Spectacles And Goggles Market

The article forecasts a slight increase in the global spectacles and goggles market from 2022 to 2030, with consumption volume expected to reach 5.3B units and market value projected to reach $326.6B by the end of 2030. Key trends include a decrease in consumption in 2022, with China, the US, and India being the top consumers. Production and imports also show fluctuations, with China leading in production and the US in imports. The article provides detailed analysis of consumption, production, imports, and exports trends in the industry over the past decade.

Market Forecast

Driven by rising demand for spectacles and goggles worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.4% for the period from 2022 to 2030, which is projected to bring the market volume to 5.3B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2022 to 2030, which is projected to bring the market value to $326.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Spectacles And Goggles

In 2022, approx. 5.2B units of spectacles and goggles were consumed worldwide; with a decrease of -3.1% compared with the year before. In general, consumption showed a noticeable reduction. The pace of growth appeared the most rapid in 2016 when the consumption volume increased by 9.8% against the previous year. Over the period under review, global consumption hit record highs at 8B units in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

The global spectacles and goggles market size fell to $267.8B in 2022, waning by -5.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a abrupt curtailment. Over the period under review, the global market attained the maximum level at $462.9B in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.6B units), the United States (782M units) and India (626M units), with a combined 57% share of global consumption. Japan, Bangladesh, Indonesia, the UK, Mexico, Italy, Canada, South Korea, Democratic Republic of the Congo and Saudi Arabia lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Saudi Arabia (with a CAGR of +1.4%), while consumption for the other global leaders experienced a decline in the consumption figures.

In value terms, Democratic Republic of the Congo ($241.1B) led the market, alone. The second position in the ranking was taken by India ($5.8B). It was followed by China.

From 2012 to 2022, the average annual rate of growth in terms of value in Democratic Republic of the Congo amounted to -5.2%. In the other countries, the average annual rates were as follows: India (-4.5% per year) and China (+0.8% per year).

The countries with the highest levels of spectacles and goggles per capita consumption in 2022 were Canada (2.4 units per person), Saudi Arabia (2.4 units per person) and the United States (2.3 units per person).

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of -0.7%), while consumption for the other global leaders experienced a decline in the per capita consumption figures.

Production

World Production of Spectacles And Goggles

In 2022, global spectacles and goggles production contracted slightly to 4.9B units, which is down by -3% compared with 2021. In general, production saw a deep slump. The pace of growth was the most pronounced in 2016 with an increase of 8.9%. Global production peaked at 8.7B units in 2012; however, from 2013 to 2022, production remained at a lower figure.

In value terms, spectacles and goggles production contracted to $267.8B in 2022 estimated in export price. Overall, production showed a abrupt decrease. The growth pace was the most rapid in 2016 when the production volume increased by 22%. Global production peaked at $465.2B in 2017; however, from 2018 to 2022, production remained at a lower figure.

Production By Country

China (2B units) constituted the country with the largest volume of spectacles and goggles production, comprising approx. 40% of total volume. Moreover, spectacles and goggles production in China exceeded the figures recorded by the second-largest producer, India (604M units), threefold. The United States (440M units) ranked third in terms of total production with a 9% share.

In China, spectacles and goggles production plunged by an average annual rate of -4.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (-2.5% per year) and the United States (-2.5% per year).

Imports

World Imports of Spectacles And Goggles

Global spectacles and goggles imports dropped slightly to 1.2B units in 2022, reducing by -1.6% against the previous year. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 72% against the previous year. As a result, imports reached the peak of 1.7B units. From 2021 to 2022, the growth of global imports remained at a lower figure.

In value terms, spectacles and goggles imports expanded slightly to $3.5B in 2022. The total import value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when imports increased by 30% against the previous year. As a result, imports attained the peak of $4.2B. From 2021 to 2022, the growth of global imports remained at a somewhat lower figure.

Imports By Country

The United States was the major importer of spectacles and goggles in the world, with the volume of imports recording 387M units, which was approx. 32% of total imports in 2022. Mexico (74M units) ranks second in terms of the total imports with a 6.1% share, followed by Canada (5.1%) and the UK (4.8%). Australia (47M units), Japan (43M units), Russia (33M units), Hong Kong SAR (30M units), Brazil (28M units), Thailand (28M units), South Africa (27M units), India (26M units) and Germany (21M units) followed a long way behind the leaders.

The United States experienced a relatively flat trend pattern with regard to volume of imports of spectacles and goggles. At the same time, Canada (+7.8%), South Africa (+4.8%), Mexico (+3.7%), Australia (+2.9%) and Thailand (+2.5%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing importer imported in the world, with a CAGR of +7.8% from 2012-2022. Japan experienced a relatively flat trend pattern. By contrast, the UK (-1.1%), Brazil (-1.7%), Russia (-3.8%), Hong Kong SAR (-4.6%), India (-8.7%) and Germany (-21.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Canada and Germany increased by +2.5 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($873M) constitutes the largest market for imported spectacles and goggles worldwide, comprising 25% of global imports. The second position in the ranking was taken by Australia ($256M), with a 7.3% share of global imports. It was followed by Hong Kong SAR, with a 6.9% share.

In the United States, spectacles and goggles imports increased at an average annual rate of +5.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Australia (+4.7% per year) and Hong Kong SAR (+6.2% per year).

Import Prices By Country

In 2022, the average spectacles and goggles import price amounted to $2.9 per unit, rising by 6.2% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The pace of growth appeared the most rapid in 2021 an increase of 11%. Over the period under review, average import prices attained the maximum at $3.3 per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($8.5 per unit), while Thailand ($0.5 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+11.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Spectacles And Goggles

In 2022, shipments abroad of spectacles and goggles decreased by -0.6% to 930M units, falling for the fifth year in a row after two years of growth. In general, exports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 3.2% against the previous year. As a result, the exports reached the peak of 1.9B units. From 2015 to 2022, the growth of the global exports remained at a lower figure.

In value terms, spectacles and goggles exports totaled $3.9B in 2022. The total export value increased at an average annual rate of +4.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 13% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in the immediate term.

Exports By Country

In 2022, China (407M units) represented the major exporter of spectacles and goggles, making up 44% of total exports. Taiwan (Chinese) (235M units) held the second position in the ranking, distantly followed by Mexico (50M units) and the United States (44M units). All these countries together held approx. 36% share of total exports. The following exporters - Belarus (19M units), Hong Kong SAR (18M units), Germany (17M units) and Thailand (16M units) - each accounted for a 7.6% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Belarus (with a CAGR of +91.3%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.8B) remains the largest spectacles and goggles supplier worldwide, comprising 47% of global exports. The second position in the ranking was taken by Taiwan (Chinese) ($321M), with an 8.1% share of global exports. It was followed by Germany, with a 5.5% share.

In China, spectacles and goggles exports expanded at an average annual rate of +6.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+3.0% per year) and Germany (+4.7% per year).

Export Prices By Country

The average spectacles and goggles export price stood at $4.2 per unit in 2022, picking up by 4.6% against the previous year. Over the period under review, the export price recorded buoyant growth. The growth pace was the most rapid in 2018 when the average export price increased by 31% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

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 Germany ($13 per unit), while Belarus ($0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+21.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform