Luxury sunglasses are protective eyewear used for vision protection and fashion statement. These sunglasses are made from high-quality materials like titanium and carbon fiber with options for polarized or tinted lenses. They come in different shapes and frames with premium detailing and craftsmanship. Luxury sunglasses provide UV protection and clear vision in bright light conditions. The global Luxury Sunglasses Market is estimated to be valued at US$ 12813.32 Mn in 2023 and is expected to exhibit a CAGR of 10 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing Disposable Income and Rising Fashion Consciousness
One of the key drivers propelling the Global luxury sunglasses market size is rising disposable income and increasing fashion consciousness among consumers globally. Over the past decade, disposable incomes have increased substantially in developing regions. This has boosted the sales of premium and luxury products including luxury sunglasses. Moreover, rising social media influence has made fashion and personal style more important. Luxury sunglasses are becoming a fashion statement and are purchased not just for vision protection but also to complement different outfits and overall personal style. This rising fashion consciousness is expected to continue driving demand for luxury sunglasses over the forecast period.
SWOT Analysis
Strength: The luxury sunglasses market enjoys a strong brand positioning, as some of the brands have cemented themselves as a status symbol over many decades. Having a strong brand loyalty gives them an advantage.
Weakness: Luxury sunglasses can be expensive for some consumers. The high prices of these sunglasses limit their customer base only to the affluent class. Opportunity: With rising disposable incomes in developing economies, there is scope for luxury sunglasses brands to tap into new potential consumer bases globally. Threats: Potential threat from counterfeit products that are affordably priced. Luxury brands have to strengthen anti-counterfeiting measures to protect their brand image.
Key Takeaways
The global luxury sunglasses market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: The North America luxury sunglasses market currently dominates with the largest market share and is expected to continue its dominance over the forecast period as well. The United States and Canada specifically have a large affluent consumer base willing to spend on luxury premium eyewear brands. The Asia Pacific region is expected to be the fastest growing market for luxury sunglasses due to improving economic conditions in major countries like China and India resulting in an expanding consumer base with high disposable incomes.
Key players: Key players operating in the luxury sunglasses market are Amada Miyachi, Inc., Arcon Welding Equipment, Colfax Corporation, DAIHEN Corporation, ESAB Welding & Cutting Products, Fronius International GmbH, Illinois Tool Works, Inc., Nelson Stud Welding (Doncasters Group, Ltd.), Obara Corporation, Panasonic Corporation, Rofin-Sinar Technologies, Sonics & Materials, Inc., The Lincoln Electric Company, and Voestalpine AG. Luxury brands promote extensive brand loyalty through sustained investments in new product development and innovations, celebrity endorsements, and extensive marketing campaigns especially in digital media. The key strategy among players is to continuously strengthen their brand value and brand positioning in the luxury segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it