Market Overview:
Global Sports Optic Market was valued at USD 2.04 billion in 2021 and is expected to reach USD 2.91 billion by the year 2028, at a CAGR of 5.2%.
A method for raising athletic performance is sports optic. Additionally, it has attributes like clarity, mobility, visibility, and magnification, all of which contribute to enhancing athletic performances to new heights. The most common sports that include optics are hunting, water sports, and winter sports. Among the products that are taken into consideration on the market are telescopes, binoculars, rifle scopes, rangefinders, spotting scopes, red dots, and trail cameras. Several sports make use of sports optics products. Sports optics includes tools like binoculars, telescopes, monoculars, field scopes, rangefinders, and other things. Sports optics product development and technological advancement have seen a significant transformation.
Top Key Players Covered In The Sports Optic Market:
- Trijicon (US)
- ATN (US)
- Bushnell Corporation (US)
- Carl Zeiss AG (ZEISS) (Germany)
- Celestron (US)
- Burris (US)
- Leica Camera (Germany)
- Swarovski Optik (Austria)
- Nikon Corporation (Japan)
- Leupold & Stevens (US), and Other Major Players.
Market Dynamics and Factors:
The number of sporting events is increasing, technology is developing quickly, and there are more young people participating in sports, which all contribute to the growth of the sports optic market. The adoption of AI and IoT in the shooting process is predicted to create attractive growth prospects for the sports optics sector since it enables the shooter to assess his or her accuracy before the shot attempt. As the number of people participating in sports like golf rises, businesses are diversifying their product lines by creating goods catered specifically to the players. Nowadays, leading sporting companies such as Canon Inc., Fujifilm Holdings Corporation, and others regularly introduce recreation-related marketing campaigns and sports events to sell their goods to diverse consumers. Such factors will drive the sports optic market growth.
Nowadays, governments worldwide allocate financial budgets for playgrounds and tourism infrastructure development. Such initiatives will ease the product demand among people, thereby supporting market growth during the forecast period. Additionally, regular efforts by market players in advertising recreation goods will help them scale up their revenues, thereby uplifting market growth. The demand for sports optics such as goggles and sunglasses is increasing in the sports industry, owing to an increase in the demand for sports accessories for games and adventures. Furthermore, the growing number of events held around the world and their broadcasting by the media and entertainment vertical encourages young people to participate in these sports.
Sports Optic Market Report Highlight:
- By Type, the binoculars segment is anticipated to lead the growth of the Sports Optic market in the forecasted timeframe. Due to wide varieties of binoculars such as hunting, golf, fishing, and camping purpose binoculars. Additionally, evolving consumers’ camping and hiking trends will ease the revenues from such equipment.
- By Price Range, the high segment is expected to have the highest share of the Sports Optic market over the projected period. Peoples who use sport optics are majorly rich class and from tier-one cities so they prefer to buy products which good quality and with a reputed brand and then the price of the product is high, thereby boosting segment growth.
- By Distribution Channel, the online segment is set to develop at the highest CAGR during the forecasted timeframe. The online segment holds a major share of the global market due to consumers' increased spending on sporting goods, thereby resulting in larger revenues from the online segment. According to the data presented by Shanghai New International Expo Centre, in 2020, nearly 900 million Chinese consumers shopped for sporting goods from e-commerce stores.
- The North American region is expected to have the highest share of the Sports Optic market over the projected period. the growing popularity of LCD & hand-free binoculars among Canadians further enhances the region's product demand. The growing popularity of fish & wildlife hunting sports among Washington, Michigan, and Hammond LA populations will accelerate the hunting-related sports goods demand in the region.
Key Industry Development:
- In January 2023, ZEISS launched Smart Focus Lightweight (SFL) binoculars. These are specially designed for wildlife enthusiasts and travelers. The company claims this to be the lightest series of SFL. Improved optical design, high-quality glass, and special coating are some of the other vital features of the product.
- In September 2022, Apex Optics, the Canadian Sports Optic brand, announced the release of high-performance binoculars. The product was promoted through various international trade shows. It was displayed at TACCOM, the largest industry trade show in Canada. This initiative will generate competition for the rivals.
Sports Optic Market Segmentation:
By Type
- Binoculars
- Telescopes
- Rifle Scopes
- Range Finders
By Price Range
- Low
- Medium
- High
By Distribution channel
- Online
- Offline
For this report, Introspective Market Research has segmented the Sports Optic Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
