Luxury Eyewear Market 2021 | Global Trend, Segmentation and Forecast to 2025
Reportedly, global luxury eyewear market size is expected to exceed US$52 billion by 2025.
Delaware, United States – August 3, 2021 /MarketersMedia/ —
The luxury eyewear market growth will be driven by the rising incidences of eye conditions and growing eye health awareness among customers. According to WHO, the number of vision impairment cases accounts for nearly 1 billion people globally which could have been prevented or was yet to be consulted. The incidences of moderate to severe distance vision Impairment comprises unaddressed glaucoma, corneal opacities, cataract, refractive error, trachoma, and diabetic retinopathy, along with 826 million near vision impairment caused by unattended presbyopia.
The escalating prevalence of eye diseases due to negligence of the treatment will boost the demand for various eyewear, besides the considerable demand from sports and leisure applications. Below mentioned are some factors driving the luxury eyewear market outlook.
Rapid digitalization impacting eye health
Increasing screen time on account of rapid digitalization across the globe is adversely hampering eye health. Excessive utilization of digital devices such as laptops, PCs, smartphones, and tablets are some of the major factors impacting eye strength. Spending time uninterruptedly in front of a digital screen to play games, watching videos, and surfing on the internet are causing eye problems predominately in children and teenagers. As per a report, the uninterrupted use of digital media in Germany had caused nearly 32% youngsters to experience bad eye health in 2018.
Luxury Eyewear Market | Demand from geriatric population
Luxury eyewear demand with pricing between US$200 to US$500 is likely to rise significantly with over 2% CAGR up to 2025 owing to increasing buying capacities of the working-class income group. The demand for vision correction and complex eye care solution will majorly be driven by the surging geriatric population across the globe. For example, nearly one-third of the global population was over 45 years of age in 2018 and as per studies the average age of presbyopia is considered 45. There is a growing preference to buy luxury frames and lenses by this age group.
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Luxury Eyewear Market | UV protected sunglasses in MEA and APAC
Sunglasses accounted for a considerable market share in 2018 and are projected to gain more in the coming years due to growing eye care awareness and extreme weather conditions. The surge in the number of millionaires in the Middle East & Africa and Asia Pacific, along with rugged weather conditions is expected to encourage the high adoption of luxury eyewear. Also, escalating availability of UV protected sunglasses for high-end customers shall be augmented by growing eyecare awareness pertaining to UV rays among upper-middle-class and HNWI buyer groups.
Risk of counterfeit luxury eyewear
The growth of the luxury eyewear market is propelled by extensive digitalization across the globe. Contrastingly, the market share of counterfeit luxury eyewear is majorly driven by the growing prevalence of online sales through e-commerce websites, resulting in hampered product integrity and brand reputation, and reduced uniqueness of the product. With the poor verification of product authenticity and traceability at warehouses and logistics channels, counterfeit goods have entered a legitimate supply chain.
Leading companies are focusing on several promotional events to portray their product’s unique features and ability to customers at mass gatherings. This strategy could help them to uplift brand reputation and product integrity which acts as a key purchasing aspect in the luxury eyewear market.
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