The Sports Optic Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Sports Optic Global Market Report 2024, The sports optic market size has grown steadily in recent years. It will grow from $2.08 billion in 2023 to $2.17 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to outdoor recreational activities, advancements in manufacturing processes, rising disposable income, growth in wildlife observation, military and law enforcement demand.
The sports optic market size is expected to see steady growth in the next few years. It will grow to $2.53 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to technological integration, focus on lightweight and compact designs, rise in adventure tourism, increased interest in long-range shooting, expanding wildlife observation tourism. Major trends in the forecast period include enhanced optical coatings, ai-assisted optics, enhanced durability and weather resistance, increased use of carbon fiber and advanced materials, night vision and thermal imaging advancements.
Increasing participation in camping activities is expected to propel the growth of the sports optic market going forward. Camping is a leisurely outdoor activity away from cities and towns, in the middle of nature, with fresh air and (rarely) wildlife to keep company. For camping activities such as birdwatching and animal watching, sports optics like binoculars are used to watch the animals more closely from a distance. For instance, in April 2022, according to the North American Camping Report published by Kampgrounds of America, Inc., a US-based company specializing in campground and outdoor hospitality services, the active camper households in the United States witnessed growth of 93.8 million in 2021. Further, there was an 18% increase in households that engaged in camping at least once in 2021, reaching 57 million. Therefore, increasing participation in camping activities is driving the growth of the sports optic market going forward.
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The sports optic market covered in this report is segmented –
1) By Product Type: Telescopes, Binoculars, Riflescopes, Rangefinders
2) By Distribution Channel: Online, Offline
3) By Applications: Golf, Wheel Sport, Snow Sport, Water Sport, Shooting Sports, Horse Racing, Other Applications
Product innovation is a key trend gaining popularity in the sports optics market. Major companies operating in the sports optics market are developing innovative products to sustain their position in the market. For instance, in March 2022, Ricoh Imaging Americas Corporation, a US-based computer and electronics manufacturing company, launched the Pentax Jupiter series of porro-prism binoculars. The four new versions in the series all have large-aperture objective lenses that guarantee a bright, crisp field of vision even in dimly lit environments, such as at night or indoor events. The binoculars have a focus ring that is straightforward to use and an external rubber covering that helps to provide a solid grip on the body and reduce the potential for slippage.
The sports optic market report table of contents includes:
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