Ken Research - Singapore Eyeglasses Market | Page 2

October 2017
Singapore Eyewear Market Outlook to 2021
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.
Competitive Landscape
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
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