Premium Sunglasses Market Size, Share, Growth, and Industry Analysis, By Type (CR-39 Premium Sunglasses, Polycarbonate Premium Sunglasses, Polyurethane Premium Sunglasses, Glass Premium Sunglasses & Others), By Application (Men & Women) and Regional Forecast to 2032

Updated On: 04 November 2024

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PREMIUM SUNGLASSES MARKET REPORT OVERVIEW

The Premium Sunglasses Market Size was Valued at US$ 14.52 Million in 2023. The Market is likely to Surpass US$ 24.89 Million by 2032 at a CAGR of 5.54% During the Forecast period [2024-2032].

The premium sunglasses marketplace is witnessing robust increase which is driven by the of rising consumer interest approximately eye protection and rising disposable incomes. High end brands like De Rigo Vision, Louis Vuitton, and Essilor dominate the market place with impressive designs and advanced lens technology. Fashion trends, superstar endorsements, and rising choice for branded accessories benefits this marketplace. Online retail channels have increased the reach of markets and on the other hand, eco friendly and sustainable ingredients are increasingly liked by conscious buyers. It is because of the higher purchasing power and fashion conscious customers that North America commands a greater market share, followed by Europe. However, the Asia Pacific region has fast emerged as a lucrative market with immense growth potential.

COVID-19 Impact on Market Growth Restrained by Pandemic due to Lockdown

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic had an adverse effect on the premium sunglasses market since it has been analyzed that consumers are spending less on non-essential products. These lockdowns and travel restrictions, taken to deal with COVID-19, strike severely on the closure of retail stores for extended periods. This much affected sales and delayed production and distribution, thereby causing supply chain disruptions, further hampering the market growth. Also, with the pandemic, people started working remotely, and outdoor activities were also reduced, thereby decreasing the usage of sunglasses. This was further compounded by economic uncertainties and job losses, making consumers more cautious about expenditure and shifting focus to only the most essential goods and in this case, for instance, it replaces premium sunglasses. The factors thus contributed collectively to a notable decline of the market during the pandemic.

LATEST TRENDS

"Leveraging Edge Computing Integration to Propel Market Growth"

The latest trends in the premium sunglasses market underline a shift towards sustainability and newest technology. Consumers, increasingly, reach out to eco-friendly materials and therefore manufacturers have started developing sunglasses with recycled and biodegradable additives. Advanced lens technologies, coupled with blue light filtering and polarisation, are gaining an upper hand in improving visual comfort and protection. Fashion forward designs with bold, specific frames are some of the trends, underscoring the junction of style and function. Other strong appeals include choices for customization and collaborations with high-end fashion brands. More and more integration of smart features, such as UV detection and augmented reality, gives a further techy feel to what used to be simple eyewear.

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PREMIUM SUNGLASSES MARKET SEGMENTATION

By Type

Based on type the market can be categorized into CR-39 Premium Sunglasses, Polycarbonate Premium Sunglasses, Polyurethane Premium Sunglasses, Glass Premium Sunglasses & Others.

• CR-39 Premium Sunglasses: Based on type, the premium sunglasses market can be segmented into CR-39 premium sunglasses. These sunglasses are in demand for their lightweight, optical clarity, and shatter resistance. CR-39 lenses reflect better optical comfort and protection; hence, they turn into a precondition of top premium eyewear buyers.

• Polycarbonate Premium Sunglasses: Based on type, the premium sunglasses market can be divided into polycarbonate premium sunglasses. They are specially known for their great resistance, light weight, and excessive effect resistance qualities, those sunglasses are capable of delivering superior protection to eyes with luxury looks. Polycarbonate lenses are the choice of energetic buyers and outdoor enthusiasts seeking tougher and more reliable eyewear.

• Polyurethane Premium Sunglasses: Based on type, the premium sunglasses market can be segmented into polyurethane premium sunglasses. The shades are very much known for the fact that they are flexible, light in weight, and highly resistant to impact. The polyurethane lenses make the shades more comfortable and durable, hence highly in demand by all customers who would want high performance sunglasses that will turn out to serve them longer.

