May 18, 2024
Luxury Sunglasses Market

The Growing Demand For Luxury Branded Products Drives The Luxury Sunglasses Market

Luxury sunglasses are a premium accessory commonly worn to protect the eyes from harmful UV rays while making a style statement. They are manufactured from the finest materials such as acetate, metal and premium plastic using superior craftsmanship. Luxury sunglasses feature branded and designer frames, polarized lenses and come in trendy shapes and colors. They serve the dual purpose of protection as well as fashionable self-expression for status-conscious consumers. The growing demand for luxury and branded products amongst the affluent population has been a key driver for the luxury sunglasses market.

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.

Luxury sunglasses cater to the premium eyewear segment through durable and high-quality craftsmanship with designer branding. Popular luxury brands like Gucci, Prada, Dior, Chanel, Ray-Ban and Oakley spend heavily on marketing campaigns featuring celebrity brand ambassadors to appeal to wealthy customers and establish an aura of sophistication around their luxury products.

Market key trends:

One of the major trends driving the Global Luxury Sunglasses Market Size is the growing influence of social media in promoting premium and lifestyle brands. Luxury houses actively partner with top influencers on Instagram and other platforms through paid campaigns and product placements to reach younger and affluent customers. This has proven effective in improving brand awareness as well as sales, especially from the millennial demographic that values social media validation. Another notable trend is the incorporation of advanced lens technologies like polarization, mirror coatings and flash lenses in luxury sunglasses to offer maximum protection as well as augmented features attracting technologically-savvy customers. This has boosted demand for high-performance sunglasses from the luxury sector.

Porter’s Analysis

Threat of new entrants: Moderate threat as it requires huge R&D and distribution networks to enter this market. however established brands poses threat with new product launches.

Bargaining power of buyers: High as buyers have adequate substitutes and can switch brands easily.

Bargaining power of suppliers: Moderate as raw materials are easily available but premium quality material suppliers have an edge.

Threat of new substitutes: Moderate threat as premium sunglasses have strong brand loyalty but affordable substitutes are available.

Competitive rivalry: High as key players compete on brand value, product innovation, quality and pricing.

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.

Regional analysis related content Asia Pacific dominates the luxury sunglasses market and is expected to grow at a fastest rate during the forecast period. Growth in disposable income and increasing preference for branded luxury products driving the demand.

Key players operating in the luxury sunglasses market are Amada Miyach, Marcolin Group, De Rigo, Marcolin and Essilor International. Amada Miyach offers wide range of polarized and non polarized sunglasses for men and women. Marcolin group has strong presence in American and European markets.

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