Market Forecast By Product (Spectacles, Sunglasses, Contact Lenses & Others), By End-user (Male, Female, Unisex), By Distribution Channels (Online, Offline) and by the competitive landscape
|Product Code: ETC003429||Publication Date: Feb 2023||Product Type: Report|
|Publisher: 6Wresearch||No. of Pages: 70||No. of Figures: 35||No. of Tables: 5|
Malaysia Eyewear Market has been growing and is forecast to grow over the years on account of growing awareness about eye health and fashion trends. In recent years, there has been a growing trend towards online purchasing of eyewear, with e-commerce platforms offering a wider range of products at lower prices. This has led to increased competition among brick-and-mortar stores, which has resulted in the introduction of new designs and technologies. There has also been a rise in demand for high-end luxury eyewear brands in the country which in turn drives demand for Malaysia Eyewear Industry. Moreover, the market will continue to grow further in the future years primarily due to the increasing adoption of advanced technologies and the growing awareness about eye health and fashion among individuals.
Additionally, the trend of buying products from online sales channels will continue as consumers become more comfortable with purchasing products online. The eyewear market in Malaysia is also focusing on the use of sustainable materials, such as recycled plastic and biodegradable materials. This trend is driven by the growing awareness of environmental issues and the need for eco-friendly products in the country. Furthermore, the popularity of prescription eyewear driven by the increasing number of people with visual impairments has led to the growth of optometrist clinics and the development of specialized optical shops that offer prescription eyewear.
Malaysia Eyewear Market is expected to register growth during the forecast period 2020-26F owing to the rising adoption of eyewear products as fashionable accessories coupled with increased awareness regarding eye protection coupled with an increase in the geriatric population with age-related eye vision problems and is expected to drive considerable demand for eyewear products. Moreover, increasing fashion trends and rising trends amongst the population of the country to emulate the styles of celebrities are anticipated to proliferate the market growth of the Malaysia eyewear market in the near future.
According to 6Wresearch, Malaysia Eyewear Market is anticipated to witness growth during the forecast period 2020-26F. However, the spread of COVID-19 is expected to contribute towards the decline of the Malaysian eyewear market on the back of disturbances in the supply chain and the discontinuation of production. Moreover, consequent disruptions in the operations during the lockdown period in the country are likely to dip the sales revenue for many of the top eyewear brands in the near term and significantly contribute towards the slow growth of Malaysia eyewear market in the coming years.
On the basis of product, contact lenses are expected to dominate the overall market revenues in the coming years owing to the ease of use and comfort provided by contact lenses. Also, many consumers believe that spectacles change the way they look, whereas contact lenses keep their looks consistent and this is why there is substantial demand for contact lenses in the country. Further, varied innovations in contact lenses such as ease of carrying the lens all day long, good oxygen transmission properties, and comfort are anticipated to drive demand for contact lenses in the coming years and would provide a spur to the Malaysia eyewear market in the near future.
The Malaysia Eyewear report thoroughly covers the market by End-user, Product, and Distribution Channels. Malaysia Eyewear outlook report provides an unbiased and detailed analysis of the ongoing Malaysia Eyewear trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
On the back of increased rising consumer consciousness regarding the image and style of eyewear products along with an increase in the middle-class population which is leading to increased consumer spending on fashion statements and would proliferate potential demand projections for eyewear products in Malaysia in the coming years. Moreover, rising concerns for quality products for vision correction coupled with rising brand consciousness amongst consumers is likely to benefit the growth of the Malaysia eyewear market. with an increase in digitalization backed by the spread of the COVID-19 virus and the world going online for many of their tasks, the use of electronic devices is expected to increase and would raise significant demand for anti-reflection eyewear products to ensure increased use of electronic devices safely. On the basis of product, the spectacles domain of the Malaysia eyewear market is anticipated to dominate the revenue share in the overall market in the coming years owing to rising vision-related issues along with spectacles becoming a necessity at the time of vision imparity. The significant growth of the sunglasses is underpinned by an increase in the ageing population of the country and various new product launches which are attracting the sight of consumers to opt for premium eyewear options and are anticipated to proliferate the market growth of Malaysia eyewear market in the coming years.
