Singapore: Sunglasses Market 2024

Sunglasses Market Size in Singapore

The Singaporean sunglasses market skyrocketed to $X in 2022, surging by X% against the previous year. Overall, consumption showed a relatively flat trend pattern. Sunglasses consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Sunglasses Production in Singapore

In value terms, sunglasses production skyrocketed to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a abrupt downturn. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Sunglasses Exports

Exports from Singapore

In 2022, the amount of sunglasses exported from Singapore dropped to X units, which is down by X% on 2021. Over the period under review, exports saw a abrupt decrease. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, sunglasses exports skyrocketed to $X in 2022. Overall, exports saw a mild downturn. The growth pace was the most rapid in 2021 when exports increased by X%. 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 X% 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 Philippines (X units) ranked third in terms of total exports with a X% share.

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

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

In terms of the main countries of destination, Saudi Arabia, with a CAGR of X%, 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

In 2022, the average sunglasses export price amounted to $X per unit, picking up by X% against the previous year. Overall, the export price posted prominent growth. The pace of growth appeared the most rapid in 2018 when the average export price increased by X%. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Saudi Arabia ($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 the United Arab Emirates (X%), while the prices for the other major destinations experienced more modest paces of growth.

Sunglasses Imports

Imports into Singapore

In 2022, overseas purchases of sunglasses increased by X% to X units, rising for the second year in a row after three years of decline. In general, imports, however, saw a deep setback. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, sunglasses imports soared to $X in 2022. Over the period under review, imports, however, showed a pronounced descent. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of sunglasses to Singapore, accounting for a X% share of total imports. Moreover, sunglasses imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), sixfold. Japan (X units) ranked third in terms of total imports with a X% share.

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

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

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

Import Prices by Country

The average sunglasses import price stood at $X per unit in 2022, with an increase of X% against the previous year. In general, the import price saw temperate growth. The most prominent rate of growth was recorded in 2018 an increase of X%. The import price peaked in 2022 and is likely to see gradual growth in the near future.

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 (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform