by The global 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:
Luxury sunglasses provide eye protection from harmful ultraviolet (UV) rays along with stylish designs. Major luxury brands manufacture premium quality sunglasses made from lightweight yet durable materials such as titanium and carbon fiber. These luxury sunglasses offer 100% UV protection and polarized lenses to reduce glare. Luxury sunglasses have become a fashion accessory and status symbol due to their high-end designs and pricing.
Market key trends:
The demand for luxury sunglasses is increasing due to rising fashion consciousness among consumers and growing preference for premium brands. introduction of new styles, designs, and materials by luxury brands is also fueling the market growth. Smart sunglasses integrated with technologies such as augmented reality are emerging as a key trend. In addition, celebrity endorsements on social media platforms are positively influencing the purchase decisions of younger consumers. Shift towards customized and personalized luxury sunglasses based on the face shape and preference is expected to remain a key trend.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the luxury sunglasses market is low due to the presence of established brands and high branding and marketing costs required to enter this market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of many substitutes and easy product differentiation by brands available in the market.
Bargaining power of suppliers: The bargaining power of suppliers like lens manufacturers and frame manufacturers is moderate due to the presence of a large number of suppliers in this market.
Threat of new substitutes: The threat of new substitutes is moderate as there are many substitutes like regular sunglasses, prescription glasses etc. available at lower costs.
Competitive rivalry: is high due to presence of established brands continuously competing on basis of brand value, quality and latest designs.
Key Takeaways
The Global Luxury Sunglasses Market Size is expected to witness high growth, exhibiting a CAGR of 6.6% over the forecast period, 2023 to 2030, due to increasing fashion consciousness and rising disposable income in developing countries.
Regional analysis: North America dominates the luxury sunglasses market currently due to high consumer awareness. Asia Pacific is expected to witness fastest growth during the forecast period owing to rising middle class population and increasing spending power in nations like China and India.
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
