Technavio has released a new market research report on the global luxury eyewear market for the period of 2019-2023. (Graphic: Business Wire)
According to Technavio, a global technology research and advisory company, the global luxury eyewear market is expected to post a CAGR of over 6% from 2019-2023.
The report mentions that various environmental and social factors have increased the demand for vision correction devices such as prescription lenses. Major users of sunglasses are aged between 15 and 49 years; however, the use of sunglasses by consumers above the age of 50 is gradually growing. Moreover, the introduction of new prescription sunglasses has led to the elimination of different pairs of prescription eyewear and sunglasses.
However, the research emphasized that the use of eyewear as a fashion product will impact the market, as well as, significantly contribute to its growth.
Moreover, the improvisation of product development and product innovation is enabling the consumers to choose luxury eyewear depending on the occasion and need. North America led the market in 2018 with a market share of over 40%, and is expected to dominate the market through 2023, according to Technavio.