The Luxury Eyewear Market report offers an assessment of the market size, current trends, competitive landscape, and future market outlook. The market is experiencing a significant rise in demand, attributed to the growing number of affluent consumers and their increasing purchasing power. The market is witnessing a surge in demand from the Asia-Pacific region, owing to the rise in disposable income and the increasing trend of luxury fashion. The competitive rivalry in the market is intensifying, with major players such as Luxottica Group S.p.A, Safilo Group S.p.A, EssilorLuxottica SA and others actively operating in the market
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Market Dynamics
The growing demand for high-end eyewear among consumers in European countries such as Germany, the UK, France, and Spain is growing significantly propelling the demand in the global luxury eyewear market.Consumers are more likely to buy a new set of eyeglasses or replace their old pair, rather than holding on to an outdated pair. On top of that, the rising preferences for luxury and branded sunglasses are contributing significantly to luxury eyewear demand.
According to the data from Vision Council, Sunglasses sales in 2017 increased by 3.2 percent at all retail outlets. This exceeds the growth of lenses at 1.8 percent and frames at 0.9 percent.
Market Segment Analysis
Based on the products, the global luxury eyewear market is broadly segmented into eyeglasses and sunglasses. Among all of the products, Eyeglasses dominate the market owing to the rising prevalence of visual dysfunctions such as myopia, hyperopia, astigmatism, presbyopia, and cataracts in both developed and emerging countries is driving the demand for vision care products.
In China, myopia has reached unprecedented levels, with up to 50 percent of the population requiring prescription eyewear, According to a report by The Economist.
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Competitive Landscape
The global luxury eyewear market is highly competitive with a large number of regional and international players. The competitiveness among significant market players is highly intense as a result.The global luxury eyewear market is highly competitive with a large number of regional and international players. The companies are competing based on price and market presence..
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