The report titled “Singapore Eyewear Market by Type (Spectacles & Contact Lenses), By Sunglasses and Eyeglasses and by Sales Channel – Outlook to 2021” which provides an extensive analysis of Eyewear market in Singapore. The report covers market size on the basis of revenue, market segmentation by spectacles and contact lenses, by Type of Contact Lenses (Clear Spherical and Clear Toric), by Frames and Glasses-Spectacles, by Sunglasses and Eyeglasses, by Distribution Channels (Optical Stores, Department Stores, Internet Retailing, Chemist & Pharmacies, Apparel and Footwear Specialist Retailers), by Import Value and Export Value (Contact Lenses, Spectacle Lenses of Glass, Spectacle Lenses of Material Other than Glass, Frames and Mountings for Spectacles, Goggles). The report also includes the government initiatives and regulations in Singapore eyewear market, competitive landscape and company profiles for major players in the eyewear market. The report provides detailed overview on the general features of eyewear in the country and future outlook & projections with future strategies of the players in the market.
Singapore, a Southeast Asian nation has a highly developed trade oriented market economy. Singapore economy is ranked as the most open in the world. The country has the lowest tax rates and it has the third highest per capita GDP in the world in terms of Purchasing Power Parity. Moreover, the household income of the Singaporeans has been growing at an annual rate of ~% during the review period of 2011-2016 displaying a rising purchasing capacity among the people.
With the rising purchasing capacity of the people the eyewear market in the country has grown at an annual growth rate of ~%. Major reason for such a growth in the eyewear market of the country is the increasing myopic population, high rate of rising rate of brand conscious customers, treating sunglasses as their fashion statement and similar other factors. Moreover, the consumers in Singapore are open to more advanced options of vision correction, exhibiting an increasing demand for contact lenses in the recent past. The efforts taken by the Health Promotion Board of the country to make eye care more affordable and accessible have also contributed to the growth of eyewear market in the country.
Market Segmentation of Singapore Eyewear Market
In terms of revenue generation spectacle frames dominated the Singapore eyewear market in 2016 with a share of ~%. Frames are generally priced higher than the glasses. Spectacle glass represents the most important component of a spectacle, as it facilitates the improvement in vision impairment. It held a share of ~% in the overall revenue derived by the market.
In 2016, sunglasses held the highest share in the revenue with a share of ~%. Sunglasses are followed by the eyeglasses that held a share of ~% in the overall market. Increasing rate of myopia, hyperopia and presbyopia in the country has raised the demand for prescribed eyeglasses in Singapore.
Optical shops are the most preferred distribution channel in the Singapore eyewear market. They are widely spread over the various parts if the country in both rural and urban areas and are easily accessible. In 2016, the optical shops held a share of ~% in terms of revenue. Optical shops are followed by department stores, internet retailing, chemists and pharmacies and apparel and footwear specialist retailers with ~%, ~%, ~% and ~% respectively in 2016.
Clear spherical lenses dominated the market in terms of revenue from contact lenses with a share of ~% in 2016. It is used to correct myopia and hyper myopia whose rates are rising year on year in Singapore. Toric lenses are used to correct astigmatism and it accounted for a share of ~% in 2016.
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. In 2016, more than ~% share in terms of revenue in the market is held by eyewear manufacturers originated from countries like Italy, France, US and other countries. Luxottica based in Italy has dominated the market with a share of ~% in 2016 especially in the sunglasses segment. Major manufacturers present in the market are Luxottica, Johnson and Johnson, Safilo Group and others who compete on the basis of the number of in-house and licensed brands, price range, product variants of each brand, type of glasses and other parameters. Retailers include optical shops such as Owndays that compete against each other on the basis of brands available in the shop, type of glasses offered, retail price, product variety, design of frames, type of glasses available in the store and similar related features.
Future Potential of Singapore Eyewear Market
Eyewear market of Singapore is anticipated to showcase a CAGR of ~% during the 2016-2021. 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 other related factors. Singapore’s economic and social stability, pro-business policies, competitive production costs, leading-edge medical technology, outstanding human resource capabilities and advanced industrial development will act as key factors that shall attract more number of foreign players to set up manufacturing facilities for eyewear products in the country. The overall eyewear market of Singapore is expected to generate revenue of USD ~ million by 2021.
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Ankur Gupta, Head Marketing & Communications