Luxury sunglasses have become a fashion essential these days. Luxury sunglasses are usually made from high quality materials like acetate, metals and plastics. They provide protection from harmful UV rays of the sun while adding style to one's look. Increasing lifestyle changes and rising environmental pollution have resulted in growing cases of eye problems. Luxury sunglasses help protect eyes from harsh sunlight and provide UV protection.
The global Luxury Sunglasses Market is estimated to be valued at US$ 12813.32 Mn in 2023 and is expected to exhibit a CAGR of 39% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising Disposable Income
The growing urban population and rising disposable income levels in developing regions provide a huge opportunity for luxury sunglasses market players. As awareness about eye health increases and consumers become more fashion conscious, their spending on premium eyewear products is increasing. The average spending on sunglasses per person has seen a significant rise over the past few years. Market players can leverage the rising affordability of consumers in developing countries by introducing affordable luxury brands to tap into this expanding customer base. With economic growth projected to continue driving disposable incomes higher, the luxury sunglasses market is expected to witness robust demand over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barriers to entry compared to other luxury markets. However, established brands have strong brand loyalty and distribution networks that are difficult for new companies to replicate.
Bargaining power of buyers: High due to the availability of substitutes. Buyers have high bargaining power due to the availability of substitute products from other brands. However, some brands have strong brand value and loyal customer bases.
Bargaining power of suppliers: Moderate as there are many raw material suppliers. However, a few raw material suppliers may dictate the prices thereby exercising some control.
Threat of new substitutes: Moderate threat from new substitute products. Luxury substitute product lines (clothing, handbags, footwear) can capture market share with innovative designs and marketing strategies.
Competitive rivalry: High among major global brands. Competition is intense regarding new product development, competitive pricing, and expansion into new markets.
SWOT Analysis
Strengths: Strong brand recognition of leading brands. Ability to charge premium pricing. Huge customer bases and loyal customer following.
Weaknesses: High operating costs. Vulnerable to economic downturns affecting discretionary spending. Over-reliance on few major brands.
Opportunities: Growth opportunities in emerging economies. Expand product offerings to other luxury accessories. Introduction of new technologies like polarized and photochromatic lenses.
Threats: Volatility in raw material prices. Rising popularity of private label brands offering. Economic uncertainties and currency fluctuations. Threat from substitute luxury products.
Key Takeaways
The Global Luxury Sunglasses Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The global Luxury Sunglasses Market is estimated to be valued at US$ 12813.32 Mn in 2023 and is expected to exhibit a CAGR of 39% over the forecast period 2023 to 2030.
North America constitutes the largest market currently owing to high disposable income levels and presence of major players. However, Asia Pacific region is expected to grow at the fastest pace led by countries like China, Japan and India where rising living standards are driving demand for premium and luxury accessories. Europe is also considered as one of the prominent regions in the luxury sunglasses market. Countries like Italy, Germany and UK have a strong presence of premium luxury brands. Growth in these countries is driven by high spending power and fashion consciousness. However, Asia Pacific region is projected to grow at the highest CAGR during the forecast period with China and Japan dominating the regional market.
Key players related content comprises- Key players operating in the luxury sunglasses market are AOC Resins, Ashland Inc., BASF SE, CCP Composites, Changzhou New Solar Co. Ltd., DSM, DuPont, Lanxess AG, Eternal Chemical Co. Ltd., Reichhold Inc., SABIC Innovative Plastics Holding BV, and Satyen Polymers Pvt. Ltd. Major brands include Luxottica Group, Safilo Group, Marcolin, De Rigo Vision, Charmant, Rita Wayfarer etc. These companies focus on new product launches and expanding their distribution networks globally.
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