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The luxury eyewear market share is expected to increase by USD 3.99 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.52%.
This luxury eyewear market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers luxury eyewear market segmentation by type (eyeglasses and sunglasses) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The luxury eyewear market report also offers information on several market vendors, including Arias Eyewear, Astra Lifestyle, CHARMANT Inc., 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 Spa, SUNGLASSCURATOR, Titan Company Ltd., and Vision Nexgen among others.
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The innovation and portfolio extension leading to product premiumization is notably driving the luxury eyewear market growth, although factors such as the threat from counterfeit products may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the luxury eyewear industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Luxury Eyewear Market Driver
One of the key factors driving growth in the luxury eyewear 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
Key Luxury Eyewear Market Trend
The utility of eyewear as a fashion product is one of the major trends impacting the luxury eyewear 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.
Key Luxury Eyewear Market Challenge
The threat from counterfeit products will be a major challenge for the luxury eyewear 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.
This luxury eyewear market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global luxury eyewear market as a part of the global apparel, accessories, and luxury goods market, within the textiles, apparel, and luxury goods market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the luxury eyewear market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the luxury eyewear market encompasses successful business strategies deployed by the key vendors. The luxury eyewear market is fragmented and the vendors are deploying growth strategies such as focusing on product innovation to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The luxury eyewear market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the leading companies' production, sustainability, and prospects.
Our report provides extensive information on the value chain analysis for the luxury eyewear market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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34% of the market's growth will originate from North America 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 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.
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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.
This report provides an accurate prediction of the contribution of all the segments to the growth of the luxury eyewear market size and actionable market insights on the post-COVID-19 impact on each segment.
Luxury Eyewear Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.52% |
Market growth 2022-2026 |
$3.99 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.82 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key consumer countries |
US, China, France, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Arias Eyewear, Astra Lifestyle, CHARMANT Inc., 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 Spa, SUNGLASSCURATOR, Titan Company 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, and Market condition analysis for the 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. |
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