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The luxury eyewear market size is estimated to grow by USD 3.95 billion at a CAGR of 4.5% between 2023 and 2028. The market is experiencing significant growth due to the convergence of innovation, portfolio extension, and product premiumization. This trend is driven in part by the increasing prevalence of vision disorders, which heightens the demand for high-quality eyewear. Furthermore, emerging markets are exhibiting a growing appetite for luxury goods, including eyewear, as disposable income levels rise. Innovative technologies, such as blue light blocking lenses and customizable frames, are extending the appeal of luxury eyewear beyond traditional demographics. Consequently, the market is poised for continued expansion, with a focus on catering to the evolving needs and preferences of consumers.
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The market thrives on innovation and exclusivity, catering to discerning consumers who value both fashion and functionality. International institutions and trade associations monitor market indicators and social-economic outlooks to navigate market-specific developments. Smart devices and e-commerce platforms enhance accessibility, while fashion awareness drives trends in sunglasses, eyeglasses, and radiation protection. Luxury eyewear reflects individuality and social status through innovative frame designs and exquisite materials, making a strong fashion statement. Segments covered include geriatric populations seeking both style and practicality in eyewear, including contact lenses for enhanced vision and protection against harmful radiations. Despite its allure, challenges include pitfalls in maintaining fashion consciousness and meeting evolving consumer expectations in luxury eyewear. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving growth in the market is innovation and portfolio extension leading to product premiumization. The global luxury eyewear market demands regular innovations, as customers are always on the lookout for innovative products that offer an optimal level of usage. Key vendors in the market have been focusing on enhancing the quality of their products to execute proper branding to project the facts about their products, which attract brand-conscious customers. Customers are ready to buy expensive brand products because it inflates their worth by showing a high-status quo in society. Health awareness among consumers, especially on vision care to protect the eyes from the harmful effects of UVA and UVB rays, is driving the demand for premium eyewear. These advancements in technology will drive the market during the forecast period
The utility of eyewear as a fashion product is one of the major trends impacting the market growth. Luxury eyewear manufacturers and designers are increasingly focusing on the development of eyeglasses and sunglasses in new styles, shapes, sizes, colors, and structural orientations. With the continuous improvisation of product development and product innovation, consumers have options to choose products depending on the occasion and need, such as office wear, casual wear, party wear, and beachwear. Prescription sunglasses have gained immense popularity over a period, with many consumers maintaining two pairs of glasses for daily use, one pair of regular prescription eyeglasses and another as prescription sunglasses.
The threat from counterfeit products will be a major challenge for the market during the forecast period. The growing market prospects of fashion products and their surging demand are driving the market for counterfeit luxury eyewear, particularly in developing regions. The advent and growing penetration of e-commerce have further propelled the sales of counterfeit products by widening their geographical reach. Customers face difficulties in distinguishing between genuine and counterfeit products, as they appear similar. The availability of a large number of counterfeits in the luxury eyewear segment reduces the trust of customers in e-commerce websites. Therefore, counterfeit products adversely impact the sales volume, in addition to pricing, and negatively impact the country's economy and consumers' faith.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Eleganzo Inc. - The company offers a range of luxury products is provided through renowned brands such as Tod's, Gant, Vogue, Polo, and Balmain.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The eyeglasses segment is estimated to witness significant growth during the forecast period. The luxury eyewear market share growth in the eyeglasses segment will be significant during the forecast period. The eyeglasses segment in the global luxury eyewear market is expected to experience steady growth due to the increased adoption of contact lenses and refractive eye correction surgeries among customers.
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The segment accounted for USD 9.42 billion in 2018.
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Europe is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The US is the key market for luxury eyewear in North America. However, the market growth rate in North America will be slower than the growth of the market in other regions.
The growing consumer interest in fashion products will facilitate the luxury eyewear market growth in North America over the market forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
The market report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market thrives on trends influenced by social and economic outlooks, celebrity impact, and consumer confidence. Trade press and selected regions monitor industry value and challenges, while fashion trends cater to Generation Z and millennials through lightweight products and innovative designs in carbon fiber, titanium, and fine woods. High-net-worth and ultra-high-net-worth individuals drive demand in airport shops and online sales channels, with celebrity influence, such as Antonio Banderas endorsing Police eyewear and Opticalia Eyewear chain. Luxury eyewear addresses ultraviolet protection with 3D technology and materials like diamonds, appealing to rapid urbanization and rising standards of living. Despite socio-political upheaval and digitization challenges, the market expands its global footprint, aligning with macro-economic forecasts and tourism trends.
Market Scope |
|
Report Coverage |
Details |
Page number |
143 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market growth 2024-2028 |
USD 3.95 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.23 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 37% |
Key countries |
US, China, France, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arias Eyewear, Astra Lifestyle, CHARMANT Group, Concept Eyewear, Cutler and Gross Ltd., Eleganzo Inc., EssilorLuxottica, Fielmann AG, Kering SA, Marchon Eyewear Inc., Marcolin Spa, MAUI JIM Inc., Maybach Eyewear, Safilo Group S.p.A, SUNGLASSCURATOR, Titan Co. Ltd., and Vision Nexgen |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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