Luxury Eyewear Market Size to Trigger $16.05 Billion by 2028 Boosted by Increasing Fashion Consciousness and Rising Awareness About Eye Health Among Consumers | Million Insights

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According to new report available with Million Insights, the global luxury eyewear industry report provides a detailed analysis of global market size, regional and country-level market size, competitive landscape, impact of domestic market players and value chain optimization.

The global Luxury Eyewear Market is expected to reach USD 16.05 billion by 2028, according to a new report by Million Insights. It is expected to grow at a CAGR of 3.5% from 2021 to 2028. Increasing fashion consciousness and growing consumer disposable income levels are driving the growth of this market. Rising awareness about eye health among consumers is also a key factor driving the product demand.

Manufacturers are concentrating on various business development strategies, such as partnerships, mergers and acquisitions, new product development, and expansion in new geographies, to increase their sales and market share. However, increasing penetration of counterfeit luxury eyewear products is a major restraining factor for the market. Due to the COVID-19 pandemic, the market had observed a drop in product sales due to a disrupted supply chain as a result of the imposition of lockdown and other restrictions across various countries.

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The offline distribution channel segment contributed to the largest revenue share in 2020. Offline channels include company outlets, multi-brand stores, etc. These stores provide a choice of physical verification and trials & facility of products to the end-users. In addition, well-established distribution channels across the world and higher preference of older demographics for in-store purchases are the factors contributing to the growth of the offline segment. 

The women end-user segment accounted for the largest revenue share of the global market in 2020. The segment is estimated to expand further at the fastest CAGR from 2021 to 2028 on account of rising fashion consciousness, increasing population of working women, and growing disposable incomes. Regional analysis revealed that Europe accounted for a significant market revenue share in 2020. European countries, such as the U.K., France, Germany, and Italy, are the prominent fashion hubs, which will support the market growth in the Europe region. Moreover, the presence of key players and high product demand is projected to drive the regional market.

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Luxury Eyewear Market Report Highlights:

• North America was the largest regional market in 2020 and is expected to register the fastest CAGR from 2021 to 2028

• This is due to the strong presence of a large number of celebrity fashion influencers & millionaires and high disposable income levels

• The sunglasses segment dominated the market and accounted for the largest revenue share

• The segment is estimated to expand further at the fastest CAGR of more than 3.5% from 2021 to 2028

• Sunglasses provide protection from UV radiations, which can prevent individuals from eye-related problems

• The online distribution channel segment is likely to register the fastest CAGR of 3.7% from 2021 to 2028

• This growth can be credited to the benefits offered by online platforms, such as convenience, easy product accessibility, availability of a wide range of products of various brands, home delivery services, cashback offers, and discounts on product

Luxury Eyewear Market Segmentation

Million Insights has segmented the global luxury eyewear market on the basis of product type, distribution channel, end user, and region:

Luxury Eyewear Product Type Outlook (Revenue, USD Million, 2017 – 2028)
Eyeglasses
Sunglasses

Luxury Eyewear Distribution Channel Outlook (Revenue, USD Million, 2017 – 2028)
Offline
Online

Luxury Eyewear End-user Outlook (Revenue, USD Million, 2017 – 2028)
Men
Women
Kids

Luxury Eyewear Regional Outlook (Revenue, USD Million, 2017 – 2028)
North America
U.S.

Europe
Germany
U.K.
France

Asia Pacific
China
Japan

Central & South America
Brazil

Middle East & Africa
South Africa 

List of Key Players of Luxury Eyewear Market

Louis Vuitton SE
Kering SA
EssilorLuxottica SA
Chanel Limited
Ralph Lauren Corp.
GrandVision NV
Burberry Group PLC
Fielmann AG
Safilo Group S.p.A.
Marcolin S.p.A.

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