|Product Code: ETC369624||Publication Date: Aug 2023||Product Type: Market Research Report|
|Publisher: 6Wresearch||No. of Pages: 75||No. of Figures: 35||No. of Tables: 20|
India Eyewear Market registered a growth of 62.13% in value shipments in 2022 as compared to 2021 and a decrease of -4.47% CAGR in 2022 over a period of 2017. In Eyewear Market India is becoming less competitive as HHI index in 2022 was 5564 while in 2017 it was 5485. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on imports to meet its growing demand in Eyewear Market.
India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Eyewear Market in 2022 was 3.84 while in 2017 it was 19.14. China, Italy, Other Asia, nes, China, Hong Kong SAR and USA were among the top players of the market in 2022, where China acquired the largest market share of 73.75% with a shipment value of 70.54 million USD in 2022 China also offered the product below the average market price thus having a competitive advantage over others In 2017 China had the largest market share of 72.42% with the shipment value of 56.21 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As China price is lower than the average price, it provided a significant edge among other competitor in 2017.
The eyewear industry in India reached revenues close to US$ 4 billion in 2018 driven mainly by an expanding middle-class population coupled with greater awareness about eye care benefits associated with wearing glasses that offer protection against ultraviolet radiation emitted from mobile phones or computer screens.
The eyewear market in India is experiencing substantial growth, primarily fueled by several key drivers. One of the major drivers is the increasing awareness of eye health and the growing prevalence of refractive errors. As the use of digital devices becomes more pervasive and individuals spend extended hours in front of screens, the demand for corrective eyewear, such as prescription glasses and contact lenses, has risen significantly. Additionally, the growing fashion-consciousness among consumers has led to increased demand for sunglasses and designer eyewear as style accessories. The market`s growth is further supported by the expansion of organized retail and the presence of international eyewear brands in the India market. Moreover, the rise of e-commerce platforms has enabled convenient access to a wide range of eyewear products, contributing to market expansion.
The spectacle frame and mounting market in India is witnessing growth due to an increase in vision-related issues and changing fashion trends. However, the market faces challenges. One of the primary challenges is the presence of a large unorganized sector offering low-cost and counterfeit spectacle frames. This can impact the revenue of legitimate manufacturers and lead to quality and safety concerns for consumers. Additionally, the lack of awareness about the importance of high-quality spectacle frames can limit the market`s potential. Educating consumers about the benefits of using properly fitted and durable frames is crucial to drive market growth. Moreover, the rise in online sales of spectacle frames can be a challenge for traditional brick-and-mortar retailers, requiring them to adapt to changing consumer preferences and offer value-added services.
The eyewear market in India faced challenges during the COVID-19 pandemic due to the impact on retail sales and consumer spending. With the closure of non-essential retail stores and reduced foot traffic, the sales of eyewear products, including prescription glasses, sunglasses, and contact lenses, were negatively affected. Additionally, the economic uncertainties led some consumers to defer non-urgent eyewear purchases, affecting the overall market demand. However, the market demonstrated some resilience through online sales channels and teleconsultations for prescription eyewear. As the retail sector revives and consumer confidence improves, the eyewear market is expected to recover, supported by factors like increasing vision impairment cases and growing fashion-consciousness among India consumers.
The eyewear market in India is experiencing significant growth, driven by an increase in vision impairment and the growing trend of eyewear as a fashion accessory. Key players in this market include companies like Titan Eyeplus (a subsidiary of Titan Company), Lenskart, Vision Express India, and GKB Opticals. These companies offer a wide range of eyewear products, including prescription glasses, sunglasses, and contact lenses, catering to different consumer segments and budgets. They focus on establishing a strong online and offline retail presence, providing a diverse selection of eyewear options and efficient customer service. To cater to the diverse eyewear needs of India consumers, these key players collaborate with optometrists, fashion influencers, and eyewear designers.