Luxury Eyewear Gaining Prominence across Developed and Developing Economies
The global luxury eyewear market is estimated to grow at a modest CAGR of over 3% during the forecast period (2019-2027) and reach a valuation of over US$ 50 Bn. The aspirations of luxury businesses is shifting exponentially over the past decade, and are continuing to be influenced by evolving consumer preferences. In European countries such as Germany, the UK, France, Spain, and Italy, the demand for luxury sunglasses and eyeglasses among potential customers is growing. Despite volume sales relative to the mass-produced products, rising consumer spending on premium brands during the forecast period will prove to be fruitful for the luxury eyewear market. However, increasing e-commerce penetration has further accelerated the sales of counterfeit products by expanding their geographical scope. Customers are facing difficulties in distinguishing between genuine and falsified items, since they seem similar.
Luxury Eyewear Market to Soar on Popularity, as Sunglasses Incur Sales of Over 6%
The sunglasses segment is expected to witness respectable sales figures during the forecast period with a growth rate of over 6%. The sunglasses segment will be driven by increasing consumer awareness and demand for sun protection and ultraviolet radiation, as well as the growing popularity of sunglasses 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-tier competitors in the luxury eyewear market are engaging in celebrity endorsement, thus leveraging brand affiliation and brand identity on sunglasses. These factors are expected to help boost sales of sunglasses during the forecast period.
E-commerce and Social Media to Clip Steady Growth Rate
The online distribution of luxury eyewear is growing at an annual growth rate of about 5.5%. Online platforms benefit customers and manufacturers to buy and sell easily. The new additions on this platform which are gaining speed is a virtual try on tool which allows customers to actually see how the glass fits on their face before buying it. Most of the key players involved in luxury eyewear commerce are strategically investing in online distribution in order to reach a wider customer base and gain high market share. Social media is also an opportunity gateway for the 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 which are more user friendly.
Moderately Fragmented Market Structure with a Multifaceted Supply Chain
Primary competitors in the global luxury eyewear market are focusing on strategic mergers & acquisitions to improve market share and expand their customer base. In the medium to low price range the market is quite fragmented. Key companies in the global luxury eyewear market are focusing on offering innovative eyewear designs that are a versatile mix of comfort, affordability and can be showcased as fashionable accoutrements. Some of the key developments in the luxury eyewear market are:
- In August 2019, Luxotica 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 December, 2019, Safilo Group reported that it has purchased a 70 per cent stake in the California Company, Blenders Eyewear LLC. With Blenders, the company plans to support and accelerate its focus on e-commerce and omni-channel retailing.
The supply chain is highly complex and the manufacturers require strong networks to be effective in the market. This factor will put forward a serious challenge for new entrants as investments are to be made in every distribution channel. Besides, the established players are integrated vertically, and are collaborating with suppliers and distributers around the world, thus making their presence felt across the eyewear supply chain.
Global Luxury Eyewear Market - Scope of the Report
The following report provides forecast and analysis of the global luxury eyewear market along with the historical data of 2013, estimated data 2019 and forecast data up to 2027 in terms of revenue (US$ Mn) and volume (Mn Units), according to a Fact.MR study. The research propounds critical trends that are currently influencing growth within the global luxury eyewear market along with several macro-economic indicators. This newly published and insightful report on luxury eyewear sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global luxury eyewear market.
The report also comprises the study of current issues with end users and opportunities for luxury eyewear. It also contains value chain analysis, including the key market participants. To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews. The dashboard included in the report provides a detailed comparison of luxury eyewear manufacturers on parameters such as total revenue, product offerings, and key strategies. A list of key companies operating in the luxury eyewear market provided in the report adds to the credibility of this exhaustive research study.
Global luxury eyewear Market: In-Depth Assessment on Key Segments
The global luxury eyewear market is segmented on the basis of product type, glass type, demographic, price range, distribution channel and region.
|
Product Type |
Glass Type |
Demographic |
Price Range |
Distribution Channel |
Region |
|
Eyeglasses |
Standard |
Men |
US$ 100 – 300 |
E-Commerce |
North America |
|
Sunglasses |
U.V. Protected |
Women |
US$ 300 – 500 |
Company Outlets / Franchises |
Latin America |
|
|
|
Kids |
US$ 500 – 700 |
Multi Brand Stores |
Europe |
|
|
|
|
US$ 700 – 900 |
Hospitals & Clinics |
APAC |
|
|
|
|
US$ > 900 |
Others |
MEA |
This taxonomy and the detailed toc prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
Country-specific assessment on demand for luxury eyewear has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous luxury eyewear manufacturers, experts, and suppliers. Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries. The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global luxury eyewear market. Some of the major competitors operating in the Luxury Eyewear market are Luxottica Group S.p.A., Safilo Group S.p.A., Essilor International S.A., LVMH Moët Hennessy (Louis Vuitton SE), Giorgio Armani S.p.A. and others.
Global Luxury Eyewear Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications. Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research. The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the luxury eyewear market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the luxury eyewear market, which includes global GDP growth rate, per capita spending on eye care products, per capita disposable income, and retail & consumer goods industry growth outlook among other factors. This report serves as an authentic resource of intelligence on the luxury eyewear market, enabling the readers to take fact-based decisions on the future direction of their businesses.
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Luxury Eyewear Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2019 to 2027