• Glass Premium Sunglasses: Based on type, the premium sunglasses market can be categorized into glass premium sunglasses. With their enhanced optical clarity and scratch resistance, glass lenses guarantee outstanding visible satisfaction. Though they are heavier compared to other materials, they represent the preference of customers who, above all, value the durability and accuracy of the lenses in their premium eyewear.

By Application

Based on application the market can be categorized into Men & Women.

• Men: By application, the premium sunglasses market can be divided into men. They are a kind of shades targeting male clients, specializing in style, durability, and functionality. Equipped with various frames and lens technology, they offer protection and allure to style appeal, thus attracting men who value super fashionable eyewear.

• Women: By application, the premium sunglasses marketplace is also labeled for women. These sunglasses are designed for the female consumers and focus on style, beauty, and capability. They come in a large number of styles and hues, with improved lens technologies, therefore captivating ladies who are looking for outstanding, classy eyewear that supplies both safety and aesthetic appeal.

DRIVING FACTORS

"Increasing Awareness for Eye Care and UV Protection to Drive the Market Advancement"

Increasing awareness regarding eye care and UV protection is hereby fueling demand for the premium sunglasses market growth. Consumers are becoming more aware of the potential risks associated with extended sun exposure, such as damage to the eyes and possible vision problems. High-end sunglasses are particularly known to be equipped with advanced protection from UV rays and innovative lens technologies that allow them to ensure quality eye care. Brands are cashing in on this trend through the help of selling fitness attributes of their products, educating consumers on the necessity of great lenses, and even funding research to develop better optical solutions.

"Rising Disposable Income and Increasing Affluence to Expand the Market"

The rising disposable incomes and affluence is an another driver in the premium sunglasses market. As international economies recover and individual wealth improves, customers will be motivated to spend more on luxurious and high quality products. Premium sunglasses, that are often considered an indicator of class and a fashion statement, become more and more affordable for a much larger segment of people. The boom is fiscally powered by developing markets, urbanisation, and a strongly growing middle class. High net worth individuals and fashion conscious buyers raise the demand for premium sunglasses, resulting in accelerated growth and brand expansion.

RESTRAINING FACTOR

"High Cost of Premium Sunglasses Pose Potential Impediments to the Market Growth "

The high price of products is the major restrain to the premium sunglasses market. Typically, premium sunglasses are comparatively more costly than regular ones and, hence, serve as a repellent to price sensitive consumers. This costs can be attributed to high quality materials, state of the art lens technologies, and the prestige associated with brands. Economic uncertainties, such as inflation and fluctuating disposable income, further aggravate this and turn consumers cautious about spending on luxury products. Moreover, more pocket friendly counterfeits will reduce market growth since consumers will settle for cheaper alternatives with features similar to those of premium brands. These issues all contribute to keeping premium sunglasses away from a wider audience.

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PREMIUM SUNGLASSES MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America to Dominate the Market due to High Consumer Spending and Fashion Consciousness"

North America dominates the premium sunglasses market share, driven primarily by high consumer spending power and interest in fashion. Besides, a well established retail infrastructure and the presence of key manufacturers such as Ray-Ban and Oakley are other factors that contribute to regional dominance. Another driver for demand in the premium category of sunglasses is increased awareness among consumers about eye health and UV protection. Moreover, shared outdoor activities and a healthy tourism sector in North America also support higher income. The focus of the region on innovation and embracing advanced lens technology also guarantees the continuation of dominance in the premium sunglasses market.

KEY INDUSTRY PLAYERS

"Key Players Transforming the Market Landscape through Innovation and Global Strategy"

Key players in the premium sunglasses market, drive market growth through innovation, brand collaborations, and giant distribution & supply networks. They invest heavily in advertising, design, and technology to provide wonderful products that improve consumer appeal and gain competitive advantage.

LIST OF MARKET PLAYERS PROFILED

• Louis Vuitton (France)
• De Rigo Vision (Italy)
• Essilor (France)

INDUSTRIAL DEVELOPMENT

July, 2024: Luxottica Group further consolidated its position within the premium sunglasses market category by opening new flagship stores in various key cities across Asia pacific region and thereby increased its retail presence to capture a larger share of the growing demand for premium eyewear in the region.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global premium sunglasses market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth. This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.