India: Binocular Market 2024

Binocular Market Size in India

In 2021, the Indian binocular market decreased by -13.9% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption continues to indicate a relatively flat trend pattern. Binocular consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Binocular Production in India

In value terms, binocular production dropped significantly to $X in 2021 estimated in export price. Overall, production showed a slight contraction. The growth pace was the most rapid in 2020 when the production volume increased by 47% against the previous year. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Binocular Exports

Exports from India

In 2021, shipments abroad of binoculars was finally on the rise to reach X units after two years of decline. In general, exports, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 when exports increased by 334% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, binocular exports surged to $X in 2021. Overall, exports, however, faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2015 with an increase of 395%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Greece (X units) was the main destination for binocular exports from India, with a 32% share of total exports. Moreover, binocular exports to Greece exceeded the volume sent to the second major destination, Brazil (X units), threefold. Croatia (X units) ranked third in terms of total exports with a 7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Greece stood at +79.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+11.8% per year) and Croatia (+45.1% per year).

In value terms, Greece ($X) remains the key foreign market for binoculars exports from India, comprising 68% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 6.8% share of total exports. It was followed by Israel, with a 6.4% share.

From 2012 to 2021, the average annual growth rate of value to Greece totaled +101.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+16.3% per year) and Israel (-33.5% per year).

Export Prices by Country

The average binocular export price stood at $X per unit in 2021, increasing by 24% against the previous year. Overall, the export price enjoyed tangible growth. The pace of growth was the most pronounced in 2020 an increase of 142% against the previous year. The export price peaked in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Israel ($X per unit), while the average price for exports to Croatia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bulgaria (+28.6%), while the prices for the other major destinations experienced more modest paces of growth.

Binocular Imports

Imports into India

Binocular imports into India skyrocketed to X units in 2021, picking up by 93% against the previous year. In general, imports saw a relatively flat trend pattern. Imports peaked at X units in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, binocular imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a drastic downturn. The pace of growth appeared the most rapid in 2017 when imports increased by 124% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest binocular supplier to India, accounting for a 80% share of total imports. Moreover, binocular imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), sixfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+44.1% per year) and Hong Kong SAR (-7.4% per year).

In value terms, the largest binocular suppliers to India were Japan ($X), China ($X) and Hong Kong SAR ($X), together accounting for 49% of total imports.

Among the main suppliers, Japan, with a CAGR of +39.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average binocular import price amounted to $X per unit, surging by 4.7% against the previous year. In general, the import price, however, saw a deep setback. The growth pace was the most rapid in 2018 when the average import price increased by 50% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (-2.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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