Singapore eyewear market is a highly competitive and potential market for the global players. The quick adaptability of technology and extreme brand consciousness among the Singaporeans has attracted large number of foreign players to the market. Competition in the Singapore Eyewear market is fragmented with a large number of players. The major players present in the market have their manufacturing plants in other countries and most of the local demand is met through imports. The major players in the market include manufacturers and retailers. In 2016, more than ~% share in terms of revenue in the market is held by eyewear manufacturers and retailers originated from countries like Italy, France, US, Japan and other countries. Luxottica based in Italy has dominated the market with a share of ~% in 2016 especially in the sunglasses segment.
The companies dominating the Singapore eyewear market manufactures both in-house and licensed brands which includes the most popular and widely accepted big brands. Since, Singaporeans are extremely brand conscious these brands compete to provide the best possible features and be the primary choice of the customers.
Eyewear market of Singapore has been displaying a tremendous growth during the review period 2011-2016, at an appreciable rate of annual growth. Since, the market is ever-growing a similar trend is expected to be visible during the forecast period 2017-2021. Certain factors that shall drive market growth during the forecast period are increasing rate of myopia, rising number of aging population, increased acceptance of contact lenses, sunglasses as a fashion accessory and so much more related factors. Incidences of myopia are rising year on year in the country. Especially myopia is rising among the children at a larger rate. Moreover, increased educational activities are being carried out by the Health Sciences Authority, for the public, related to the use of contact lenses.
Singapore’s economic and social stability, pro-business policies, competitive production costs, leading-edge medical technology, outstanding human resource capabilities and advanced industrial development may act as key factors that shall attract more number of foreign players to set up manufacturing facilities for eyewear products in the country.
Ankur Gupta, Head Marketing & Communications
ankur [@] kenresearch.com