Research Support Specialist, USA
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.
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.
The report “Luxury Eyewear Market Size, Share & Trends Analysis Report By End User (Women, Men), By Product Type (Eyeglasses, Sunglasses), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global luxury eyewear market on the basis of product type, distribution channel, end user, and region: