Technavio has released a new report.

The global luxury sunglasses market will experience significant growth over the next few years, and three factors are largely responsible, according to Technavio, a London-based research and advisory company.

From 2017 through 2021, the market should exhibit a compound annual annual growth rate of 7 percent, Technavio states in a new report. To calculate the market size, Technavio research analysts considered the revenue generated through retail sales of luxury sunglasses.

Luxury sunglasses "are designed to target brand-and fashion-conscious customers that invest heavily in them," according to Technavio's new report.

Key factors in the growth include:

Premiumization in luxury sunglasses industry. Technavio writes: "With advanced technology and innovative features being introduced in most of the industries, the quality and innovation of luxury sunglasses is no exception and is crucial for the growth of the sunglasses industry. The players are involved in enhancing the quality of their products to execute proper branding to project the true facts about their products, which attract brand conscious customers."

Emergence of online retailing of luxury sunglasses. Modern consumers are strapped for time and thus like to shop online, the company states. "The development of online platforms has resulted in the presence of a large number of companies in the online retail market. Major national and international manufacturers of eyewear including that of luxury sunglasses have ventured into this space gain from the market potential," said Narendra Nandaigari, a lead retail goods and services research analyst at Technavio. "Online retailing is considered to help the players with the promotion and enhancement of their brand image."

Positioning of luxury sunglasses as a fashion accessory. Luxury sunwear has "a broad appeal among customers that seek to showcase their wealth, social status, and fashion sense," according to the report. "Hence, manufacturers of luxury sunglasses are focusing more on the production of sunglasses with new styles, sizes, colors, designs, and other aesthetic features. These factors in luxury sunglasses encourage customers to purchase more than one pair of sunglasses, to match with their apparel or current fashion trends."

Technavio lists the top vendors of luxury sunglasses as Essilor, Louis Vitton, Luxottica Group and Safilo Group.

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