The global luxury sunglass market size was valued at $4.1 billion in 2020, and is expected to garner $6.9 billion by 2030, registering a CAGR of 5.5% from 2021 to 2030. In 2020, the non-polarized segment accounted for more than half of the total market share.
Sunglasses are special lenses or protective eyewear designed to protect eyes from the sun’s glare and high-energy visible light. They sometimes function as a visual aid. Sunglasses feature colored, polarized/darkened lenses that protect the eyes from sunlight.
Factors, such as increasing life span, growing geriatric population, and changing fashion trends, have fostered the demand for eyewear. Nowadays, consumers not only wear eyewear for vision correction but also to enhance one’s overall appearance. Factors, such as changing fashion trends and transition from spectacles to contact lenses, have fostered the market growth. Numerous market players offer innovative spectacles and lenses, owing to technological advancements and availability of lightweight materials. In 2020, North America was the largest revenue-generating region in the world luxury sunglass market.
Luxury sunglasses are very common accessories and people love to carry with them while traveling. Most of the brands target their end users through travel retail channel. Airport is the most preferable spot for travel retailers to operate as maximum tourists prefer traveling via air routes. According to UNWTO, the number of international tourists is expected to increase at 4% in the future. This rise in trend of the tourism industry is anticipated to drive the luxury sunglass market growth in the forthcoming years.
The leading players are focusing on digitization as the future is showing a promising growth opportunity through online channels. Technological advancements, such as 3D try-on, are expected to be trending among the market leaders. Moreover, social media influencing that includes celebrity endorsement on digital platforms, promotion of brands by fashion icons, and social media influencers is expected to experience growth. Online presence of luxury sunglasses brands has become as much important as their physical presence in today’s world.
Moreover, counterfeit brands are usually prevalent in developing economies where customers are highly price-sensitive. Counterfeiting tarnishes brand image, owing to low quality use of material and lower prices of products. Online distribution channel is one of the major platforms, where transaction of counterfeited products can be easily concealed. Thus, proliferation of the counterfeited industry is anticipated to hamper the growth of the luxury sunglasses market.
Leading companies, such as Google and Microsoft, are working for the development of AR-enabled eyewear or simply smart glasses. Recently, Facebook collaborated with the eyewear manufacturing leader Essilor Luxottica to develop the first AR smart eyeglass “Facebook-Ray Ban Smart Glasses” to be launched in 2021. This technology is anticipated to enable the user to do things such as locating misplaced key, finding things quickly in shops, and navigation.
The luxury sunglass market is segmented on the basis of product type, frame material, end user, distribution channel, and region. By product type, it is bifurcated into polarized and non-polarized. On the basis of frame material, it is divided into acetate, metal, injected, and others. Based on end user, it is fragmenetd into men, women, and unisex. Based on distribution channel, it is classified into supermarkets/hypermarkets, specialty stores, convenience stores, online stores, and others. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Italy, Germany, Spain, Russia, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Sri Lanka, and the rest of Asia-Pacific), and LAMEA (Brazil, Argentina, the UAE, Nigeria, Turkey, South Africa, and the rest of LAMEA).
On the basis of product type, the non-polarized segment accounted for maximum share in the global luxury sunglass market in 2020, and is expected to remain dominant during the luxury sunglass market forecast period. Non-polarized sunglasses consist of glass or plastic lenses and a frame holding the lenses. Non-polarized sunglasses reduce the overall intensity of the bright sunlight. A wide variety of non-polarized sunglasses is available depending upon the color of the lenses, design, materials used in frames, and on-demand customization of the glasses.
By Product Type
Polarized segment would witness the fastest growth, registering a CAGR of 6.1% during the forecast period.
On the basis of frame material, injected frame material is less expensive and its manufacturing involves less time. It is made by injecting the petroleum-based plastic liquid into a metal mold. It is popular, owing to its lightweight & comfort features and injected frames can be produced with a wide range of colors.
By Frame Material
Acetate Segment witnssed a major growth rate of 6.1%
On the basis of end user, the male segment led the luxury sunglass market share in 2020. Availability of male luxury sunglasses with round & transparent lenses and tinted lenses is driving the luxury sunglass market growth rate.
