The global luxury eyewear market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio.
Factors such as the growing levels of pollution and unhealthy and undernutritious diet of people across the globe lead to various health issues, including vision disorder. This has increased the demand for vision correction devices such as prescription lenses. Major users of sunglasses are aged between 15 and 49 years; however, the use of sunglasses by consumers above the age of 50 is gradually growing. Moreover, the introduction of new prescription sunglasses has led to the elimination of different pairs of prescription eyewear and sunglasses.
As per Technavio, the utility of eyewear as a fashion product will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global luxury eyewear market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global luxury eyewear market: Utility of eyewear as a fashion product
Luxury eyewear manufacturers and designers are developing eyeglasses and sunglasses in new styles, shapes, sizes, colors, and structural orientation. The improvisation of product development and product innovation is enabling the consumers to choose products depending on the occasion and need, such as office wear, casual wear, party wear, and beachwear.
Prescription sunglasses are becoming popular among consumers as many of them maintain two pairs of glasses for daily use, one pair of regular prescription eyeglasses and another as prescription sunglasses. Primary targets for the fashionable luxury sunglasses are the teenagers and consumers in their early 20s as these sunglasses add to the style statement. Women have also become economically independent, and hence can afford the premium and luxury sunglasses, says a senior analyst at Technavio.
Global luxury eyewear market: Segmentation analysis
This market research report segments the global luxury eyewear market by product (eyeglasses and sunglasses) and geographical regions (North America, Europe, APAC, South America, and MEA).
The eyeglasses segment held the largest market share in 2018, accounting for over 68% of the market. This product segment is expected to dominate the global market throughout the forecast period.
North America led the market in 2018 with a market share of over 40%. This region is expected to dominate the market through 2023.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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