Luxury sunglasses provide 100% UV protection from the sun's rays and come with polarized or mirrored lenses which help reduce glare and offer clear vision. With rising disposable incomes, growing fashion consciousness and influncer marketing, the demand for luxury and premium sunglasses is increasing.
The global Luxury Sunglasses Market is estimated to be valued at US$ 14760.95 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased disposable income is one of the primary factors driving the growth of the luxury sunglasses market across regions. As disposable incomes are rising, consumers are willing to spend more on premium products like luxury sunglasses for style statement and brand appeal. Luxury brands are launching new collections frequently featuring latest designs, customized frames and advanced lens technologies to attract customers with high spending power. They are also focusing on celebrity endorsements and influencer marketing on social media to boost the desirability of their premium sunglasses among the younger generation and increase sales volumes substantially over the forecast period.
Segment Analysis
In the Global Luxury Sunglasses Market Size, the polarized segment dominates due to its unique feature of eliminating glare from reflective surfaces such as water, snow, glass and metal. This ensures clearer vision and enhanced comfort during outdoor activities. Polarized lenses reduce eye fatigue and strain from reflected light, making them a popular choice among luxury sunglass consumers.
Key Takeaways
The global Luxury Sunglasses market is expected to witness high growth. The global Luxury Sunglasses Market is estimated to be valued at US$ 14760.95 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Regionally, North America accounts for the largest share in the luxury sunglasses market due to high awareness about premium sunglass brands and rising spending power of consumers. Europe also holds a significant share owing to the rising demand for fashion eyewear.
Key players operating in the Luxury Sunglasses market are EssilorLuxottica, Chanel, Prada, Dolce & Gabbana S.p.A., Burberry, Gucci, Versace and Charmant Group. EssilorLuxottica holds the dominant share owing to its strong brand portfolio consisting of Oakley, Persol and Varilux among others. Prada and Dolce & Gabbana also enjoy a significant presence in high-end luxury sunglass segment due to their strong brand image.
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