Eastern Asia: Sunglasses Market 2024

Sunglasses Market Size in Eastern Asia

The East Asian sunglasses market declined modestly to $X in 2022, standing approx. at the previous year. The market value increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Sunglasses Production in Eastern Asia

In value terms, sunglasses production declined to $X in 2022 estimated in export price. Overall, production showed a abrupt decrease. The most prominent rate of growth was recorded in 2016 when the production volume increased by 175%. The level of production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Sunglasses Exports

Exports in Eastern Asia

In 2022, overseas shipments of sunglasses increased by 0.8% to X units, rising for the second year in a row after three years of decline. In general, exports, however, faced a significant curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 24%. Over the period under review, the exports reached the maximum at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, sunglasses exports skyrocketed to $X in 2022. Total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +62.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 40%. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Exports by Country

China (X units), Hong Kong SAR (X units) and Taiwan (Chinese) (X units) represented roughly 95% of total exports in 2022. Japan (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +2.7%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, China ($X) remains the largest sunglasses supplier in Eastern Asia, comprising 68% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 22% share of total exports. It was followed by Japan, with a 4.7% share.

In China, sunglasses exports expanded at an average annual rate of +6.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Hong Kong SAR (+3.5% per year) and Japan (+3.2% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per unit, increasing by 16% against the previous year. Over the period under review, the export price saw a significant increase. The most prominent rate of growth was recorded in 2018 when the export price increased by 642% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+46.1%), while the other leaders experienced more modest paces of growth.

Sunglasses Imports

Imports in Eastern Asia

In 2022, sunglasses imports in Eastern Asia expanded significantly to X units, picking up by 8.5% on the year before. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when imports increased by 39% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, sunglasses imports expanded notably to $X in 2022. Over the period under review, imports showed a strong increase. The most prominent rate of growth was recorded in 2016 when imports increased by 55% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Hong Kong SAR was the key importing country with an import of around X units, which reached 55% of total imports. Japan (X units) took a 22% share (based on physical terms) of total imports, which put it in second place, followed by China (18%). South Korea (X units) followed a long way behind the leaders.

Imports into Hong Kong SAR decreased at an average annual rate of -1.0% from 2012 to 2022. At the same time, China (+18.5%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +18.5% from 2012-2022. By contrast, Japan (-1.5%) and South Korea (-10.6%) illustrated a downward trend over the same period. While the share of China (+15 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Japan (-2.2 p.p.), Hong Kong SAR (-2.9 p.p.) and South Korea (-7 p.p.) displayed negative dynamics.

In value terms, the largest sunglasses importing markets in Eastern Asia were Hong Kong SAR ($X), China ($X) and Japan ($X), together accounting for 89% of total imports.

China, with a CAGR of +12.2%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per unit, almost unchanged from the previous year. Over the period under review, the import price, however, continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2014 when the import price increased by 29% against the previous year. Over the period under review, import prices attained the peak figure at $X per unit in 2021, and then contracted slightly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per unit), while Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+11.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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