Clothing and Accessories – CRI Report

Wrist Watch Market in India 2019

admin — Sat, 12 Sep 2020 05:23:00 +0000

Over the last decade, wrist watches have gained much popularity as a fashion accessory than a device for telling time. This recognition can be attributed to the high brand consciousness among millennial consumers, celebrity endorsement and aggressive marketing strategies adopted by fashion brands. Delhi, Mumbai and Bengaluru are the leading markets for wrist watches in India, in terms of sales volume.
Market insights
The wrist watch segment accounts for around 80% of the Indian timepiece market. The wrist watch market in India was valued at INR 94.55 Bn in 2018, and is expected to reach INR 192.74 Bn by 2024, expanding at a compound annual growth rate (CAGR) of ~13.21%, during the forecast period (2019-2024). In the past few years, smartwatches and premium watches have witnessed a significant growth in demand and popularity. These two are the main components which have attributed to the rapid growth of the wrist watch market. Slashed goods and services tax (GST) rates on luxury watches and increasing fashion consciousness among consumers have further accelerated the market growth. Moreover, with the progressing retail landscape and increase in Internet retailing, the sale of wrist watches is anticipated to experience a swift increase in the Indian market. However, the presence of counterfeit products is a major challenge for the market. The developing market for fitness bands and activity trackers as substitutes for smartwatches, also impedes the growth of the wrist watch market.
Market segment analysis
Based on the price range of products, the wrist watch market in India is segmented into mass price, economy price and premium price segments. In India, the mass price segment is operated mostly by the unorganized sector. The customer-base of the economy price segment is the highest and comprises mainly the millennial and working demography of the country. The revenue generated from the sale of products in the economy price segment accounted for ~37.95% of the overall market revenue in 2018. The demand for premium branded watches is predicted to expand at a rapid growth rate of ~13.75% during this period, owing to the increase in average disposable income, steady expansion of retail network by international fashion brands in tier II and tier III cities and increase in fashion consciousness among people.

Competition analysis
Some of the major players in the market include Titan Company Limited, Casio India Co. Private Limited, Rolex Watch Company Private Limited and Timex Group India Limited. Among these accomplished players, the industry is being led by Titan Company Limited, accounting for approximately 40% of the overall wrist watch market, for almost a decade. As a strategic move to capture higher market share, players are trying to diversify their product portfolios by introducing smart watches in their product portfolio. In 2019, the overall sales volume of smart watches in India was about 34,200 units. The companies are coming up with innovative ranges of products incorporated with new features and technologies that are likely to further intensify the competition.

Companies covered
• Timex Group India Limited
• Titan Company Limited
• Casio India Co. Private Limited
• Citizen Watches (India) Private Limited
• Fossil India Private Limited
• PA Time Industries (Maxima Watches)
• Rolex Watch Company Private Limited
• Swatch Group (India) Private Limited

The post Wrist Watch Market in India 2019 first appeared on CRI Report.

Eyewear Market in India 2019

admin — Sat, 12 Sep 2020 05:21:30 +0000

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.

Market insights
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.

Competition analysis
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.

Companies covered
• 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

The post Eyewear Market in India 2019 first appeared on CRI Report.

Activewear Market in India 2019

admin — Sat, 12 Sep 2020 05:20:35 +0000

With increasing disposable income and evolving lifestyle preferences, people are incorporating wellness routines in their busy lifestyles with the aim of leading a healthy life. The activewear market in India, benefitting from this development, has witnessed significant growth.
Market insights
Over the last decade, the activewear market in India has witnessed a steady growth in terms of market revenue. The market was valued at INR 466.90 Bn in 2018 and is estimated to reach INR 997.83 Bn by 2024, expanding at a compound annual growth rate (CAGR) of ~13.59%, during the 2019-2024 period. Higher participation of women and kids in sports activities and promotion of athleisure as casual wear has led to the expansion of the activewear market in India. Rising popularity of online retail channels as a mode of distribution has further propelled market growth. However, the presence of counterfeit activewear products acts as a major restraining factor for the market.
Market segmentation analysis
Based on product type, the activewear market in India is categorized as footwear, apparel, and other sports accessories segments. Headbands, hats, caps, and visors constitute the other sports accessories segment. Value-wise, in 2018, the footwear segment held the largest market share (~50.33%). This segment has a strong presence of international brands like Adidas, Reebok, Nike, and Puma. Increasing demand of sports-inspired or athletic casual footwear is expected to facilitate the growth of this segment during the forecast period. The apparel segment generated a revenue of INR 193.39 Bn in 2018, and is expected to expand at a CAGR of ~13.37% during the forecast period. Heightened awareness regarding fitness and wellness, coupled with celebrity-endorsement is expected to fuel the demand for activewear.
Competition analysis
The activewear market in India is dominated by foreign players like Adidas India Private Limited, Decathlon Sports India Private Limited, Nike India Private Limited, and Puma Sports India Private Limited. Amid these international brands, domestic players are striving to strengthen their footprint in India by offering products at a lower price range than their international counterparts for consumers in tier II and tier III cities. With increase in sizeable funding and endorsements from Bollywood and sports celebrities for domestic activewear start-ups, the activewear market in India is expected to rejuvenate shortly.
Companies covered
• DIDA Brothers Company Private Limited
• HRX
• Adidas India Private Limited
• Asics India Private Limited
• Decathlon Sports India Private Limited
• Fila Sports India Private Limited
• Nike India Private Limited
• Puma Sports India Private Limited
• Reebok India Company
• Skechers Retail India Private Limited

The post Activewear Market in India 2019 first appeared on CRI Report.