(MENAFN- EIN Presswire) EINPresswire/ -- According to the report published by Allied Market Research, the global luxury sunglass market garnered $4.1 billion in 2020, and is estimated to generate $6.9 billion by 2030, witnessing a CAGR of 5.5% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, key segments, value chain, top investment pockets, regional scenario, and competitive landscape.

Rise in popularity of travel retail worldwide, exclusivity and premiumization of sunglasses, rise in living standards, and emergence of different fashion trends drive the growth of the global luxury sunglass market. However, availability of counterfeit products and lack of penetration in lower-tier towns and cities hinder the market growth. On the other hand, rise in popularity of e-commerce among consumers and introduction of augmented reality technology in sunglasses present new opportunities in the coming years.

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Covid-19 Scenario:

Manufacturing activities of luxury sunglasses halted due to lockdown measures taken place in many countries across the world. Moreover, disruptions in the supply chain and shortage of raw materials presented challenges in conducting manufacturing with full capacity.
As distribution channels such as supermarkets/hypermarkets, convenience stores, specialty stores, and others have been closed during the lockdown, the sales reduced significantly. However, the demand is expected to grow steadily during post-lockdown as these stores open.

The report offers detailed segmentation of the global luxury sunglass market based on product type, frame material, end user, distribution channel, and region.

Based on product type, the non-polarized segment contributed to the largest share in 2020, accounting for around two-thirds of the global luxury sunglass market, and is estimated to maintain its dominance in terms of revenue throughout the forecast period. However, the polarized segment is projected to portray the highest CAGR of 6.1% from 2021 to 2030.

Based on end user, the men segment accounted for the largest share in 2020, holding more than two-fifths of the total market share, and is projected to continue its leadership status during the forecast period. However, the women segment is expected to witness the fastest CAGR of 6.1% from 2021 to 2030.

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Based on region, North America held the highest market share in 2020, accounting for more than one-third of the total market share, and is estimated to continue its lead position during the forecast period. However, the LAMEA segment is projected to register the highest CAGR of 6.7% from 2021 to 2030.

Leading players of the global luxury sunglass market analyzed in the research include Carl Zeiss AG, EssilorLuxottica SA, Guccio Gucci S.p.A, Randolph Engineering, Inc, Giorgio Armani S.p.A., LVMH Moët Hennessy Louis Vuitton, Loch Effects, Prada S.p.A, Marcolin S.p.A., and Safilo Group SpA.

Key findings of the study

By product type, the non-polarized segment held the highest market share, accounting for 66.7% of the global luxury sunglass market.
Based on frame material, the injected segment held the major market share of 36.7%.
Based on end user, the men segment held the major market share of 44.9%.
Based on distribution channel, the specialty stores segment held the major share of 39.2%.

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