The global luxury eyewear market size was valued at USD 12.38 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.5% from 2021 to 2028. This can be credited to the increasing fashion consciousness and higher consumer disposable income levels. The rising popularity of e-commerce platforms and strategic partnerships among key market players are other key factors driving the market growth. Manufacturers are focusing on increasing their customer base by reaching them in different ways, such as e-commerce platforms. Luxury eyewear includes eyeglasses and sunglasses. These products fall under the super-premium to luxury price range and offer features, such as protection from harmful radiations and innovative frame designs decorated with exquisite materials.
The COVID-19 pandemic has negatively affected the growth of the market. Due to the pandemic, governments of various countries had imposed lockdown measures, which resulted in temporary closures in the manufacturing sector, restrictions on travel, cancellation of public events, thereby affecting the market growth.
In addition, the market had witnessed a drop in product sales owing to the disruption in the supply chain and distribution network. Considering this overall short slack in market revenue, it is expected that the sector will soon witness healthy growth in the coming years.
The offline distribution channel segment accounted for the largest revenue share of more than 76% 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.
On the other hand, the online distribution channel segment is expected to register the fastest CAGR from 2021 to 2028. The online distribution channels offer benefits, such as high convenience, a wide variety in terms of products & brands, comparison options, home delivery, and discounts on product prices, which, in turn, augment the growth of this segment.
The women end-user segment accounted for the maximum revenue share of more than 52% in 2020. The segment is also estimated to register the fastest growth rate over the forecast period on account of increasing levels of fashion consciousness. In addition, rising disposable income levels and a growing number of working women are also supporting the market growth.
The men end-user segment is expected to account for the second-highest revenue share and second-fastest CAGR from 2021 to 2028. Increasing eye health consciousness and high disposable income levels are the major factors driving the product demand in this segment. The strong impact of celebrity influencers is another key factor driving the product demand.
The sunglasses segment dominated the market in 2020 with the largest revenue share of more than 59%. The segment is estimated to expand further at the fastest CAGR of 3.6% from 2021 to 2028. Sunglasses provide protection from UV radiation, which can prevent individuals from eye-related problems. Due to the increase in expenditure capabilities of millennials along with the strong impact of celebrity fashion influencers, the demand for sunglasses has increased among the consumers.
The eyeglasses segment is expected to register the second-fastest CAGR from 2021 to 2028. A rise in awareness levels about eye health among consumers is driving the demand for eyeglasses. In addition, increasing fashion consciousness and higher disposable income level are expected to drive the segment further over the forecast period.
North America was the largest regional market in 2020 and accounted for the maximum revenue share of more than 36%. This regional market is also expected to register the fastest CAGR from 2021 to 2028. This is attributed to the strong presence of a large number of celebrity fashion influencers & millionaires and high disposable income levels. The U.S. is positively contributing to the growth of the North America regional market due to the presence of the maximum number of millionaires.
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 global market is categorized by the presence of several well-established players and different small- and medium-scale players. The major players are focusing on product innovations and new product launches. Key players are also focusing on expanding their reach across various regions. The key market players are concentrating on their distribution networks through targeted store openings and refurbishments. Such initiatives are expected to intensify the market competition. Some of the prominent players in the global luxury eyewear market include:
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Report Attribute |
Details |
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Market size value in 2021 |
USD 12.63 billion |
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Revenue forecast in 2028 |
USD 16.05 billion |
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Growth rate |
CAGR of 3.5% from 2021 to 2028 |
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Base year for estimation |
2020 |
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Historical data |
2017 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Product type, distribution channel, end user, and region |
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Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
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Country scope |
U.S.; Germany; U.K.; France.; China; Japan; Brazil; South Africa |
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Key companies profiled |
Louis Vuitton SE; Kering SA; EssilorLuxottica SA; Chanel Ltd.; Ralph Lauren Corp.; GrandVision NV; Burberry Group PLC; Fielmann AG; Safilo Group S.p.A.; Marcolin S.p.A. |
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Customization scope |
Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the luxury eyewear market report on the basis of product type, distribution channel, end user, and region:
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