The luxury sunglasses market consists of premium eyewear products manufactured using top-quality materials such as titanium, gold and platinum. These sunglasses protect eyes from harmful UV rays and also make a style statement. The rising disposable income and changing lifestyle of consumers have boosted the demand for luxury sunglasses worldwide.
The global luxury sunglasses market is estimated to be valued at US$ 14760.95 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing consumer adoption of premium fashion accessories has accelerated the sales of luxury sunglasses globally. Luxury goods such as sunglasses have transitioned from being necessity products to style statements that reflect social status and personality. The trend of using sunglasses as a fashion item is especially prevalent among millennials who are keen on experimenting with their looks. As luxury sunglasses brands indulge in aggressive marketing of limited edition and uber-expensive collections, consumers remain inclined to purchase these products as status symbols. This growing demand for luxury sunglasses as prestige accessories will continue driving the market growth over the forecast period.
SWOT Analysis
Strength: Global Luxury Sunglasses Market Size brands like Amada Miyach are known for their high quality and stylish designs which attract customers.
Weakness: High pricing of luxury sunglasses makes them unaffordable for masses. Luxury sunglasses also require extra care compared to regular sunglasses.
Opportunity: Increasing fashion consciousness and rising disposable incomes in developing nations present an opportunity to expand market share. Growing demand for designer accessories also benefits luxury sunglasses sales.
Threats: Presence of cheap alternatives and counterfeit products undermine sales of original luxury sunglasses brands. Economic slowdowns threaten discretionary spending on luxury items.
Key Takeaways
The global luxury sunglasses market is expected to witness high growth over the forecast period of 2024 to 2031. The global luxury sunglasses market is estimated to be valued at US$ 14760.95 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Regional analysis comprises Asia Pacific region is fast emerging as the dominated region in the luxury sunglasses market . Rising middle class population with higher disposable incomes in countries like China and India are driving sales in the region. North America currently captures the largest share of the overall luxury sunglasses market led by United States.
Key players operating in the luxury sunglasses market are Amada Miyach. Key players are focusing on strengthening their distribution channels and bringing latest designs to attract new customers. Companies also sponsor fashion shows and celebrity events for brand promotion and increased visibility. Innovation in lens technologies is another area attracting investments from major luxury sunglasses companies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it