Singapore: Sunglasses Market 2024

Sunglasses Market Size in Singapore

The Singaporean sunglasses market surged to $X in 2022, increasing by 65% against the previous year. In general, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Sunglasses Production in Singapore

In value terms, sunglasses production soared to $X in 2022 estimated in export price. Overall, production recorded a significant increase. The growth pace was the most rapid in 2020 when the production volume increased by 688% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Sunglasses Exports

Exports from Singapore

For the third consecutive year, Singapore recorded decline in shipments abroad of sunglasses, which decreased by -3.2% to X units in 2022. Over the period under review, exports showed a abrupt decrease. The growth pace was the most rapid in 2015 when exports increased by 43% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, sunglasses exports skyrocketed to $X in 2022. In general, exports continue to indicate a slight reduction. The pace of growth was the most pronounced in 2021 when exports increased by 26%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X units) was the main destination for sunglasses exports from Singapore, accounting for a 28% share of total exports. Moreover, sunglasses exports to Indonesia exceeded the volume sent to the second major destination, Hong Kong SAR (X units), threefold. The third position in this ranking was held by the Philippines (X units), with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia totaled -12.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-3.9% per year) and the Philippines (-4.2% per year).

In value terms, the largest markets for sunglasses exported from Singapore were Australia ($X), Japan ($X) and Thailand ($X), together comprising 45% of total exports. Indonesia, Vietnam, China, Malaysia, Qatar, Hong Kong SAR, the Philippines, Saudi Arabia, the United Arab Emirates and Brazil lagged somewhat behind, together accounting for a further 43%.

Among the main countries of destination, Qatar, with a CAGR of +242.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average sunglasses export price stood at $X per unit in 2022, jumping by 23% against the previous year. Over the period under review, the export price enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2018 an increase of 62%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Brazil ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+17.3%), while the prices for the other major destinations experienced more modest paces of growth.

Sunglasses Imports

Imports into Singapore

In 2022, supplies from abroad of sunglasses increased by 36% to X units, rising for the second year in a row after three years of decline. Over the period under review, imports, however, recorded a abrupt slump. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, sunglasses imports soared to $X in 2022. In general, imports, however, showed a noticeable reduction. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of sunglasses to Singapore, accounting for a 74% share of total imports. Moreover, sunglasses imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), sixfold. The third position in this ranking was held by Japan (X units), with a 5.8% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-13.0% per year) and Japan (+27.3% per year).

In value terms, Italy ($X) constituted the largest supplier of sunglasses to Singapore, comprising 60% of total imports. The second position in the ranking was held by China ($X), with a 21% share of total imports. It was followed by Japan, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value from Italy amounted to -1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-2.7% per year) and Japan (+17.2% per year).

Import Prices by Country

In 2022, the average sunglasses import price amounted to $X per unit, surging by 13% against the previous year. In general, the import price posted a tangible expansion. The pace of growth was the most pronounced in 2018 when the average import price increased by 57%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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