The global luxury sunglass market is witnessing a remarkable surge, poised to reach USD $6.9 billion by 2030, with a compound annual growth rate (CAGR) of 5.5%. This exponential growth is fueled by factors such as rising living standards, evolving fashion trends, and the increasing popularity of e-commerce among consumers.
Extended exposure to sunlight poses various risks to eye health, making sunglasses a crucial accessory for protection. Moreover, the ongoing digital transformation, coupled with the impact of the COVID-19 pandemic, has emphasised the importance of digitization for market players to thrive in the luxury sunglass market.
Global per capita income is on the rise, particularly in emerging economies, leading to increased urbanisation and a growing middle-class population. This demographic shift has fostered a preference for convenience-oriented lifestyles, driving the demand for luxury sunglasses across all age groups, especially among youngsters. Additionally, the trend of sporting luxury sunglasses with innovative designs, such as retro cat-eye lenses and hexagon lenses, further propels market growth.
Segmentation of the luxury sunglass market by product type includes polarised and non-polarized sunglasses, with the latter dominating the market due to its wide variety of options and easy availability. Frame materials such as injected frames, known for their lightweight and comfort features, are gaining popularity among consumers.
Specialty stores remain a preferred distribution channel for purchasing sunglasses, although online sales are rapidly gaining traction due to the proliferation of digital platforms globally. North America leads the market, driven by its high purchasing capacity, demand for superior-quality products, and consumer awareness regarding vision care.