Global Luxury Eyewear Market 2019-2023

About this market
Growing trend for personalized luxury eyewear to drive market growth. The desire for premium eyeglasses and sunglasses among potential customers is growing in European countries such as Germany, the UK, France, Spain, and Italy. Some of the popular premium brands of sunglasses are sold by LVMH. LUXOTTICA GROUP. Safilo Group, and Essilor. Despite low volume sales relative to the mass-made product, increasing consumer expenditure on premium brands will prove fruitful for the market during the forecast period. analysts have predicted that the luxury eyewear market will register a CAGR of over 6% by 2023.
Market Overview
Increasing cases of vision disorder
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 raised the demand for vision correction devices such as prescription lenses. Consumers aged between 15 and 49 years are the major users of sunglasses. The use of sunglasses by consumers above the age of 50 is gradually growing. Also, the introduction of new prescription sunglasses has eliminated the use of different pairs of prescription eyewear and sunglasses.
Threat from counterfeit products
The growing market prospects of fashion products and their surging demand are driving the market for counterfeit luxury eyewear, particularly in developing regions. The advent and growing penetration of e-commerce have further propelled the sales of counterfeit products by widening their geographical reach. Customers face difficulties in distinguishing between genuine and counterfeit products, as they appear similar
For the detailed list of factors that will drive and challenge the growth of the luxury eyewear market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including LVMH and Safilo Group the competitive environment is quite intense. Factors such as the rising cases of vision disorder and the growing trend for personalized luxury eyewear, will provide considerable growth opportunities to luxury eyewear manufactures. Essilor, Kering, LUXOTTICA GROUP, LVMH, and Safilo Group are some of the major companies covered in this report.