(MENAFN-EIN Presswire) the emergence of living and developing fashion trends, as well as the growing popularity of e-commerce among consumers.
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, UNITED STATES, January 29, 2024 /EINPresswire/ — According to a new report published through Allied Market Research, titled “Luxury Sunglasses Market by Type of Product, Frame Material, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030”, Global Luxury Sunglasses Market Length is Valued at $4. 1 Billion in 2020 and is expected to generate $6. 9 billion USD through 2030, registering a CAGR of 5. 5% from 2021 to 2030.
Extended exposure to sunlight may cause cataracts, macular degeneration, cataracts, pterygium, and photokeratitis. Moreover, a bright shaft of sunlight hitting directly in the eyes is dangerous especially while driving. Sunglass is a single solution to the aforementioned problems.
The internet, the on-going trend of digitization, and social media platforms are a few factors expected to play a significant role in the global sunglass market growth in the future. The outbreak of COVID-19 pandemic has indicated the importance and need for digitization for the market players to survive in the luxury sunglass market.
The global source of capita income has also experienced a strong rate of expansion in recent years, especially in emerging economies. Increasing urbanization and the expansion of the middle class in emerging and evolved markets have fostered the adoption of comfort-oriented lifestyles, making luxury sunglasses more desirable for all age groups, especially young people. In addition, the growing trend of employing luxury sunglasses with old-fashioned cat-eye lenses, circular and clear lenses, chain sunglasses, hex lenses, and visor sunglasses is driving the expansion of the luxury sunglasses market. The availability of those sunglasses in attractive designs like sleek design, wrap-around circular frame, curved shape, etc. It becomes the point of enchantment for customers. In addition, the growing interest among children, teenagers, and adults in sports activities is expanding the expansion of the luxury sunglasses market.
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Based on the analysis of the luxury sunglasses market, the market is segmented by product type, frame material, end-user, distribution channel, and region. Based on the type of product, the market is categorized into polarized and non-polarized. Depending on the material of the frame, it is fragmented into acetate, metal, injected and others. Depending on the end user, it is divided into male, female, and unisex. Depending on the distribution channel, it is categorized into supermarkets/hypermarkets, specialty stores, convenience stores, stores, and others. Regionally, it is analyzed in North America (United States, Canada and Mexico), Europe (United Kingdom, France, Italy, Germany, Spain, Russia and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Sri Lanka and the rest of the Asia-Pacific region) and LAMEA (Brazil, Argentina, United Arab Emirates, Nigeria, Turkey, South Africa and the rest of LAMEA).
Based on product type, the non-polarized segment has been the largest contributor to the luxury sunglasses market, with $2,735. 0 million in 2020, and is expected to maintain its dominance during the forecast period. Non-polarized sunglasses consist of glass or plastic lenses. and a frame that holds the lenses.
Non-polarized sunglasses reduce the overall intensity of the bright sunlight. A wide variety of non-polarized sunglasses is available depending upon the color of the lenses, design, & materials used in the frames and on-demand customization of the glasses. It is a popular choice of consumers across the globe due its wide range of varieties and easy availability in both offline and online channels.
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On the basis of frame material, injected frame material is less expensive and its manufacturing involves less time. It is made by injecting petroleum-based plastic liquid into a metal mold. It is popular, owing to its lightweight & comfort features and injected frames can be produced with a wide range of colors.
According to the trends in the luxury market, according to the distribution channel, the specialty store segment is a popular way of shopping for consumers. The simple availability of desired brands, models, and colors is driving the expansion of the specialty store segment.
Online sales are also gaining popularity among customers, due to the proliferation of virtual platforms worldwide.
Regionally, North America dominated the luxury sunglasses market in 2020 and is expected to maintain its dominance during the forecast period of the luxury sunglasses market. The key points driving the expansion of the sunglasses market in the region are the increased purchasing power of the majority of the population. the main demand for luxury and premium products, and customer awareness of eye care.
Players operating in the global luxury sunglasses market have followed progression methods to increase their market share and increase the profitability of the market. The key players profiled in this report are Carl Zeiss AG, EssilorLuxottica SA, Giorgio Armani S. p. A. , Guccio Gucci S. p. A. , Loch Effects, LVMH Moët Hennessy Louis Vuitton, Marcolin S. p. A. , Prada S. p. A. , Randolph Engineering, Inc. and Safilo Group SpA.
The major players in the luxury sunglasses market are investing in technological advancements, such as 3D try-on, developed through the market players and available on their online page to provide the visitor with the best user experience while sitting. At home.
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Key findings of the study
By product type, the non-polarized segment maintained its market share, representing 66. 7% of the global luxury sunglasses market. Regarding the frame material, the injected segment maintained the main market percentage of 36. 7%. In terms of end user, the male segment maintained the main market percentage of 44. 9%. Regarding the distribution channel, the specialized stores segment maintained the main percentage of 39. 2%.
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