India Eyewear Market Forecast Projected Growth:
The India Eyewear Market is anticipated to achieve a size of approximately USD 13.58 billion by 2030, growing at a compound annual growth rate (CAGR) of 11.90% during the forecast period.
Report Coverage Details:
- Base Year: 2023
- Forecast Period: 2024-2030
- Historical Data: 2018 to 2023
- Market Size in 2023: US $ 6.18 Bn.
- Forecast Period 2024 to 2030 CAGR: 11.90%
- Market Size in 2030: US $ 13.58 Bn.
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India Eyewear Market Overview:
Eyewear serves multiple purposes, including protection, fashion, and visual enhancement. Several factors are driving the growth of the Indian eyewear market. According to data from the Ministry of Health and Family Welfare, 11.90% of the population is affected by myopia. Additionally, the aging population in India is increasing due to declining birth and fertility rates. The widespread use of electronic gadgets among the youth, combined with dust and pollution, has significantly increased the demand for eyewear. Sunglasses are increasingly being used as a fashion statement, further boosting market growth. Improved economic conditions, heightened awareness about healthcare, and better living standards have contributed to India selling approximately 1.2 billion eyewear units. Technological advancements, the rising trend of smart wearable eyewear, and increased investments in research and development are also pivotal in driving the market.
Product Type Analysis:
In terms of product type, the prescription glasses segment dominated the market in 2023 and is expected to continue its dominance throughout the forecast period. This growth can be attributed to the rising incidence of eye disorders and increased eye problems due to the higher usage of digital devices.
Distribution Channel Insights:
The online store segment is projected to hold the largest market share during the forecast period. The popularity of online retailing is due to the availability of more discounts, a wider selection of products, and the convenience of doorstep delivery. Approximately 11.90% of eyewear purchases in India are made online, reflecting the increasing preference for e-commerce platforms and digital payments. The adoption of smartphones, the government's push for a digital India, and technological advancements are further propelling online sales.
End User Trends:
The women’s segment is expected to account for the largest market share during the forecast period. This is driven by the growing demand for fashionable and international brands of spectacles among women. Increased awareness about eye healthcare, rising purchasing power, a demand for robust eyewear, and a preference for luxury and branded sunglasses are key factors contributing to market growth.
Contact Lenses Market:
India is a significant market for contact lenses, primarily due to their affordability compared to global prices. The demand for contact lenses is expected to rise during the forecast period, driven by the increasing working population in India. More women are joining the workforce and prefer contact lenses to enhance confidence, smartness, and beauty. The availability of various colors and brands, along with fashion trends, is also a major factor driving the market.
Regional Analysis:
North India accounted for 35% of the sunglasses market share and is expected to maintain its dominance during the forecast period. Delhi, in particular, is anticipated to hold a significant market share due to the high fashion trend in the city. The rising demand for eye protection, vision correction spectacles, and international brands is driving the market. The increased usage of digital gadgets among the youth population is also contributing to the need for vision correction spectacles and contact lenses.
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Report Objective:
The objective of this report is to provide a comprehensive analysis of the India Eyewear Market, encompassing all industry stakeholders. The report presents the past and current status of the industry along with the forecasted market size and trends. It simplifies complex data to provide a clear understanding of the industry dynamics, market segments, and projected market size. Additionally, the report offers a detailed competitive analysis of key players, covering aspects such as product types, pricing, financial positions, product portfolios, growth strategies, and regional presence, making it an invaluable resource for investors.
Market Segmentation:
The India Eyewear Market is segmented based on product type, distribution channel, and end user as follows:
- By Product Type: Prescription Glasses, Contact Lenses, Sunglasses
- By Distribution Channel: Offline, Online
- By End User: Men, Women
The report also covers detailed analyses of various external and internal factors expected to influence the market positively or negatively, providing a clear futuristic view for decision-makers.
Key Players:
- Essilor
- GKB High Tech
- Carl Zeiss
- Hoya
- Ray-Ban
- Maui Jim
- Oakley
- Vintage
- Vogue
- Vision Rx
- Silk lens
- Sparkle
- Biomedic 55
- Alcon
- Police
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Table of Contents:
- Introduction: A general overview of the India Eyewear Market.
- Report Objectives: Goals and limitations of the India Eyewear Market report.
- Market Overview: A comprehensive look at the India Eyewear Market landscape.
- Market Evaluation: Current assessment of the India Eyewear Market's size.
- Type Segmentation: Breakdown of the India Eyewear Market by types.
- Competitive Analysis: Examination of the competitive forces in the market.
- Customer Insights: Details on customer demographics and behaviors.
- Regional Analysis: Analysis of the market across different regions.
- Decision Tools: Frameworks and criteria for informed market decision-making.
- Growth Factors and Challenges: Drivers of growth and obstacles in the market.
- Market Dynamics: Latest trends affecting the India Eyewear Market.
- Vendor Overview: Summary of major vendors in the India Eyewear Market.
- Vendor Examination: Detailed analysis of key vendors.
Key Questions Addressed in the Market Analysis:
- What are the elements of India Eyewear Derivatives?
- What is the current growth path of the India Eyewear Market?
- Who are the major players in the India Eyewear Market?
- What are the driving factors behind the growth of the India Eyewear Market?
- Which company or organization dominates the market share in the India Eyewear Market?
- How is the demand for the India Eyewear Market changing?
- What are the significant trends in the India Eyewear Market?
- What tactics are competitors employing in the India Eyewear Market?
- What are the growth prospects in emerging regions for the India Eyewear Market?
- Which segment is expected to grow the fastest, and what are the reasons?
Key Offerings:
- Historical Market Size and Competitive Landscape (2019-2022): An analysis of market size and competitive dynamics from the past few years.
- Historical Pricing and Price Trends by Region (2019-2023): A review of past pricing trends and patterns across different regions.
- Market Size, Share, and Forecast by Segment (2023−2030): Predictions of market size, share, and segmentation for the upcoming years.
- Market Dynamics: Insights into growth drivers, restraints, opportunities, and key trends by region.
- Market Segmentation: In-depth analysis segmented by product, end-user, distribution channel, and region.
- Competitive Landscape: Detailed profiles of key regional players with strategic insights.
- Competitive Landscape – Market Leaders, Market Followers, Regional Players: Overview of market leaders, followers, and regional players.
- Competitive Benchmarking of Key Players by Region: Comparative analysis of major players across various regions.
- PESTLE Analysis: Evaluation of political, economic, social, technological, legal, and environmental factors impacting the market.
- PORTER’s Five Forces Analysis: Examination of the competitive forces influencing the market.
- Value Chain and Supply Chain Analysis: Comprehensive analysis of the market's value and supply chains.
- Legal Aspects of Business by Region: Exploration of legal factors affecting business operations in different regions.
- Lucrative Business Opportunities with SWOT Analysis: Identification of profitable business opportunities using SWOT analysis.
- Recommendations: Strategic guidance based on market analysis.
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