Singapore Eyewear Market (2022-2028) | Growth, Outlook, Forecast, Analysis, Revenue, Industry, Size, Share, Trends, Value, Segmentation & COVID-19 IMPACT

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 Competition 2023


Singapore Export Potential Assessment For Eyewear Market (USD Values in Thousand)


Singapore Eyewear Market Synopsis

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.

Drivers for the Singapore Eyewear Market

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.

Challenges in the Singapore Eyewear Market

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.

Market Analysis based on Product Type

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.

Market Analysis based on Mode of Sale

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.

Impact of COVID-19 on the Singapore Eyewear Market

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.

Regulations in the Singapore Eyewear Market

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.

Key Attractiveness of the Report

  • COVID-19 Impact on the Market.
  • 10 Years Market Numbers.
  • Historical Data Starting from 2018 to 2021.
  • Base Year: 2021.
  • Forecast Data until 2028.
  • Key Performance Indicators Impacting the Market.
  • Major Upcoming Developments and Projects.

Key Highlights of the Report:

  • Singapore Eyewear Market Outlook
  • Market Size of Singapore Eyewear Market, 2021
  • Forecast of Singapore Eyewear Market, 2028
  • Historical Data and Forecast of Singapore Eyewear Revenues & Volume for the Period 2018 - 2028
  • Singapore Eyewear Market Trend Evolution
  • Singapore Eyewear Market Drivers and Challenges
  • Singapore Eyewear Price Trends
  • Singapore Eyewear Porter's Five Forces
  • Singapore Eyewear Industry Life Cycle
  • Historical Data and Forecast of Singapore Eyewear Market Revenues & Volume By Product Type for the Period 2018 - 2028
  • Historical Data and Forecast of Singapore Eyewear Market Revenues & Volume By Prescription glasses/spectacles for the Period 2018 - 2028
  • Historical Data and Forecast of Singapore Eyewear Market Revenues & Volume By Sunglasses for the Period 2018 - 2028
  • Historical Data and Forecast of Singapore Eyewear Market Revenues & Volume By Contact lenses for the Period 2018 - 2028
  • Historical Data and Forecast of Singapore Eyewear Market Revenues & Volume By Mode of Sale for the Period 2018 - 2028
  • Historical Data and Forecast of Singapore Eyewear Market Revenues & Volume By Retail stores for the Period 2018 - 2028
  • Historical Data and Forecast of Singapore Eyewear Market Revenues & Volume By Online stores for the Period 2018 - 2028
  • Historical Data and Forecast of Singapore Eyewear Market Revenues & Volume By End User for the Period 2018 - 2028
  • Historical Data and Forecast of Singapore Eyewear Market Revenues & Volume By Men for the Period 2018 - 2028
  • Historical Data and Forecast of Singapore Eyewear Market Revenues & Volume By Women for the Period 2018 - 2028
  • Singapore Eyewear Import Export Trade Statistics
  • Market Opportunity Assessment By Product Type
  • Market Opportunity Assessment By Mode of Sale
  • Market Opportunity Assessment By End User
  • Singapore Eyewear Top Companies Market Share
  • Singapore Eyewear Competitive Benchmarking By Technical and Operational Parameters
  • Singapore Eyewear Company Profiles
  • Singapore Eyewear Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Product Type

  • Prescription Glasses/Spectacles
  • Sunglasses
  • Contact Lenses

By Mode Of Sale

  • Retail Stores
  • Online Stores

By End User

  • Men
  • Women
Singapore Eyewear Market: FAQs
Yes, the report includes the impact of coronavirus.
The market is driven by factors such as the increasing trend towards spending on lifestyle items such as apparel and accessories has helped promote sales of optical products.
Some of the key customers in the Singapore Eyewear Market include Men and Women customers.
The Singapore Eyewear Market report covers 2022-2028 as the forecast years.
Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com
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