India: Spectacles And Goggles Market 2024

Spectacles And Goggles Market Size in India

The Indian spectacles and goggles market fell dramatically to $X in 2021, which is down by -15.9% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Spectacles And Goggles Production in India

In value terms, spectacles and goggles production expanded rapidly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 32%. Spectacles and goggles production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Spectacles And Goggles Exports

Exports from India

In 2021, approx. X units of spectacles and goggles were exported from India; jumping by 17% against the year before. In general, exports recorded a significant expansion. The pace of growth was the most pronounced in 2018 when exports increased by 153%. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the near future.

In value terms, spectacles and goggles exports skyrocketed to $X in 2021. Over the period under review, exports posted significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 195%. The exports peaked in 2021 and are likely to see steady growth in years to come.

Exports by Country

The United Arab Emirates (X units), Canada (X units) and France (X units) were the main destinations of spectacles and goggles exports from India, with a combined 50% share of total exports. The UK, the United States, Saudi Arabia, Nepal, South Africa, Germany, Bhutan and Israel lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2021, the biggest increases were recorded for Bhutan (with a CAGR of +242.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), France ($X) and the UK ($X) constituted the largest markets for spectacles and goggles exported from India worldwide, together comprising 73% of total exports. The United Arab Emirates, Israel, Germany, the United States, Bhutan, Nepal, Saudi Arabia and South Africa lagged somewhat behind, together accounting for a further 15%.

Bhutan, with a CAGR of +384.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average spectacles and goggles export price stood at $X per unit in 2021, rising by 47% against the previous year. Over the period under review, the export price continues to indicate strong growth. The most prominent rate of growth was recorded in 2017 an increase of 73%. Over the period under review, the average export prices hit record highs at $X per unit in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

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 ($X per unit), while the average price for exports to South Africa ($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 Bhutan (+41.4%), while the prices for the other major destinations experienced more modest paces of growth.

Spectacles And Goggles Imports

Imports into India

In 2021, approx. X units of spectacles and goggles were imported into India; waning by -85.9% on the previous year. In general, imports saw a abrupt setback. The most prominent rate of growth was recorded in 2020 with an increase of 326% against the previous year. As a result, imports reached the peak of X units, and then reduced markedly in the following year.

In value terms, spectacles and goggles imports fell remarkably to $X in 2021. Over the period under review, imports saw a drastic downturn. The pace of growth was the most pronounced in 2020 when imports increased by 244%. As a result, imports reached the peak of $X, and then contracted sharply in the following year.

Imports by Country

In 2021, China (X units) constituted the largest supplier of spectacles and goggles to India, accounting for a 81% share of total imports. Moreover, spectacles and goggles imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), more than tenfold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -17.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-9.5% per year) and Taiwan (Chinese) (-8.4% per year).

In value terms, China ($X) constituted the largest supplier of spectacles and goggles to India, comprising 48% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 20% share of total imports. It was followed by the United States, with a 7.7% share.

From 2012 to 2021, the average annual growth rate of value from China stood at -11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+2.2% per year) and the United States (-8.1% per year).

Import Prices by Country

The average spectacles and goggles import price stood at $X per unit in 2021, picking up by 48% against the previous year. Over the period under review, import price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +8.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+11.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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