Malaysia Eyewear market is expected to register potential growth during the forecast period 2020-26F on the back of an increase in rising consumer consciousness regarding the image and style of eyewear products along with an increase in the middle-class population which is leading to increased consumer spending on fashion statements and would proliferate potential demand projections for eyewear products in Malaysia in the coming years. Moreover, rising concerns for quality products for vision correction coupled with rising brand consciousness amongst consumers is likely to benefit the growth of the Malaysia eyewear market. On the basis of distribution channels, the online sales domain of the overall Malaysia eyewear market is expected to register the highest growth rate in the coming years owing to growth in the e-commerce sector coupled with increasing consumer dependency over online purchases backed by attractive discounts and convenient and easy shopping provided by the online sales channels. Moreover, On the basis of products, the eyeglasses domain of the overall Malaysia eyewear market is expected to witness the highest growth during the projected period 2020-26F backed by the rising propensity of vision disorders backed by increased use of a laptop, PCs, tablets, and mobile phones and is drive considerable demand for eyeglasses in the near term
The COVID-19 pandemic has had an adverse impact on the Malaysia Eyewear Industry as the initial stage of the pandemic resulted in a huge decline in sales owing to the government-imposed lockdown. As a result, the temporary closure of retail stores affected both brick-and-mortar stores as well as e-commerce platforms adversely. On the other hand, people started to become more conscious about protecting their eyes from the devastating virus. This led to an increase in demand for protective eyewear such as face shields and goggles. This demand was further boosted as the government made it mandatory for people to wear face masks in public spaces. During the pandemic, the e-commerce segment has witnessed a surge in demand as people preferred to shop online instead of visiting physical stores. This has led to an increase in online sales for eyewear products.
The Malaysia Eyewear Market report provides a detailed analysis of the following market segments:
|1. Executive Summary|
|2.1. Report Description|
|2.2. Key Highlights of The Report|
|2.3. Market Scope & Segmentation|
|2.4. Research Methodology|
|3. Malaysia Eyewear Market Overview|
|3.1. Malaysia Eyewear Market Revenues, 2016-2026F|
|3.2. Malaysia Eyewear Market Revenue Share, By End-users, 2019 & 2026F|
|3.3. Malaysia Eyewear Market Revenue Share, By-Products, 2019 & 2026F|
|3.4. Malaysia Eyewear Market Revenue Share, By Distribution Channels, 2019 & 2026F|
|3.5. Malaysia Eyewear Market Revenue Share, By Regions, 2019 & 2026F|
|3.6. Malaysia Eyewear Market Industry Life Cycle|
|3.7. Malaysia Eyewear Market- Porter’s Five Forces|
|4. Malaysia Eyewear Market Dynamics|
|4.1. Impact Analysis|
|4.2. Market Drivers|
|4.3. Market Restraints|
|5. Malaysia Eyewear Market Trends|
|6. Malaysia Eyewear Market Overview, By End-Users|
|6.1. Malaysia Eyewear Market Revenues, By Men, 2016-2026F|
|6.2. Malaysia Eyewear Market Revenues, By Women, 2016-2026F|
|6.3. Malaysia Eyewear Market Revenues, By Unisex, 2016-2026F|
|7. Malaysia Eyewear Market Overview, By-Products|
|7.1. Malaysia Eyewear Market Revenues, By Sunglasses, 2016-2026F|
|7.2. Malaysia Eyewear Market Revenues, By Spectacles, 2016-2026F|
|7.3. Malaysia Eyewear Market Revenues, By Contact Lenses, 2016-2026F|
|7.4. Malaysia Eyewear Market Revenues, By Others, 2016-2026F|
|8. Malaysia Eyewear Market Overview, By Distribution Channels|
|8.1. Malaysia Eyewear Market Revenues, By Online, 2016-2026F|
|8.2. Malaysia Eyewear Market Revenues, By Offline, 2016-2026F|
|9. Malaysia Eyewear Market Overview, By Region|
|9.1. Malaysia Eyewear Market Revenues, By Region, 2016-2026F|
|10. Malaysia Eyewear Market Key Performance Indicators|
|11. Malaysia Eyewear Market Opportunity Assessment|
|11.1. Malaysia Eyewear Market, Opportunity Assessment, By Product, 2025F|
|11.2. Malaysia Eyewear Market, Opportunity Assessment, By Region, 2025F|
|12. Malaysia Eyewear Market Competitive Landscape|
|12.1. Malaysia Eyewear Market Competitive Benchmarking, By Product|
|12.2. Malaysia Eyewear Market Revenue Share, By Company, 2019|
|13. Company Profiles|
|14. Key Strategic Recommendations|