February 24, 2024
Luxury Sunglasses Market

Luxury Sunglasses Market Driven By Increasing Spending On Premium Lifestyle Products

Luxury sunglasses have always been a symbol of affluence and fashion. They offer superior UV protection for eyes and come in a wide variety of high-quality materials and stylish designs. Growing preference for premium lifestyle brands among affluent consumers is a key driver for the luxury sunglasses market. These sunglasses are crafted from ultra-fine materials like titanium and carbon fiber to provide maximum durability along with lightweight frames. Leading brands also offer special anti-reflective and polarized lens coatings to reduce glare. 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 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing popularity of designer eyewear on social media platforms has significantly boosted demand for luxury sunglasses among millennials and Gen Z consumers. Major brands sponsor popular fashion bloggers and celebrities to promote their products. This has expanded the brand’s reach while influencing young customers. Furthermore, the trend of personalized luxury eyewear according to customer face shape and style preference is gaining traction. Leading manufacturers offer customized sunglasses through their websites where buyers can select frame material, color, and lens traits. This unique tailored experience allows customers to express their individualistic style through these high-end sunglasses.

Porter’s Analysis

Threat of new entrants: Low economies of scale in manufacturing and high branding and marketing costs prevent new entrants in the Global luxury sunglasses market size.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives but brand loyalty retains buyers with existing brands.

Bargaining power of suppliers: Sunglass lens and frame suppliers have moderate bargaining power as there are sufficient substitute available globally.

Threat of new substitutes: Threat remains low as luxury sunglasses are considered a fashion product with premium finish and craftsmanship unlike basic substitutes.

Competitive rivalry: Intense as major brands compete on innovation, branding and celebrity endorsements.

Key Takeaways

The global luxury sunglasses market is expected to witness high growth.

Regional analysis: North American and European markets currently dominate owing to high consumer spending power and large premium fashion goods markets in countries like the US, Canada, Germany, UK and Italy. The Asia Pacific region is expected to be the fastest growing market with China, Japan and India emerging as major hubs of luxury consumption.

Key players operating in the luxury sunglasses market are Amada Miyachi, Inc., Arcon Welding Equipment, Colfax Corporation, DAIHEN Corporation, ESAB Welding & Cutting Products, Fronius International GmbH, Illinois Tool Works, Inc., Nelson Stud Welding (Doncasters Group, Ltd.), Obara Corporation, Panasonic Corporation, Rofin-Sinar Technologies, Sonics & Materials, Inc., The Lincoln Electric Company, and Voestalpine AG. Companies compete on brand recognition, pricing, celebrity endorsements and innovative product features like anti-reflective lens, durability etc. Partnerships with fashion houses help generate buzz around new launches.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it