Luxury Eyewear Market

Luxury Eyewear Market Outlook (2023 to 2033)

The global luxury eyewear market is valued at US$ 40 billion in 2023 and is expected to reach US$ 56 billion by 2033-end. Global demand for luxury eyewear is predicted to increase at a CAGR of 3.4% from 2023 to 2033.

Increased use of smart devices, the significant discounts provided by online channels, and the ability to compare features and pricing are all boosting the sales of luxury eyewear through e-Commerce platforms. e-Commerce websites enable users to write product evaluations, which enhance the user experience and aid businesses in understanding customer preferences.

Market expansion is attributed to rising levels of consumer disposable income and fashion awareness. Some significant factors influencing the market expansion include the increasing use of e-Commerce platforms and strategic alliances between important industry participants.

Manufacturers are concentrating on growing their consumer base by connecting with them via various channels. Sunglasses and eyeglasses are examples of luxury eyewear. These items fall into the super-premium to luxury price range and include features such as radiation protection and cutting-edge frame styles that are lavishly embellished.

The need for eyeglasses has grown as a result of factors such as the geriatric population, longer life expectancy, and shifting fashion trends. Consumers now wear eyeglasses not just for vision correction but also to improve their entire look. Changes in fashion trends and the shift from spectacles to contact lenses are two factors that have fueled market expansion.

Luxurious eyewear comes with several standout characteristics, including radiation protection and cutting-edge frame designs crafted from precious materials. The eyewear is specifically made to display distinctiveness, luxury, social position, a strong sense of fashion, and quality. The global expectations of sophisticated consumer groups are satisfied by luxury eyewear.

Rising demand for luxury eyewear, particularly premium frames and sunglasses, is being driven by consumers' increased fashion awareness. The adoption of premium eyewear is being driven by the rising awareness of eye health issues connected to ultraviolet A (UVA) & ultraviolet B (UVB) radiation damage. Severe weather forces individuals to wear designer sunglasses to shield their eyes from harmful radiation.

Market expansion will be aided by the rising purchasing power of Generation Z and young professionals, as well as by celebrity impact and rising sales through online channels. Due to the vast supply and variety of luxury eyewear items, high-end customers choose to purchase them.

One of the key factors influencing the growth of the luxury eyewear industry is the use of eyeglasses as a fashion item. Manufacturers and designers of luxury eyewear are putting more of an emphasis on the creation of spectacles and sunglasses in novel aesthetics, dimensions, colors, and structural orientations.

Consumers now have the opportunity to select items based on the occasion and need, such as workplace attire, casual wear, party wear, and beachwear, thanks to ongoing product innovation and development. Prescription sunglasses have become extremely popular, and many customers now own two pairs of glasses for daily use, including one set of ordinary prescription eyeglasses and the other set of prescription sunglasses.

Report Attributes	Details
Luxury Eyewear Market Size (2023)	US$ 40 Billion
Projected Market Value (2033)	US$ 56 Billion
Global Market Growth Rate (2023 to 2033)	3.4% CAGR
Market Share of Sunglasses (2023)	60%
Key Companies Profiled	Luxottica Group Safilo Group Blenders Eyewear LLC Kering GrandVision NV Fielmann AG Marchon Eyewear, Inc. Marcolin S.p.A QSpex Rodenstock GmbH Warby Parker

Why are Sales of Luxury Eyewear Surging across Regions?

“Customization - Key Solution for Optical Needs”

The industry is shifting focus from the generation of generic eyewear to focusing on the individual customer solution. Companies are offering customization with technological solutions such as conveyors to meet the needs of the optical market.

“Virtual Trails to Foster Online Sales of Luxury Eyewear”

Most of the bands in the market are striving to provide a virtual trail on their web portals, which are intended to provide ease for customers before they buy the products. The premium trend in the market makes it crucial for companies to redesign their products based on design, quality, and price components. Moreover, online customers are preferring vendors who offer easy returns and virtual trials, which signifies a new trend in the market.

“Advancements in Production Techniques to Ensure Safety of Products”

Manufacturers are collaborating with raw material suppliers to continually enhance their procedures for ensuring the safety of their products. The development of technology has made it feasible to produce eyeglasses with 3D printing and lightweight materials.

The trends in this field are heavily influenced by the fashion industry. The development of 3D printing has made it possible to quickly and easily customize eyeglasses. With this technique, waveguides and liquid crystal foils are combined during the 3D printing process. Fast fashion trends in sunglasses and other accessories have gained popularity because of the growth of social media platforms such as Instagram and TikTok.

Businesses actively work with social media influencers to expand their global client base and brand recognition. In addition to this, prominent companies in the eyewear industry are concentrating on mergers and acquisitions to expand the geographic reach of their products.

“Wide Availability of Latest Designs”

The accessibility of the latest eyewear styles pushed through entertainment mediums such as movies and TV shows has been crucial to the market's expansion. The availability of a fantastic array of consumer alternatives will foster the expansion of the worldwide market.

The premium eyewear industry is set to undergo a paradigm shift over the coming years. Sunglasses are now mostly promoted on television and in movies. Regarding the use of sunglasses, celebrities are fast to establish trends. This element, together with the accessibility of pairs of polarized eyewear, has facilitated market expansion.

How is Industry Growth Being Restrained to Some Extent?

