South-Eastern Asia: Sunglasses Market 2024

Sunglasses Market Size in South-Eastern Asia

In 2022, the Southeast Asian sunglasses market was finally on the rise to reach $X after two years of decline. The market value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Sunglasses Production in South-Eastern Asia

In value terms, sunglasses production reached $X in 2022 estimated in export price. In general, production saw a strong increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by 140% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Sunglasses Exports

Exports in South-Eastern Asia

In 2022, after three years of decline, there was significant growth in shipments abroad of sunglasses, when their volume increased by 26% to X units. In general, exports, however, recorded a pronounced descent. The growth pace was the most rapid in 2016 when exports increased by 26%. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, sunglasses exports skyrocketed to $X in 2022. Total exports indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.5% 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 +55.0% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Thailand (X units) and Singapore (X units) represented roughly 74% of total exports in 2022. It was distantly followed by Malaysia (X units) and Vietnam (X units), together generating a 24% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +33.3%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Singapore ($X), Thailand ($X) and Vietnam ($X) constituted the countries with the highest levels of exports in 2022, with a combined 95% share of total exports.

In terms of the main exporting countries, Vietnam, with a CAGR of +40.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per unit in 2022, growing by 8% against the previous year. Export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sunglasses export price increased by +117.8% against 2016 indices. The most prominent rate of growth was recorded in 2021 an increase of 41%. The level of export peaked in 2022 and is likely to see steady 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 Singapore ($X per unit), while Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+8.2%), while the other leaders experienced more modest paces of growth.

Sunglasses Imports

Imports in South-Eastern Asia

In 2022, after five years of decline, there was significant growth in purchases abroad of sunglasses, when their volume increased by 68% to X units. Overall, imports, however, showed a perceptible decrease. Over the period under review, imports attained the peak figure 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, recorded a slight descent. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Thailand represented the main importing country with an import of around X units, which resulted at 54% of total imports. Malaysia (X units) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by the Philippines (13%) and Singapore (9.1%). The following importers - Indonesia (X units) and Vietnam (X units) - together made up 5.1% of total imports.

Thailand experienced a relatively flat trend pattern with regard to volume of imports of sunglasses. At the same time, Indonesia (+3.1%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +3.1% from 2012-2022. By contrast, the Philippines (-4.8%), Singapore (-7.0%), Malaysia (-8.0%) and Vietnam (-11.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand and Indonesia increased by +18 and +1.6 percentage points, respectively.

In value terms, Thailand ($X), Singapore ($X) and Indonesia ($X) constituted the countries with the highest levels of imports in 2022, together comprising 79% of total imports. Malaysia, the Philippines and Vietnam lagged somewhat behind, together comprising a further 21%.

The Philippines, with a CAGR of +9.7%, recorded the highest growth rate of the value of imports, among 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 South-Eastern Asia amounted to $X per unit, reducing by -14% against the previous year. Import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 an increase of 25%. Over the period under review, import prices attained the maximum at $X per unit in 2021, and then reduced in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per unit), while Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+19.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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