Market Research Report
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
|Published by||Global Market Insights Inc.||Product code||916030|
|Published||Content info||320 Pages
Delivery time: 2-3 business days
|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|
|Published: October 1, 2019||Content info: 320 Pages||
Luxury Eyewear market is projected to surpass USD 52 billion by 2025. The market growth is attributed to the growing eye health awareness among consumers.
Some major findings of the luxury eyewear market report include:
Rapid digitalization across the globe is increasing the screen time for everyone, which is adversely impacting eye health. Digital devices, such as smartphones, tablets, and laptops, are toxic to eye health, predominantly in children and teenagers, as they use digital media uninterruptedly for long hours to play games and watch videos. For instance, in 2018, over 32% of German youngsters complain of bad eye health due to the uninterrupted use of digital media.
Rapid digitalization is supporting luxury eyewear market growth. However, the growing sales through e-commerce websites is propelling the market share of counterfeit luxury eyewear. This will harm the brand reputation and product integrity, reducing uniqueness of the product. Easy availability of these counterfeit luxury eyewear will decline the individuality of the sophisticated consumer group. Counterfeit goods are entering a legitimate supply chain due to weak verification of product traceability and authenticity at warehouse & logistics channels. Market players are developing and deploying anti-counterfeit solutions to protect their brand reputation and product authenticity. For instance, in September 2017, Luxottica Group developed Guaranteed Luxottica Origin Worldwide (GLOW), which is based on RFID technology to verify product traceability, authenticity, and legitimacy of its sales channels. It protects consumers from buying counterfeit luxury eyewear, enhancing Luxottica's brand reputation.
Luxury eyewear with price ranging from USD 200 to USD 500 is projected to grow at more than 2% CAGR over the forecast timeline due to the growing spending capabilities of middle-class income group. The rise in aging population across the globe is expected to drive the requirement for vision correction and a more complex eye care solution. For instance, about one-third global population was above the age of 45 in 2018. The average age of presbyopia is 45 and consumers of this age group prefer to buy luxury frames and lenses. This proportion is expected to rise in the coming years. Consumers prefer to buy high-end lenses to enhance their eye health. Increasing spending of consumers particularly on lenses and comparatively less spending on frames is proliferating the segment growth.
The sunglasses segment held a significant market share in 2018 and is estimated to increase over the forecast timeline due to extreme weather conditions and growing eye health awareness. A rise in the number of millionaires across regions such as the Middle East & Africa (MEA) and Asia Pacific coupled with extreme weather conditions is proliferating the segment growth. Growing health awareness related to UV rays' protection among HNWI and upper-middle-class buyer groups is a major factor in the availability of UV protected sunglasses for high-end consumers.
Major players in the luxury eyewear market are focusing on various business growth strategies such as strategic alliances and developing innovative products. Additionally, the market players showcase their product's unique ability through several promotional events. This helps them to enhance product integrity and brand reputation, which are key purchasing patterns in the luxury eyewear market. For instance, in March 2019, Oakley partnered with 18 leading North American mountain resort companies, focusing on mountain adventure sports such as Breckenridge, Keystone, Park City, Heavenly, Northstar, Kirkwood, Stowe, Vail Resorts' Vail, Beaver Creek, and Whistler Blackcomb to support the winter season, equipping riders with goggles, eyewear, outerwear, helmets, and accessories. This partnership helped the company to test its Oakley Prizm lens technology in the mountain environment. The ability of its sunglass in extreme weather conditions is expected to help the company to increase its market share in the luxury eyewear market.
Market players are also focusing on expanding their business in the unserved region by opening their retail stores. For instance, in October 2018, Oliver Peoples opened a retail store in Vancouver, Canada that was first in Western Canada. This new store helped the company to expand its customer base in Western Canada.