Over the last decade, there has been a remarkable increase in the use of eyeglasses and contact lenses in India, owing to the rise in eye diseases and vision disorders like myopia, hypermetropia, and presbyopia. Moreover, over time, from functioning as a vision corrective product, eyewear has turned into a fashion accessory. This has further popularized the use of sunglasses and eyeglasses in India.
The eyewear market in India was valued at INR 492.37 Bn in 2018, and is expected to reach
INR 966.73 Bn by 2024, expanding at a compound annual growth rate (CAGR) of ~11.90%, during the 2019-2024 period. The demand for prescription eyeglasses and contact lenses has picked up in the Indian market, owing to vision disorders, unhealthy lifestyle and age-related impairments among people. Rise in fashion and brand consciousness among the young population of the country and increase in the sale of branded eyewear are some of the important factors fueling the growth of prescription eyewear, as well as sunglasses in the domestic eyewear market. On the other hand, initiatives undertaken by the Indian government like setting up of free eye check-up and vision treatment programs have also contributed towards the growth of the eyewear market in India. However, presence of counterfeit products in the market and the increasing popularity of vision corrective surgeries act as major pitfalls for the market.
Market segmentation analysis
Based on product type, the India eyewear market is segmented into spectacles, sunglasses and contact lenses. Value-wise, in 2018, the spectacles segment captured the highest market share (~70.15%). The segment is expected to continue accounting for the highest market share throughout the forecast period due to unhealthy lifestyles and increasing exposure to display screens. In terms of market revenue, the sunglass and contact lens segments are expected to account for ~18.47% and ~10.60% market shares, respectively, in 2024.
In India, the eyewear market is composed of both organized and unorganized players. The unorganized sector dominates the market with almost 70% market share. Titan Company Limited, GKB Opticals Limited, Lenskart Solutions Private Limited, Bausch & Lomb India Private Limited, and Johnson & Johnson Private Limited are some of the major players operating in the organized eyewear market. These players have accelerated the sale of eyewear products by generating awareness regarding vision disorders and setting up free eye check-up camps in tier-II and tier-III cities. Price differentiation between branded and unbranded eyewear products poses challenge for organized players to capture a substantial market share in the overall eyewear market.
• GKB Opticals Limited
• Hidesign India Private Limited
• Lenskart Solutions Private Limited
• Ronak Optik Private Limited
• Titan Company Limited
• Bausch & Lomb India Private Limited
• Johnson & Johnson Private Limited
• Rayban Sun Optics India Private Limited
• Safilo India Private Limited
• Sterling Meta Plast India Private Limited