“Easy Accessibility of Counterfeit Products”

Over the projection period, the risk posed by counterfeit products will be a significant obstacle for the market for luxury eyewear. Consumers find it challenging to discern between authentic and counterfeit items since they seem similar. Hence, counterfeit goods have a detrimental influence on price, sales volume, and customer confidence.

Why is Europe Dominating the Global Luxury Eyewear Market?

“Increase in Celebrity Fashion Influencers in Europe”

• Europe accounts for 50% share of the global market in 2023.

An increase in millionaires and celebrity fashion influencers, as well as rising disposable income, are stimulating market revenue. Market expansion is aided by rising consumer interest in fashionable items. Growing consumer preference for high-end eyewear products and rising affordability to buy premium sunglasses are predicted to boost market value.

Country-wise Insights

Why are Luxury Eyewear Manufacturers Eyeing the United States?

“Presence of Several Prominent Fashion Brands in the Country”

Market growth in the United States is attributed to brand recognition, the rising standard of eyewear products, and the presence of several prominent fashion brands. A rise in the local supply of UV-protected eyewear and a growing trend of wearing chic frames are supporting market expansion.

How is the Market for Luxury Eyewear Progressing in Germany?

“High Living Standards of Individuals in Germany”

Germany is one of the major fashion hubs. High living standards among individuals, the presence of important competitors, and strong product demand are propelling market growth. Rising consumer awareness of image and style is encouraging consumers to spend more on trendy eyewear, which will fuel market value over the coming years.

Why is Japan a Key Market for Luxury Eyewear Manufacturers?

“Increase in Marketing Initiatives across the Country”

The market in Japan is driven by rapid digitalization and increasing e-Commerce penetration, offering luxury eyewear. The presence of young entrepreneurs is also fostering market expansion. Increased marketing initiatives, the introduction of new products, and swift economic development are all contributing to market growth.

Category-wise Insights

Which Product Type is Expected to Gain Immense Popularity in This Space?

“Increasing Consumer Awareness about Sun Protection & Ultraviolet Radiation Driving Demand for Sunglasses”

By product type, the market is segmented into eyeglasses and sunglasses.

• Demand for sunglasses is predicted to increase rapidly at a CAGR of 6% over the next ten years after having held a market share of 60% in 2022.

Sunglasses are gaining popularity due to increased consumer awareness and demand for sun protection and ultraviolet radiation, as well as their growing popularity as a fashion accessory.

As branding is critical for public relations, several sales and marketing strategies are being adopted by manufacturers and fashion houses to increase sales of luxury eyewear. Top market players are engaging in celebrity endorsements, thus leveraging brand affiliation and brand identity on sunglasses. These factors are expected to help boost sales of sunglasses during the forecast period.

Which Distribution Channel Accounts for a Dominant Market Share?

“e-Commerce Platforms Preferred by Consumers Due to Easy Availability of Premium Brands”

Based on distribution channel, the market is divided into e-Commerce, company outlets/franchises, multi-brand stores, hospitals & clinics, and others.

• Sales of luxury eyewear through e-Commerce platforms are projected to increase at a CAGR of 5% over the forecast period.

e-Commerce platforms benefit customers and manufacturers to buy and sell easily. The new additions to this platform, which are gaining speed, include a virtual try-on tool that allows customers to see how the glass fits on their face before buying it.

e-Commerce platforms offer advantages such as high convenience, a broad selection of goods and brands, possibilities for price comparison, home delivery, and price discounts. Most of the key players are strategically investing in online distribution to reach a wider customer base and gain a high market share.

Social media is also an opportunity for luxury eyewear manufacturers to get acquainted with customer demands. Other than demographics and digital evolution, manufacturers try to recognize the challenges and concerns of individuals so that they can work on developing products that are more user-friendly.

Competitive Landscape

Top luxury eyewear providers are focusing on quality control, strategic mergers & acquisitions, product standards, and supply chain management to improve market share and expand their customer base. Key companies in the global luxury eyewear market are focusing on offering innovative eyewear designs following safety regulations, are a versatile mix of comfort and affordability, and can be showcased as fashionable accouterments.

Established players are concentrating on pricing trends and new developments and collaborating with suppliers and distributors around the world, thus making their presence felt across the eyewear supply chain.

For instance,

• In 2019, Luxottica Group, acquired Barberini S.p.A., the world's leading optical glass sun lens manufacturer. The acquisition enables the Group to improve its 'made in Italy' production and its know-how in glass sun and prescription lenses.
• In, 2019, Safilo Group, reported that it has purchased a 70% stake in the California Company, Blenders Eyewear LLC. With Blenders, the company plans to support and accelerate its focus on e-Commerce and omnichannel retailing.

Key Segments of Luxury Eyewear Industry Research

• By Product Type :

  • Eyeglasses
  • Sunglasses

• By Glass Type :

  • Standard
  • UV Protected

• By Demographic :

  • Men
  • Women
  • Kids

• By Price Range :

  • US$ 100 to 300
  • US$ 300 to 500
  • US$ 500 to 700
  • US$ 700 to 900
  • > US$ 900

• By Distribution Channel :

  • e-Commerce
  • Company Outlets/Franchises
  • Multi-brand Stores
  • Hospitals & Clinics
  • Others

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa