Eyewear Market Overview
The eyewear industry has been experiencing growth in recent years. The market is mainly driven by the increase in the aging population and an increasing number of customers with vision-related problems. Additionally, the rising demand for trendy eyewear products has also contributed to the industry's growth. According to a recent report, the global eyewear market size was valued at USD 113.5 billion in 2020 and is expected to reach USD 196.7 billion by 2028, growing at a CAGR of 7% from 2021 to 2028.
The industry is divided into two main segments, prescription eyewear and non-prescription (sunglasses). Prescription eyewear is further categorized into spectacles and contact lenses. The spectacles segment is the largest among the prescription eyewear category. However, the non-prescription market is expected to grow rapidly due to a shift in consumer preferences towards fashionable and trendy eyewear.
Manufacturing trends in Eyewear
Manufacturing eyewear requires the use of high-quality materials and modern technology, which can make producing trendy, fashionable eyewear products an expensive endeavor. That is why most of the manufacturing is concentrated in countries with low labor cost.
The eyewear manufacturing industry in Malaysia is growing. Malaysia-based manufacturers are producing a vast range of eyewear solutions using various materials such as acetate, metal, TR, titanium, and eco-friendly materials. The eyewear industry is a significant contributor to the Malaysian economy, with prominent players like HISIGHT leading the way.
HISIGHT- Revolutionising the Eyewear Industry
Founded in 2005, HISIGHT's brand philosophy has been to provide the customers with the highest quality and best-selling eyewear at a most competitive cost. The company operates with its efficient 10,000 square meters factory in Wenzhou, China, producing a vast range of optical and sunglasses with various materials such as acetate, metal, TR, titanium, and eco-friendly materials.
HISIGHT has a robust distribution network that extends over many countries worldwide. It aims to provide a diverse product range with an array of choices for customers to choose from. The company endeavours to provide exceptional customer service backed by its world standard manufacturing and quality control processes.
Malaysia's Potential in the Eyewear Market
The Malaysian eyewear industry is growing, and Malaysian manufacturers hold vast potential to expand their operations globally. With an experienced workforce, advanced manufacturing processes, and low labor costs, Malaysia has become an attractive location for eyewear manufacturing. One of the industry's significant advantages in Malaysia is the support provided by the country's government, which includes tax incentives and various other benefits to promote the eyewear industry.
Furthermore, the government's investments in technology and infrastructure for the eyewear manufacturing industry have nurtured a conducive environment for the eyewear manufacturers in the country. Besides, the geographical location of Malaysia, in the heart of Asia, makes it an advantageous location for manufacturing eyewear products as it is strategically located for easy access to the global market.
Conclusion
The eyewear industry is a lucrative industry, and with the growing demand for such products, Malaysian manufacturers can look forward to expanding their business. Given that HISIGHT is committed to manufacturing and distributing the best quality and fashionable eyewear products, we can safely say that Malaysian manufacturers have tremendous potential to establish themselves in the highly competitive eyewear industry.
With the government's support and the industry's rapidly improving manufacturing standards, Malaysia-based companies can increase their presence in the global eyewear market. All in all, HISIGHT and other manufacturers in Malaysia have presented an opportunity for investors to take advantage of the country's highly competitive manufacturing process and low labor costs to contribute to the eyewear industry.