India: Sunglasses Market 2024

Sunglasses Market Size in India

In 2022, the Indian sunglasses market increased by 59% to $X, rising for the second year in a row after two years of decline. In general, consumption posted a resilient increase. Sunglasses consumption peaked in 2022 and is expected to retain growth in the near future.

Sunglasses Production in India

In value terms, sunglasses production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the production volume increased by 12% against the previous year. Sunglasses production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Sunglasses Exports

Exports from India

In 2022, shipments abroad of sunglasses decreased by -10.5% to X units, falling for the second year in a row after three years of growth. Over the period under review, exports, however, recorded a strong increase. The pace of growth was the most pronounced in 2018 with an increase of 194% against the previous year. Over the period under review, the exports hit record highs at X units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, sunglasses exports amounted to $X in 2022. In general, exports, however, saw a buoyant expansion. The growth pace was the most rapid in 2018 when exports increased by 337% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X units), Nepal (X units) and Argentina (X units) were the main destinations of sunglasses exports from India, with a combined 42% share of total exports. Bangladesh, Mauritius, Russia, France, Fiji, the United States, Italy, Qatar, Maldives and Singapore lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +432.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for sunglasses exported from India were Italy ($X), Qatar ($X) and the United Arab Emirates ($X), together accounting for 39% of total exports. Argentina, the United States, Maldives, France, Singapore, Nepal, Mauritius, Russia, Bangladesh and Fiji lagged somewhat behind, together accounting for a further 31%.

Among the main countries of destination, Russia, with a CAGR of +469.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average sunglasses export price amounted to $X per unit, rising by 14% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 51%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per unit), while the average price for exports to Bangladesh ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+17.5%), while the prices for the other major destinations experienced more modest paces of growth.

Sunglasses Imports

Imports into India

In 2022, supplies from abroad of sunglasses increased by 67% to X units, rising for the second year in a row after two years of decline. Overall, imports recorded significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 98%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, sunglasses imports skyrocketed to $X in 2022. In general, total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +165.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 67% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X units) was the main supplier of sunglasses to India, accounting for a approx. 98% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China stood at +25.0%.

In value terms, China ($X) constituted the largest supplier of sunglasses to India.

From 2012 to 2022, the average annual growth rate of value from China amounted to +11.2%.

Import Prices by Country

In 2022, the average sunglasses import price amounted to $X per unit, waning by -5.1% against the previous year. In general, the import price recorded a abrupt slump. The pace of growth was the most pronounced in 2014 when the average import price increased by 16%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to -11.1% per year.

Source: IndexBox Platform

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