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Study : Luxury eyewear global market to grow at 6% CAGR to 2023, according to Technavio

Study : Luxury eyewear global market to grow at 6% CAGR to 2023, according to Technavio

The global luxury eyewear market size is expected to post a CAGR of over 6% during the period 2019-2023 according to the latest market research report by Technavio.

 

By Luxus Plus

 

The increasing cases of vision disorder is one of the major reasons for the luxury eyewear market growth. Factors such as the growing levels of pollution and unhealthy and undernutritious diet of people across the globe are leading to various health issues, including vision disorders.

This has increased the demand for vision correction devices such as prescription lenses. Moreover, the introduction of new prescription sunglasses has led to the elimination of different pairs of prescription eyewear and sunglasses.

As per Technavio, the utility of eyewear as a fashion product will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.

 

Luxury Eyewear Market: Utility of Eyewear as a Fashion Product

Luxury eyewear manufacturers and designers are developing eyeglasses and sunglasses in new styles, shapes, sizes, colors, and structural orientation.

Continuous product development and product innovation is enabling consumers to choose from a wide range of available products depending on the occasion and need, such as office wear, casual wear, party wear, and beachwear. These factors will contribute to the growing demand for luxury eyewear, thereby driving the market.

Other factors such as the growing trend for personalized luxury eyewear, and adoption of omnichannel retailing will have a significant impact on the growth of the luxury eyewear market value during the forecast period,” says a senior analyst at Technavio.

Luxury Eyewear Market: Segmentation Analysis

This market research report segments the luxury eyewear market by product (eyeglasses and sunglasses) and geographical regions (North America, Europe, APAC, South America, and MEA).

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The North American region held the largest share of the market in 2019, followed by Europe, APAC, South America, and MEA respectively.

However, the APAC region is expected to register the highest incremental growth during the forecast period, due to factors such as the rising marketing campaigns, launch of new products, and rapid economic development in countries such as China, India, and South Korea.

 

 

 

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