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.
Luxury sunglasses provide UV protection from the sun and come in various styles, frames and tints. They enhance one's looks in addition to protecting eyes from harmful sun rays.
Market key trends:
Polarized lenses are one of the key trends in the luxury sunglasses market. Polarized lenses filter out horizontal light reflections that are responsible for causing glare on flat surfaces like water, snow, glass, pavements etc. This eliminates eyestrain and enhances vision. By eliminating blinding reflections, polarized lenses provide better definition and depth perception. They enhance contrast and color perception while decreasing discomfort on bright sunny days. Polarized lenses are becoming increasingly popular in luxury sunwear as they provide unobstructed vision in a variety of environments without compromising on style.
The global luxury sunglasses market is dominated by the men's sunglasses segment which accounts for over 45% of the market share. Men's sunglasses witness high demand owing to rising fashion consciousness among men and growing acceptance of sunglasses as a style statement. The women's sunglasses segment is also growing considerably and holds the second largest share.
The Global Luxury Sunglasses Market Size is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing brand consciousness and growing fashion & lifestyle industry. Regions like North America and Europe currently dominate the market due to presence of major luxury brands and high disposable incomes. However, Asia Pacific is expected to grow at fastest pace owing to rapidly expanding middle class population in countries like China, India and South Korea.
Regional analysis: The Asia Pacific region is projected to grow at the highest CAGR during the forecast period due to rapidly rising consumer affluence, spending on luxury fashion and mega fashion events attracting international luxury brands. Countries like China, Japan and South Korea are emerging as top luxury consumers driving significant demand.
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. Major brands are focusing on expansion in developing markets through online distribution and exclusive retail stores.