By End User
Men SegMent held the major share of 44.9% in 2020
On the basis of distribution channel, the specialty stores segment is a popular medium for customers to buy sunglasses. Easy availability of desired brands, designs, and colors of sunglasses drives the growth of the specialty stores segment. Online sale of sunglasses is also gaining popularity among customers, owing to proliferation of digital platforms at a global level.
By Distribution Channel
Specialty Stores Segment held the major share of 39.2% in 2020
On the basis of region, North America dominated the luxury sunglass market in 2020, and accounted for maximum share in the luxury sunglass market. The key factors driving the growth of the sunglass market in the region are high purchasing capacity of majority of the population, high demand for luxury and superior quality products, and consumer awareness regarding vision care.
By Region
Eurpoe held the major share of 36.6% in 2020
The players operating in the global luxury sunglass market have adopted various developmental strategies to expand their market share and increased profitability in the market. The key players profiled in this report include Carl Zeiss AG, EssilorLuxottica SA, Giorgio Armani S.p.A., Guccio Gucci S.p.A, Loch Effects, LVMH Moët Hennessy Louis Vuitton, Marcolin S.p.A., Prada S.p.A, Randolph Engineering, Inc, and Safilo Group SpA.
Key benefits for stakeholders
- The report provides quantitative analysis of the current luxury sunglass market trends, estimations, and dynamics of the market size from 2020 to 2030 to identify the prevailing luxury sunglass market opportunity.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size & segmentation assist to determine the market potential.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the luxury sunglass industry.
Key market segments
By Product Type
- Polarized
- Non-polarized
Frame Material
- Acetate
- Metal
- Injected
- Others
By End User
- Male
- Female
- Unisex
By Distribution Channel
- Supermarkets/Hypermarkets
- Specialty Stores
- Convenience Stores
- Online Stores
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- Australia
- South Korea
- Indonesia
- Sri Lanka
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Turkey
- Nigeria
- South Africa
- Rest of LAMEA
Luxury Sunglass Market Report Highlights
| Aspects | Details |
 By Product Type |
|
 By Frame Material |
|
 By End User |
|
 By Distribution Channel |
|
 By Region |
|
 Key Market Players | LOCH EFFECTS, Marcolin S.p.A. (Marcolin Group), SAFILO GROUP S.P.A., LVMH Moët Hennessy Louis Vuitton, RANDOLPH ENGINEERING, INC., Giorgio Armani S.p.A., Carl Zeiss AG, ESSILORLUXOTTICA SA, Guccio Gucci S.p.A, Prada Holding S.P.A. |
Analyst Review
According to the CXOs of leading companies, innovation is the key for the growth of the global luxury sunglass market in terms of value sales. Rise in demand for various wearable devices among the target customer makes way for the manufacturers to come up with sports sunglasses comprising features such as polarized lenses, hydrophobic coating, and Bluetooth wireless connectivity.
The online distribution and sales channel will play a crucial role in the forthcoming years for the growth of the global luxury sunglass market. The online stores has a very low market share, and is yet to witness significant growth during the forecast period. Further, technological advancements, such as 3D try-on, developed by various market players on their website are trying to compete with offline channels to provide the customer best user experience while sitting at home. Social media platforms, celebrity endorsements, and social media influencers have a major role to play in the growth of the global luxury sunglass market.
Moreover, the outbreak of COVID-19 pandemic has made it a compulsion for the market players to invest and develop their digital sales channel to compete in the market. As a result, major companies are investing substantially in digitization and various other online platforms to get off to a flying start in the post COVID-19 period.
The marker value of the luxury sunglass market report is $4.1 Billion in 2020 and is expected to reach $6.9 Billion in 2030.
The Forecast period in the Luxury Sunglass Market report is from 2021 to 2030.
The base year calculated in the Luxury Sunglass Market report is 2020.
Carl Zeiss AG, EssilorLuxottica SA, Giorgio Armani S.p.A., Guccio Gucci S.p.A, Loch Effects, LVMH Moët Hennessy Louis Vuitton, Marcolin S.p.A., Prada S.p.A, Randolph Engineering, Inc, and Safilo Group SpA are the top companies in the market.
Non-polarized segment is the most influencing segment growing in the Luxury Sunglass Market report.
North America holds the maximum market share of the market.
Based on the top companies and their business performance and strategies the companies are selected.
The market value of the market in $4.1 Billion in 2020.
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