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| Global Luxury Sunglasses Market Growth |
Luxury sunglasses provide protection from damaging UV rays and are increasingly
being seen as fashion accessories. Sunglasses offer style while shielding the
eyes from sun exposure that can cause cataracts and age the skin prematurely.
The global
luxury sunglasses market is estimated to be valued at US$ 12813.32 Mn in 2023 and is expected to exhibit a CAGR of 39% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The growth in the luxury sunglasses market is accelerated by rising affluence
in emerging economies such as China, India, Brazil, Thailand, and others. As
the disposable incomes increase in these regions, more consumers are willing to
spend on luxury and premium products to flaunt their status. The demand for
international luxury fashion brands is witnessing a steady rise. Luxury
sunglasses manufacturers are thus expanding their presence in emerging markets
through e-commerce platforms and company-owned stores to capitalize on the
trend of premiumization. This is expected to continue contributing to the
market growth over the forecast period.
Segment Analysis
The global luxury sunglasses market is dominated by the polarized segment due
to its ability to block harmful rays. Polarized lenses filter out horizontal
light rays that cause glare on surfaces like water, snow, and reflective
materials. This leads to clearer vision and comfort while driving or being
outdoors, making polarized lenses a popular choice.
Key Takeaways
The Global
Luxury Sunglasses Market Growth is expected to witness high growth. The
global luxury sunglasses market is estimated to be valued at US$ 12813.32 Mn in 2023 and is expected
to exhibit a CAGR of 39% over the
forecast period 2023 to 2030.
Europe holds
the largest share currently due to the high disposable incomes and demand for
premium luxury products in countries like Italy, UK and Germany. However, Asia
Pacific is expected to grow at the fastest pace due to rising living standards
in countries like China, India and South Korea. Sunglass brands are focusing on
expanding their footprint in Asia to tap the potential growing demand.
Furthermore, favorable government initiatives promoting manufacturing is aiding
regional growth.
Key players related content comprises
Key players operating in the luxury sunglasses market are AOC Resins, Ashland
Inc., BASF SE, CCP Composites, Changzhou New Solar Co. Ltd., DSM, DuPont,
Lanxess AG, Eternal Chemical Co. Ltd., Reichhold Inc., SABIC Innovative
Plastics Holding BV, and Satyen Polymers Pvt. Ltd.
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