Sports Optic Market to Grow with a CAGR of 3.2% Globally through to 2028
Growing approval of sports optic products across
several implementations and growing of the need for sport optics are factors
driving the global sports optic market in the forecast period 2024-2028.
According to TechSci Research report, “Global Sports
Optic Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Sports Optic Market stood at USD 2.16
billion in 2022 and is anticipated to grow with a CAGR of 3.2% in the forecast
period, 2024-2028. Factors such as the growing approval of sports optic
products across several implementations and the increasing of growing of the
finances in the research and developmental projects are expected to boost the
growth of the sports optic market.
The Sports Optic Market has experienced remarkable
growth in recent years, fueled by a confluence of factors ranging from
technological advancements to shifting consumer preferences and the increasing
popularity of outdoor activities. This growth trajectory has transformed the
market, with manufacturers continually innovating to meet the evolving needs of
sports enthusiasts and outdoor adventurers.
Browse over 26 market data Figures spread
through 186 Pages and an in-depth TOC on "Global Sports Optic Market”
One of the primary catalysts for the growth of the
Sports Optic Market is the relentless pace of technological advancements.
Innovations in optics, lens coatings, and image stabilization technologies have
significantly enhanced the performance of sports optics products. High-quality
optics with superior light transmission, clarity, and color fidelity have
become the hallmark of modern sports optics, attracting consumers seeking an
immersive and precise viewing experience.
The integration of smart technologies, such as
rangefinders, GPS, and Bluetooth connectivity, has added a new dimension to
sports optics. These features not only provide users with real-time data but
also enhance the overall functionality and utility of the optics. For example,
rangefinder binoculars have become indispensable for golfers, hunters, and
outdoor enthusiasts, offering accurate distance measurements and contributing
to improved accuracy in various activities.
The growing interest in outdoor activities has emerged
as a major driver for the expansion of the Sports Optic Market. Whether it's
hiking, bird watching, hunting, or sports shooting, outdoor enthusiasts
increasingly recognize the value of high-quality optics in enhancing their
experiences. Binoculars, spotting scopes, and rifle scopes have become
essential gear for individuals engaging in these recreational pursuits.
The global popularity of sports events
has had a ripple effect on the Sports Optic Market. Whether it's a golf
tournament, a horse racing event, or a soccer match, sports enthusiasts
attending these events often seek high-quality optics to optimize their viewing
experience. The desire for clear, magnified views of the action has driven the
demand for binoculars and other sports optics products.
The rising demand for night vision
optics has opened up new avenues for growth in the Sports Optic Market. Night
vision binoculars and scopes, equipped with advanced infrared technology, have
become essential for activities such as night hunting, nocturnal wildlife
observation, and security surveillance. The versatility of sports optics with
night vision capabilities has expanded their application beyond traditional
daytime activities.
The Global Sports Optic Market is segmented into type,
games covered, distribution channel, regional distribution, and company.
Based on product type, the market is segregated into
riflescopes, rangefinders, binoculars, and field scopes. The binoculars segment
holds a major market share due to wide varieties of binoculars such as hunting,
golf, fishing, and camping purpose binoculars.
Based on region, North America exhibits a leading
position in the global market owing to large spending on sporting equipment by
the U.S. and Canadian population. Additionally, growing outdoor leisure trends
will accelerate the market growth in the region. Besides, the growing
popularity of LCD & hand-free binoculars among Canadians further enhances
the region's product demand.
Major companies operating in Global Sports Optic Market
are:
- Nikon Corporation
- Carl-Zeiss Stiftung
- Swarovski AG
- Celestron LLC
- MEOPTA-OPTIKA (S.R.O.)
- Barska
- GPO GmbH
- Fat Birder
- Leica Camera AG
- The Vangaurd Group Inc.
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“The Sports Optic Market has experienced robust growth
driven by technological advancements, increasing participation in outdoor
activities, and the global popularity of sports events. Innovations in optics,
including smart technologies and lightweight materials, have elevated the
performance of products. The market has expanded its reach through e-commerce
platforms, providing consumers with convenient access to a diverse range of
sports optics. Additionally, specialized applications such as night vision
optics have opened new avenues for growth. As the demand for high-quality
optics continues to rise, manufacturers are poised for further innovation,
anticipating sustained growth in the dynamic Sports Optic Market.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Sports
Optic Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented
By Type (Telescopes, Binoculars, Rifle Scopes, Rangefinders, Others), By Games
Covered (Golf, Wheel Sport, Snow Sport, Water Sport, Shooting Sports, Horse
Racing, Others), By Distribution Channel (Online, Offline), By Region, By
Competition, 2018-2028”, has evaluated the future growth potential
of Global Sports Optic Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Sports
Optic Market.
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