India's Eyewear Market Poised for Remarkable Growth Amidst Technological Advancements

India Eyewear Market Set for Robust Expansion Amidst Technological Innovations and Strategic Collaborations

The Indian eyewear market is poised for substantial growth, driven by increasing visual impairments, rising fashion consciousness, and technological advancements. According to recent analyses, the market size is projected to reach nearly USD 13.58 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 11.90% during the forecast period.

Competitive Landscape and Regional Demand

The market is characterized by the presence of key players such as EssilorLuxottica, Titan Company Limited, GKB Opticals, and Lenskart. These companies are focusing on product innovation, strategic partnerships, and expanding their distribution networks to strengthen their market position. Notably, North India has emerged as a significant market, holding a 35% share in the sunglasses segment, with Delhi leading due to its vibrant fashion trends and increasing demand for international brands.

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United States: Growth, Trends, and Technological Innovations

In the United States, the eyewear market has witnessed significant growth, driven by technological innovations and the integration of smart technologies into eyewear products. EssilorLuxottica, the parent company of Ray-Ban, has been at the forefront of this trend, developing smart eyewear in collaboration with tech giants like Meta. These smart glasses integrate AI and tiny cameras, enabling functionalities such as livestreaming to social media platforms, thereby enhancing user experience and boosting sales.

Asia-Pacific: Opportunities, Trends, and Market Expansion

The Asia-Pacific region, particularly countries like China, Japan, and South Korea, presents significant opportunities for the eyewear market. However, recent reports indicate a slowdown in consumer spending in China, affecting revenue growth for companies like EssilorLuxottica. Despite this, the region still saw a 5% revenue increase in the third quarter, with expectations of improved performance in the upcoming quarters due to organic growth and new acquisitions.

Europe: Consolidation and Strategic Investments

Europe has witnessed notable consolidation activities in the eyewear industry. EssilorLuxottica achieved a milestone valuation of €100 billion, marking the fulfillment of the late founder Leonardo Del Vecchio's vision. The company's growth has been bolstered by strategic investments, including the acquisition of a 5.1% stake in Nikon Corp, strengthening their existing partnership and expanding their technological capabilities.

Middle East and Africa: Market Updation and Strategic Mergers

The Middle East and Africa region have experienced significant market updates, with strategic mergers reshaping the eyewear landscape. Notably, MAGRABi and Rivoli Vision announced a merger, aiming to leverage their combined expertise and resources to enhance their market presence and cater to the growing demand for premium eyewear products in the region.

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Recent Developments and Strategic Collaborations

The eyewear industry has seen several strategic collaborations and investments aimed at enhancing technological capabilities and expanding market reach:

EssilorLuxottica has partnered with Meta to develop smart eyewear, integrating advanced technologies to offer enhanced functionalities to consumers.

The company also acquired a 5.1% stake in Nikon Corp, reinforcing their long-term partnership and commitment to innovation in the eyewear sector.

India Eyewear Market segmentation :

by Product Type

Prescription Glasses
Contact Lenses
Sunglasses

According to product type, the market for prescription glasses held the most share in 2023 and is expected to do so throughout the forecast period as a result of an increase in eye disorders and eye difficulties brought on by increased use of digital devices.

by Distribution Channel

Offline
Online

According to the distribution channel, the online store is anticipated to have the biggest market share during the forecast period because online retailing offers more discounts and a greater selection of products, and the online platform gains popularity because it allows customers to order products and have them delivered right to their door.

by End User

Men
Women

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Learn about the top players driving innovation in the India Eyewear Market :

1. Titan Eye Plus
2. Stylrite Optical Industry
3. Chandan Optical Industries
4. Himalaya Optical
5. Delite Eyewear
6. Lenskart
7. Kandru Eyewear Pvt Ltd
8. Prakaash Eyewear Pvt Ltd
9. Aurolab Trust
10. Rayban Sun Optics Limited
11. Zazz Eye's
12. Eye-D - For Visually Impaired
13. Shop Hop India
14. Lawrence & Mayo
15. Lumberq By Mhm & Co
16. Mirrar
17. Without By Ashaya
18. Cleardekho.Com
19. Flying Machine
20. Bonton
21. Specsmakers
22. Idee Eyewear
23. Gkb Opticals
24. Scott Eyewear
25. Spetex

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