The Insights of the Indian Eyewear Industry

🔍Insights

Abinaya Arangarajan

Jan 30, 2023 — 6 min read

Ironically, Gen Z kids are heavily involved in gadgets, pollution, and genetics, all of which cause snagging to their eyesight. Have you ever considered your eyes becoming overly stressed from constant exposure to light? This is where the eyewear industry in India will eventually thrive. Besides, people wear different kinds of spectacles, such as contact lenses, sunglasses, goggles, etc.

There is a great shift in the eyewear industry in India, where people are becoming more conscious and want to keep everything perfect—literally everything perfect. Notable, when it comes to vision, who is not going to pay attention when it becomes life-threatening in the latter days? So, it's better to get a test sooner rather than later.

Furthermore, the Indian eyewear industry focuses on fashionable specs with various adjustments to improve your vision. In India, the eyewear industry is broadening its scope to include health services for everyone from pre-teens to nonagenarians or geriatrics.

Biggest Scam of the Eyewear Industry

Popular Products in the Indian Eyewear Industry

There are a plethora of types of eyewear products; some people prefer contact lenses, whereas others go for bifocal glasses. The Indian eyewear industry is at its peak in terms of sales of the following products:

Contact Lenses

Contact lenses are becoming increasingly popular in India, especially among the younger population, offering a more comfortable and convenient alternative to spectacles. India is holding an augmented trend, and the contact lens market in India is anticipated to grow at a CAGR of 7.08% to reach a market size of $197.28 million in 2025.

Sunglasses

Sunglasses are popular in India, especially during the hot summer months, with polarized lenses being a popular choice. The northern region of India accounts for nearly 35% of the sunglasses market. Delhi, in particular, has the largest share of the market due to its strong fashion trend.

Spectacles

They are the most common form of eyewear in India, available in various frame styles and lens options.

Sports Eyewear

Sports eyewear is gaining popularity in India, especially among athletes and sports enthusiasts, offering protection and improved vision during physical activities.

Fashion Eyewear

Fashion eyewear is also gaining popularity in India, with designer frames and trendy styles in high demand.

Major Players in the Indian Eyewear Industry

According to Statista, the eyewear market in India is estimated to expand by 8.19% from 2023 to 2027, yielding a market size of $7.64 billion in 2027. The major players in the eyewear market in India are:

Titan Eyeplus

Titan, famously known for watches, launched its eyewear division Titan Eyeplus in 2007. The Titan company owned by Tata group has consumer trust by serving the consumer with quality produced at a fair price for almost four decades. Even the subsidiary of Titan, Fastrack has its presence in the eyewear industry.

Fastrack Eyewear

Fastrack Eyewear is a subsidiary of Titan Company, offering a range of stylish and affordable eyewear products, including sunglasses, spectacles, and prescription eyeglasses.

Vogue Eyewear

A subsidiary of Luxottica Group, Vogue Eyewear is a leading brand in the eyewear industry, offering a range of stylish and fashionable eyewear products, including sunglasses and prescription eyeglasses.

Lenskart

Lenskart is one of the largest online eyewear retailers in India, offering a wide range of spectacles, contact lenses, and sunglasses. It was founded by Peyush Bansal, a former Microsoft employee in 2010 along with Amit Chaudhary and Sumeet Kapahi. The company has a strong presence in both online and offline markets and has been successful in providing affordable and accessible eye-care solutions to the Indian population.

Ray-Ban

Ray-Ban is one of the most popular and recognizable eyewear brands in India, offering a wide range of high-quality sunglasses and optical frames. The brand has a strong reputation for its classic and stylish designs and has been successful in attracting both young and older customers.

Himalaya Optical

Himalaya Optical is a popular eyewear brand in India, known for its quality and affordable products. The company offers a wide range of eyewear products, including spectacles, contact lenses, and sunglasses, and has a strong presence in both online and offline markets. Himalaya Optical is known for its commitment to customer satisfaction and its focus on providing high-quality eye care solutions to the Indian population.

SWOT Analysis of the Indian Eyewear Industry

The SWOT analysis of the Indian eyewear industry can be divided into the following headings:

Strengths

Growing population with increasing eye problems
Rising awareness about eye health and increasing disposable income
Growing demand for trendy and fashionable eyewear
Rising e-commerce sector and increased online sales

Weaknesses

Lack of trained optometrists and eye care professionals
High cost of branded eyewear
The limited presence of organized players in rural areas
Poor infrastructure for eye care services

Opportunities

Expansion in rural areas
Growing trend of personalized and custom-made eyewear
Increasing demand for high-end premium eyewear
Growing focus on eye care and vision correction products

Threats

Intense competition from local and international players
Stringent government regulations and standards
Changing consumer preferences and trends
Fluctuations in raw material prices and production costs

Growth of the Indian Eyewear Industry in recent years

Indian Eyewear Industry is one of the fastest-growing retail industries in the country. It has experienced significant growth in recent years, driven by a number of factors such as increasing consumer awareness about eye care, rising disposable income, and a growing preference for fashion-forward eyewear products. The growth of e-commerce has also been a major factor in the growth of the Indian eyewear industry, making it easier for consumers to purchase eyewear products from the comfort of their homes

The Indian eyewear industry has seen substantial growth in recent years, with the market size estimated to reach $3.6 billion by 2024, growing at a CAGR of around 15% from 2019 to 2024. Furthermore, the growth of this industry is expected to continue in the coming years, driven by rising demand for eye care products and services.

Insights Into the Indian Eyewear Industry

Some of the insights that explain the growth and future potential of the eyewear industry in India are as follows:

The eyewear market in India is expected to reach $3.6 billion by 2024, growing at a CAGR of 15% from 2019 to 2024.
The Indian eyewear market is segmented into spectacles, contact lenses, and sunglasses.
The spectacles segment is estimated to hold the largest share of the market in 2020, accounting for over 60% of the total market.
The sunglasses segment is estimated to hold a 35% share of the market in North India and is expected to continue holding the largest share.
The eyewear industry in India is highly competitive, with the presence of several domestic and international players such as Lenskart, Titan, Himalaya Opticals, Ray-Ban, and more.

Conclusion

The future of the Indian eyewear industry looks promising, with analysts projecting continued growth in the coming years. The increasing focus on personal wellness and eye health, along with the growing popularity of online shopping, is expected to drive growth in the industry.

FAQ

Is the eyewear industry growing in India?

The Indian eyewear industry has seen substantial growth in recent years, with the market size estimated to reach $3.6 billion by 2024, growing at a CAGR of around 15% from 2019 to 2024.

Who are the major players in the Indian eyewear industry?

Some of the prominent players in the Indian eyewear industry are:

Titan Eyeplus
Lenskart
Ray-Ban
Fastrack Eyewear
Vogue Eyewear
Himalaya Optical

What are the strengths of the Indian eyewear industry?

The strengthening factors of the Indian eyewear industry include:

Growing population with increasing eye problems
Rising awareness about eye health and increasing disposable income
Growing demand for trendy and fashionable eyewear
Rising e-commerce sector and increased online sales

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