The global Luxury Sunglasses Market is estimated to be valued at US$ 12,813.32 Mn or Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Luxury sunglasses are premium fashion accessories offering protection from harmful UV rays. These high-end sunglasses are designed to enhance aesthetics and provide 100% UV protection. They are manufactured using superior quality materials such as acetate, metals and premium plastic.
Market key trends:
Growing fashion consciousness among millennial and rising demand for designer frames are the major factors propelling the growth of luxury sunglasses market. The market is witnessing increased demand for polarized and mirrored lenses offering clear vision along with style. In addition, introduction of new designs crafted using recycled and eco-friendly materials by leading players is expected to support the market growth over the forecast period. Furthermore, rising disposable income coupled with growing online retailing in developing countries has supplemented the sales of premium sunglasses across the globe.
Market key trends:
One of the key trends being witnessed in the luxury sunglasses market is the growing adoption of polarized lenses. Polarized lenses help reduce glare and offer better color contrast as they filter out reflected light. Luxury sunglasses brands are increasingly offering polarized lens options to cater to the demand from outdoor enthusiasts and consumers wanting high-quality UV protection. Another notable trend is the inclusion of advanced lens technologies. Leading players are launching sunglasses equipped with specialty lenses that offer features like self-tinting, anti-reflective coatings, and blue light filtering to provide vision correction along with style.
SWOT Analysis
Strength: Wide product portfolio with trendy frames and advanced lens technologies. Brand prestige and high-quality craftsmanship attracts status-seeking consumers.
Weakness: Vulnerable to economic slowdowns as luxury items are discretionary purchases. Heavy reliance on few major brands for revenues.
Opportunity: Growing popularity of polarized andSpecialized lenses present an avenue to expand lens offerings. Emerging markets in Asia Pacific expected to fuel future sales.
Threats: Intense competition from private labels and fast fashion brands offering lower-priced alternatives. Shift to affordable eyewear post Covid-19 pandemic could impact revenues.
Key Takeaways
The Global Luxury Sunglasses Market Size is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing spending on premium fashion accessories.
The North America region dominates the luxury sunglasses market currently owing to high consumer demand for designer eyewear among lifestyle-conscious consumers in countries like the US and Canada.
Europe is another major regional market led by countries like Italy, UK, and Germany. The Asia Pacific region is expected to grow at the fastest pace during the forecast period with China, Japan, and India emerging as highly lucrative markets.
Key players operating in the Luxury Sunglasses market are Carl Zeiss AG, EssilorLuxottica SA, Giorgio Armani S.p.A., Guccio Gucci S.p.A, Loch Effects, LVMH Moët Hennessy Louis Vuitton, Marcolin S.p.A., Prada S.p.A, Randolph Engineering, Inc, and Safilo Group SpA.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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