The 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 are characterized by their high quality materials, unique designs and premium brand associated with them. They provide 100% protection against UVA, UVB and UVC rays along with polarized lenses that reduce glare. The frames are made from sustainable materials like acetate, stainless steel and wood.

Market key trends:
One of the key trends gaining traction in the luxury sunglasses market is the increasing demand for sustainable materials. Brands are focusing on reducing carbon footprint and opting for materials like wood, recycled metals and organic cotton etc. for frame production. For example, Marcolin launched a collection made from bio-acetate called “The Green Carpet Collection” in 2021. Similarly, Gucci’s “Off The Grid” collection features frames made from recycled wood and plastic. The upcycled or organic materials appeal to environmentally conscious millennial and Gen Z consumers who are willing to pay premium for sustainable offerings. This trend is expected to drive significant growth in the luxury sunglasses market during the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the luxury sunglasses market is consolidated with the presence of major players. However, starting a new luxury brand requires heavy investments.

Bargaining power of buyers: The bargaining power of buyers is high due to the availability of a wide range of designs and brands in the market. Buyers can easily switch to substitutes if brands do not cater to their demands.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as major brands source materials from a limited number of suppliers globally.

Threat of new substitutes: The threat of new substitutes is low as luxury sunglasses try to integrate latest technologies and designs making it unique.

Competitive rivalry: The competitive rivalry is intense among major brands to gain market share and customer loyalty through innovative product offerings and branding & marketing activities.


SWOT Analysis
Strengths: Availability of high quality materials, latest technologies and innovations in product design. Strong brand image and recognition among customers.

Weaknesses: Higher pricing compared to normal sunglasses reducing customer base. Seasonal demand and dependence on weather conditions.

Opportunities: Growth in young demographics willing to pay premium and follow fashion trends. Expanding into new regional markets like Asia Pacific and Middle East & Africa.

Threats: Rising environmental concerns and regulations against excessive branding & advertising. Increased competition from low-cost private labels.


Key Takeaways
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.

Read more: https://www.ukwebwire.com/luxury-sunglasses-market-forecast-insights/