Luxury sunglasses provide protection from damaging UV rays and are increasingly being seen as fashion accessories. Sunglasses offer style while shielding the eyes from sun exposure that can cause cataracts and age the skin prematurely.
Market key trends:
The growth in the luxury sunglasses market is accelerated by rising affluence in emerging economies such as China, India, Brazil, Thailand, and others. As the disposable incomes increase in these regions, more consumers are willing to spend on luxury and premium products to flaunt their status. The demand for international luxury fashion brands is witnessing a steady rise. Luxury sunglasses manufacturers are thus expanding their presence in emerging markets through e-commerce platforms and company-owned stores to capitalize on the trend of premiumization. This is expected to continue contributing to the market growth over the forecast period.
Segment Analysis
The global luxury sunglasses market is dominated by the polarized segment due to its ability to block harmful rays. Polarized lenses filter out horizontal light rays that cause glare on surfaces like water, snow, and reflective materials. This leads to clearer vision and comfort while driving or being outdoors, making polarized lenses a popular choice.
Key Takeaways
The Global Luxury Sunglasses Market Growth is expected to witness high growth. The global luxury sunglasses market is estimated to be valued at US$ 12813.32 Mn in 2023 and is expected to exhibit a CAGR of 39% over the forecast period 2023 to 2030.
Europe holds the largest share currently due to the high disposable incomes and demand for premium luxury products in countries like Italy, UK and Germany. However, Asia Pacific is expected to grow at the fastest pace due to rising living standards in countries like China, India and South Korea. Sunglass brands are focusing on expanding their footprint in Asia to tap the potential growing demand. Furthermore, favorable government initiatives promoting manufacturing is aiding regional growth.
Key players related content comprises
Key players operating in the luxury sunglasses market are AOC Resins, Ashland Inc., BASF SE, CCP Composites, Changzhou New Solar Co. Ltd., DSM, DuPont, Lanxess AG, Eternal Chemical Co. Ltd., Reichhold Inc., SABIC Innovative Plastics Holding BV, and Satyen Polymers Pvt. Ltd.
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