes of the population and the fashionable trend set by these sunglasses among the young urban population is anticipated to boost the demand for these products and drive the growth of the market over the forecast period.
Audio sunglasses are capable of performing multiple functions, apart from acting as a protective eyewear that can protect from bright sunlight causing discomfort to the eyes of the user. These audio sunglasses are offering the option for the user to access Siri or Google assistant, control music using these sunglasses, stay free of any ear buds or headphones while listening to the audio, as it has the presence of built-in sensors and a pair of hidden speakers that enables the user to enjoy the sound coming from these sunglasses. Moreover, the audio sunglasses can perform tasks such as taking and receiving calls by the press of a button in these sunglasses besides playing music. With growing demand for products that contain several features which helps the consumer to use the products for multiple purposes by using the app of a smartphone or smart device, the audio sunglasses market is anticipated to observe robust demand and grow at a significant pace over the forecast period.
Audio sunglasses possess a limited battery life and are considered to be slightly expensive for the general population, as these sunglasses are primarily targeted towards high-end consumers who are having high disposable incomes. Besides, presence of huge number of unorganized market players who can cover a considerable portion of the market by sale of duplicate products and data privacy and security concerns could limit the demand for these sunglasses, thereby restraining the growth of the market over the forecast period.
Our-in depth analysis of the audio sunglasses market includes the following segments:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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