December 30, 2019
According to the research report titled ‘Luxury Eyewear Market Size by Price Range (USD 200 - USD 500, USD 500 - USD 1000, USD 1000+), By Product (Eyeglasses, Sunglasses) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global luxury eyewear market is expected to surpass USD 52 billion by the year 2025.
Rising consumer awareness pertaining to eye health is a major factor driving luxury eyewear market growth. Rapid digitalization is leading to rising amount of time spent on smart devices. Longer screen-time on laptops, tablets, and smartphones is harmful to eye health, especially among teenagers and children. Thus, rising occurrence of eye ailments is aiding the expansion of luxury eyewear market. Moreover, young population is influenced by brand recognition, celebrity fashion wear, and social media trends which in turn is contributing to the popularity of product across the globe.
Flourishing e-commerce sector is, however, leading to rising sales of counterfeit luxury eyewear products. Counterfeit or fake products affect original product’s integrity and brand reputation which further reduces the distinctiveness of an original product. Moreover, these products are entering the market due to lack of proper verification systems. Thus, easy availability of such fake products may impede the growth of luxury eyewear market.
In terms of price range, luxury eyewear segment with price between USD 200 – USD 500 is expected to grow with a CAGR of 2% during the period of 2019 – 2025. The growth is attributed to escalating disposable income of middle-class population and low-cost frames. Additionally, rising geriatric population is augmenting the demand for such products due to surging need for vision correction and intensive eye care solutions.
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As per product, sunglasses segment held a considerable share of luxury eyewear market in 2018 and is expected to register continuous growth during the estimated timeframe. Growing eye health awareness, need for UV rays protection, and extreme weather conditions, especially in Asia-Pacific and Middle East & Africa regions, are stimulating the growth of the segment.
The prominent companies operating in luxury eyewear market are Giorgio Armani S.p.A, Essilor Luxottica (Oakley, Inc.), Dolce & Gabbana SRL, and Christian Dior Couture among others.
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