Asia: Spectacles And Goggles Market 2024

Spectacles And Goggles Market Size in Asia

In 2021, the Asian spectacles and goggles market decreased by -1.5% to $X, falling for the fourth year in a row after two years of growth. Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Spectacles And Goggles Production in Asia

In value terms, spectacles and goggles production rose to $X in 2021 estimated in export price. In general, production, however, recorded a mild slump. The most prominent rate of growth was recorded in 2016 when the production volume increased by 76%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Spectacles And Goggles Exports

Exports in Asia

In 2021, spectacles and goggles exports in Asia shrank remarkably to X units, waning by -15.8% on 2020 figures. Overall, exports saw a abrupt decline. The pace of growth was the most pronounced in 2016 when exports increased by 118%. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, spectacles and goggles exports declined to $X in 2021. The total export value increased at an average annual rate of +4.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 18% against the previous year. As a result, the exports attained the peak of $X, and then contracted in the following year.

Exports by Country

Taiwan (Chinese) represented the major exporter of spectacles and goggles in Asia, with the volume of exports accounting for X units, which was approx. 58% of total exports in 2021. China (X units) ranks second in terms of the total exports with a 29% share, followed by Hong Kong SAR (4.6%). Thailand (X units) and Malaysia (X units) took a little share of total exports.

Exports from Taiwan (Chinese) increased at an average annual rate of +1.9% from 2012 to 2021. At the same time, Thailand (+14.7%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia, with a CAGR of +14.7% from 2012-2021. By contrast, Hong Kong SAR (-7.4%), Malaysia (-11.3%) and China (-19.6%) illustrated a downward trend over the same period. Taiwan (Chinese) (+40 p.p.) and Thailand (+2.8 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -45.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest spectacles and goggles supplier in Asia, comprising 63% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 15% share of total exports. It was followed by Hong Kong SAR, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China stood at +5.8%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+5.3% per year) and Hong Kong SAR (+1.7% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per unit, picking up by 11% against the previous year. Overall, the export price continues to indicate resilient growth. The most prominent rate of growth was recorded in 2018 when the export price increased by 132%. Over the period under review, the export prices hit record highs in 2021 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+31.6%), while the other leaders experienced more modest paces of growth.

Spectacles And Goggles Imports

Imports in Asia

Spectacles and goggles imports dropped dramatically to X units in 2021, which is down by -37.5% against 2020 figures. In general, imports recorded a pronounced descent. The most prominent rate of growth was recorded in 2020 with an increase of 31%. As a result, imports reached the peak of X units, and then fell dramatically in the following year.

In value terms, spectacles and goggles imports expanded to $X in 2021. The total import value increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 16% against the previous year. The level of import peaked at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

The purchases of the three major importers of spectacles and goggles, namely Japan, Thailand and Hong Kong SAR, represented more than half of total import. China (X units) took the next position in the ranking, followed by India (X units) and South Korea (X units). All these countries together took near 19% share of total imports. The following importers - Kazakhstan (X units), the United Arab Emirates (X units), Malaysia (X units), Singapore (X units), Taiwan (Chinese) (X units), the Philippines (X units) and Vietnam (X units) - together made up 19% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Kazakhstan (with a CAGR of +16.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported spectacles and goggles in Asia, comprising 43% of total imports. The second position in the ranking was held by Japan ($X), with an 11% share of total imports. It was followed by China, with a 6.2% share.

From 2012 to 2021, the average annual growth rate of value in Hong Kong SAR stood at +7.1%. In the other countries, the average annual rates were as follows: Japan (-5.5% per year) and China (+7.1% per year).

Import Prices by Country

The import price in Asia stood at $X per unit in 2021, increasing by 67% against the previous year. Import price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+16.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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