by The Luxury Sunglasses Market is estimated to be valued at US$ 12,813.32 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:
The luxury sunglasses market deals with premium, high-end sunglasses brands often made from expensive materials like titanium and premium lenses for protection. Luxury sunglasses are a fashion status symbol and status accessories used by celebrities and affluent customers. Top brands produce stylish, designer sunglasses with newest technologies, premium craftsmanship and excellent UV protection. These sunglasses have become a necessity for outdoor recreation and physical activities among the luxury consumer segment.
Market Dynamics:
Luxury sunglasses market is driven by growing fashion consciousness among high-net-worth individuals and rising disposable incomes in emerging nations. Sunglass manufacturers promote celebrity endorsements and fashion collaborations that appeal to younger customers and push premiumization of the product. The emergence of novel materials like carbon fiber and gold-plated frames is also fueling demand. Further, increasing consumer awareness about ultraviolet radiations and their harmful impact on eyes has boosted adoption of luxury eyewear for protection during outdoor activities. The launch of technologically advanced smart glasses with connectivity features by major brands is anticipated to open new revenueavenues going ahead.
Segment Analysis
The luxury sunglasses market is dominated by the designer segment, owing to increasing fashion consciousness among luxury consumers. Designer sunglasses offer premium quality materials, latest designs and superior craftsmanship. Brands introduce limited edition collection each season attracting heavy spending customers.
PEST Analysis
Political: Favorable regulations promoting the fashion industry have encouraged market growth.
Economic: Rising disposable incomes in developing nations have boosted spending on premium luxury products.
Social: Growing popularity of social media influencers promoting premium lifestyles and brands aids market expansion.
Technological: Use of advanced lenses offering better clarity and protection from harsh light without compromising on style. Innovation leads to new product launches each season.
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 fashion consciousness and premiumization trend among affluent customers. The Asia Pacific luxury sunglasses market is projected to emerge as the fastest growing regional market over the coming years. Rising affluence in countries like China and India is driving heavy spending on luxury apparels and accessories in the region. 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.
The Europe luxury sunglasses market is expected to dominate market share over the forecast period attributable to high brand consciousness coupled with rising fascination towards Italian design aesthetics amongst luxury consumers. France, UK and Italy account for nearly 60% of market revenue in the region attributable to strong presence of leading luxury houses. Additionally, the North America luxury sunglasses market is projected to exhibit significant growth owing to substantial spending on premium luxury products and adoption of latest trends by affluent consumers in countries like US and Canada.
Key players operating in the luxury sunglasses market are focusing on leveraging celebrity endorsements and collaborations to strengthen their brand image and allure younger demographics. For instance, Versace collaborated with young influencers on social media to promote its latest eyewear collection attracting fashion forward millennials. Additionally, companies are launching exclusive products via their flagship stores and e-commerce websites to engage luxury customers and improve visibility of new collection launches.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
