Sunglasses are the form of protective eyewear which are specially designed to protect eyes from high energy visible light. It consists of a pair of lenses and a frame. Lenses are made from high quality glasses or polymers which offer better functionality to the sunglasses for applications such as travelling by road, air travel, or sports.
MARKET DYNAMICS
- Increasing awareness about harmful effects of UV rays on the eyes is boosting demand for high quality luxury sunglasses. Excessive exposure of the eyes to UV radiation (or sunlight) causes several disease and conditions such as macular degeneration, cataract, pterygium, photokeratitis, and may also result in temporary to permanent vision lost.
- Constantly changing product offerings is a key driver for the global luxury sunglasses market growth. For every 4 to 6 months, leading companies are launching new sets of luxury sun glasses with different shapes, size, color & designs. Companies are focused on launching new products in order to expand their consumer base and demand for sunglasses designs.
- Stringent government regulations & standards imposed on sunglasses are key challenges that are expected to hamper the market growth. For instance, the U.S. Food & drug Administration (FDA) regulates sunglasses products as a medical device as they are intended to protect eyes from UV rays. The FDA regulations are,
- Both manufacturer and U.S. Importers must register their product with FDA
- Manufacturers must fulfill the Quality System (QS) requirements set forth In 21 CFR 820
- The sunglasses lens must be certified as 'Impact Resistant' under 21 CFR Part 801.410
MARKET OUTLOOK
- According to the American Academy of Ophthalmology, over 9.6 million people in the U.S. suffered from high myopia in 2016. Moreover, the occurrence of myopia in women was higher compared to men. These factors have led to higher sales of women-centric vision products such as sunglasses. Furthermore, high spending by both men & women among the millennial populace is expected to drive growth of the market.
- Specialty store segment dominated the global market in 2018, and is projected to maintain its dominance throughout the forecast period. Distribution channels of specialty stores include exclusive company outlets. Major players in the market such as Luxottica, Essilor, GrandVision, and Safilo have achieved high degree of vertical integration by marketing their products into luxury retail.
- Europe accounted for major market share in the global luxury sunglasses market in 2018. Presence of leading industry players such as Luxottica Group S.p.A., Safilo Group S.p.A. and their well-established supply chains in Europe is a key factor for significant growth of luxury sunglasses market in Europe.
KEY PLAYERS OPERATING IN THE MARKET
Major players operating in the luxury sunglasses market include Essilor International S.A., LOUIS VUITTON, Luxottica Group S.p.A., Safilo Group S.p.A., Solstice Sunglasses, CHARMANT, De Rigo Vision S.p.A., Guccio Gucci S.p.A., Carl Zeiss, and Marmolada S.p.A. among others.
Leading players are investing in the global luxury sunglasses market by introducing new products. For instance, in June 2019, leading premium polarized eyewear brand named Maui Jim launched ‘Even Keel’, a National Sunglasses Day Collection for 2019. Even Keel sunglasses include the company’s patented PolarizedPlus2 lens technology which offers complete protection from harmful UVA/UVB rays.
MARKET TAXONOMY
On the basis of product type, the Global Luxury Sunglasses market is segmented into:
On the basis of material, the Global Luxury Sunglasses market is segmented into:
On basis of end user, the Global Luxury Sunglasses market is segmented into:
On basis of distribution channel, the Global Luxury Sunglasses market is segmented into:
- Hypermarkets & Supermarkets
- Specialty Stores
- Online Channels
- Others
On the basis of region, the Global Luxury Sunglasses market is segmented into:
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- North America
- Europe
- U.K.
- Germany
- France
- Italy
- Russia
- Rest of the Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East
- GCC
- Israel
- Rest of Middle East
- Africa
- North Africa
- Central Africa
- South Africa
