Market Forecast By Product Type (Prescription glasses/spectacles, Sunglasses, Contact lenses), By Mode of Sale (Retail stores, Online stores), By End User (Men, Women) And Competitive Landscape
Product Code: ETC369627 | Publication Date: Dec 2022 | Updated Date: Feb 2024 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 75 | No. of Figures: 35 | No. of Tables: 20 | |
Singapore Eyewear Market is expected to grow during the forecast period. This is mainly due to the high demand for optical products in the country, as well as the increasing awareness of eyewear among consumers. One key factor contributing to the growth of the eyewear market in Singapore is the rising disposable income of consumers. In addition, the increasing trend towards spending on lifestyle items such as apparel and accessories has also helped promote sales of optical products. However, despite these positive trends, some challenges remain for the eyewear industry in Singapore. For one, retail space is limited and this has led to consolidation among players. Moreover, import duties on optical products are high and this contributes to higher prices for consumers.
According to 6Wresearch, the Singapore Eyewear Market size is expected to grow during 2022-2028. In Singapore, eyewear is not only a necessary part of many people's lives, but also a fashionable accessory. There are many different types and styles of eyewear available, from simple and functional to glamorous and chic. Whether you need glasses for vision correction or just want to make a fashion statement, there is a pair of glasses or sunglasses to suit your needs. There are many optical shops and boutiques scattered around Singapore that sell eyewear, so finding the perfect pair of glasses is easy.
Growth is primarily attributed to the increasing demand for designer eyewear, as well as increasing awareness about the importance of wearing eyeglasses. Furthermore, a growing population in Singapore is also contributing to the growth of the Singapore eyewear market. The rising awareness about optometric health among people is one of the major drivers for the growth of the eyewear market in Singapore. In addition, increased demand from the fashion, rising demand for designer eyewear and luxury segment is also contributing to its growth. This Singapore Eyewear Market growth can also be attributed to factors such as rising disposable incomes, growing number of foreigners visiting Singapore and increasing awareness of eye health and safety. The growing popularity of sunglasses, as well as contact lens usage, will drive demand for optical products in the country.
The main reasons for the decline are the increasing popularity of sunglasses and contact lenses, as well as rising costs of raw materials and labor. High taxation rates and stringent regulations imposed on the eyewear industry and counterfeiting of luxury brands' products, high import costs, and low domestic production capacity are restraining its growth in certain regions.
Additionally, the market also faces several challenges. One is that there is limited awareness about eyewear products among consumers, which limits their choice and consumption. Another challenge is that the prices of eyeglasses are high relative to other consumer goods in Singapore, limiting the potential market reach of brands. Furthermore, there are constraints on production due to limited capacity and skilled labor. These factors will limit the growth of the eyewear market in Singapore in the coming years.
The various types of eyewear available in the Singapore Eyewear Market share include: prescription glasses/spectacles, sunglasses, sports eyewear, designer eyeglasses/sunglasses, and luxury frames. Prescription glasses/spectacles are typically used for corrective purposes such as reading or working on a computer. Sunglasses can be worn for protection from the sun or to enhance one's appearance. Sports eyewear is designed specifically for athletes and allows them to perform at their best while protecting their eyes from impact injuries. Designer eyeglasses/sunglasses are often more expensive than standard frames but tend to be made from higher quality materials that last longer. Luxury frames are typically made of high-quality materials such as acetate or titanium and come with a wider range of colours and styles.
The retail store sector is estimated to account for over half of the entire market. This is due to the high demand for eyeglasses among residents in Singapore, as well as the country's aging population. Retail stores also benefit from deep pockets of consumers who are willing to invest in high-quality glasses. Online stores are slowly gaining traction in the Singapore eyewear market. In 2016, they accounted for around ten percent of total sales volume. However, they are expected to grow at a much higher pace than retail stores over the next few years. This is due to two factors: first, online stores offer an easy and convenient way for consumers to purchase glasses; and second, there is a greater diversity of brands available online than in retail stores.
The COVID-19 pandemic has had a significant impact on the Global eyewear market. The disruption in supply and demand has led to sharp price hikes and decreased availability of eyewear products. In Singapore, this has led to an increase in demand for sunglasses and other wearable eyeglasses as people seek ways to protect their vision during the pandemic.
The government has taken various initiatives to promote the eyewear industry in Singapore. The government offers tax rebates and other financial incentives to encourage manufacturing and investment in the eyewear industry. In addition, the government has also set up an eyeglass lab to help local manufacturers develop new products.
The report offers a comprehensive study of the subsequent market segments: