LUXURY SUNGLASSES MARKET ANALYSIS

Luxury Sunglasses MarketSize and Trends

MARKET TRENDS

• Increasing awareness about harmful effects of UV rays on the eyes is boosting demand for high quality luxury sunglasses. Excessive exposure of the eyes to UV radiation (or sunlight) causes several disease and conditions such as macular degeneration, cataract, pterygium, photokeratitis, and may also result in temporary to permanent vision lost.
• Constantly changing product offerings is a key driver for the global luxury sunglasses market growth. For every 4 to 6 months, leading companies are launching new sets of luxury sun glasses with different shapes, size, color & designs. Companies are focused on launching new products in order to expand their consumer base and demand for sunglasses designs.

MARKET OUTLOOK

• According to the American Academy of Ophthalmology, over 9.6 million people in the U.S. suffered from high myopia in 2016. Moreover, the occurrence of myopia in women was higher compared to men. These factors have led to higher sales of women-centric vision products such as sunglasses. Furthermore, high spending by both men & women among the millennial populace is expected to drive growth of the market.
• Specialty store segment dominated the global market in 2018, and is projected to maintain its dominance throughout the forecast period. Distribution channels of specialty stores include exclusive company outlets. Major players in the market such as Luxottica, Essilor, GrandVision, and Safilo have achieved high degree of vertical integration by marketing their products into luxury retail.
• Europe accounted for major market share in the global luxury sunglasses market in 2018. Presence of leading industry players such as Luxottica Group S.p.A., Safilo Group S.p.A. and their well-established supply chains in Europe is a key factor for significant growth of luxury sunglasses market in Europe.