by Luxury sunglasses are premium eyewear designed by famous fashion brands and come with stylish designs and high quality materials. They are known for their aesthetic appeal, durability and superior UV protection. Popular luxury brands manufacture sunglasses made of expensive materials like titanium and rare metals to attract consumers wanting to project a fashionable public image.
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 39% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Luxury sunglasses serve both functional and stylistic purposes. While offering 100% UV protection, luxury variants come studded with precious and semi-precious gems giving them a distinct look. Popular luxury brands like Prada, Gucci, Dior and Burberry create iconic designs often adopted as status symbols. Celebrities and public icons are often photographed wearing exclusive luxury sunglass collections further accentuating their premium and luxe appeal amongst masses. Rising disposable incomes and growing affinity for flaunting expensive accessories have motivated new customers to invest in luxury eyewear brands. The global luxury sunglasses market is estimated to gain substantial demand in the upcoming years.
Market Dynamics:
The burgeoning luxury sunglasses market expected to be flourished by augmenting brand consciousness is driven by two major factors. One, growing consumer propensity to spend on high-end designer products as a status marker is compelling more customers to purchase premium eyewear brands. Rapid urbanization and economic prosperity in developing regions have intensified brand obsession tendencies. Second, rising working professional population across youth and young-adults considering sunglasses as indispensable style accessories to complement daily office attires and weekend casual wears is assisting market productivity. In addition, sunny equatorial countries experiencing hot weather conditions throughout the year also offer latent needs for innovative luxury frames incorporated with most advanced lens technology. Rising frequency of outdoor recreational activities like traveling, beach sports and leisure vacations has intensified the requirement of high-quality sun protection eyewear.
Segment Analysis
The global luxury sunglasses market can be segmented into men’s sunglasses and women’s sunglasses. The women’s sunglasses segment dominates the market and is expected to continue its dominance over the forecast period. This is because women are more inclined towards fashion accessories and sunglasses have become a style statement for them. The designs, shades and styles offered for women’s sunglasses are also more varied compared to men’s sunglasses which drives their higher demand.
PEST Analysis
Political: No significant political factors affecting the market.
Economic: Rise in disposable incomes in developing economies is driving higher spending on luxury and premium products including sunglasses.
Social: Sunglasses have become a fashion accessory rather than just an eyewear product. Changing fashion trends influence the demand.
Technological: New technologies in lens coating, shades, and frame designs aid product differentiation and premiumization in the market.
Key Takeaways
The Global Luxury Sunglasses Market Growth is expected to witness high growth over the forecast period backed by rising spending power and changing fashion trends. 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 39% over the forecast period 2023 to 2030.
The Asia Pacific region is expected to witness the fastest growth in the luxury sunglasses market over the coming years. Countries like China, India and other Southeast Asian countries are expected to see buoyant demand for luxury sunglasses due to growing middle and upper middle income population.
Key players operating in the luxury sunglasses market are AOC, Ashland, BASF, Eternal Chemical, Reichhold and SABIC. Regional analysis shows that the Asia Pacific region dominates the luxury sunglasses market currently due to large population, rapidly growing economies and hot weather conditions in many countries. China is the largest market for luxury sunglasses in the Asia Pacific region followed by countries like India, Indonesia and others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
