Global Sports Optic Market Size is Estimated to Reach USD 2.95 billion by 2031, Growing at a CAGR of 3.08%: Straits Research

New York, United States, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Sports optics are devices that magnify distant objects for improved clarity and enhanced performance. Telescopes, rangefinders, and rifle scopes are standard sports optics with plastic, glass, and metal frames. They are widely used to establish the distance to the target, improve the viewing experience, gather statistics, and accurately aim in various sports, including hunting, horse racing, golf, rifle shooting, and water and snow sports. These devices operate in visible, ultraviolet (UV), and infrared (IR) spectrums and offer improved clarity, mobility, sharpness, magnification, and dim and night vision functions.

Report Scope

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Increased Performance Specifications Drives the Global Market

According to Nikon, ordinary users should have no trouble using and seeing through binoculars with a magnification of up to 12x. Higher magnification has downsides, such as a narrow field of view, a small exit pupil that makes the image darker, and an unstable image caused by hand movement. In other words, every sports optics item should have the right qualities. The Fujinon 10x42 Hyper Clarity Binoculars are built with powerful magnification for observing far-off objects like big games or marker buoys. It uses complementary technologies to provide an optic that performs better in challenging conditions and low light. To get the two beams back into phase as they approach the eyepiece lens, special prism coatings are used to delay the faster light beam to match the slower light beam. Color accuracy, clarity, and contrast are all vastly enhanced compared to conventional prism binoculars.

Enhanced Fan Experience Creates Tremendous Opportunities 

Compared to watching a game from a couch in a living room or, increasingly, in a specially designed media room with furniture, the in-person fan experience needs to meet expectations. Utilizing sports optics can significantly improve matchday spectator experiences. Sports are beginning to resurface when lockdowns are lifted, and limitations are relaxed amid the COVID-19 epidemic. Fans still need to be allowed in practically all situations; the only arrangement made yet is that there might be a long stretch of empty or nearly empty seating. Larger objective lenses in full-sized and mid-sized binoculars allow for better light gathering. The image seen through them is usually brighter and of excellent quality. For racing binoculars, a greater field of vision at the same magnification is often provided by full-size binoculars.

Regional Analysis 

North America Sports Optic Market Share is expected to grow at a CAGR of 2.2% during the forecast period. There is a sizable demand for sports optics such as a telescope, rifle scopes, spotting scopes, and binoculars due to the region's high number of hunters, archery-based hunters, birdwatchers, and other sports enthusiasts. Due to the area's growth, numerous merchants are constructing new stores and moving their sports equipment sales to online marketplaces. For instance, Unisync declared the launch of its online store for the Canadian and American outdoor, tactical, and lifestyle product industries in August 2020. Additionally, the region's vast population of gun owners and shooting range activities have enhanced the market for binoculars, telescopes, range finders, rifle scopes, and other optical instruments.

Europe is expected to grow at a CAGR of 2.08%, generating USD 0.71 billion during the forecast period. This region is home to some of the most prominent market participants and countries with a high demand for such machinery. For instance, a sizable percentage of the market for riflescopes is held by Swarovski, one of the largest companies operating in the region. Additionally, there is a rise in the popularity of shooting sports in the area. As an illustration, the Great British Shooting Show, an annual event held in the UK, is seeing an increase in attendees as well as the top manufacturers, distributors, retailers, and shooting organizations team up to offer attendees the broadest and most diverse selection of shooting-related products seen anywhere in Europe.

Asia-Pacific is home to well-known shooters from key countries like China, India, Japan, and South Korea. It is anticipated that countries in the region will strongly emphasize sporting events to build a worldwide footprint through event success. The 2021 Summer Olympics, which featured a range of sports like sailing, golf, and archery, was held in Japan. As a result, it was projected that the market for sports optics would benefit. Elites are becoming more interested in hunting as a sport in several nations. For instance, the Chinese hunting craze is viral in China among those who want to live like wealthy Westerners. The region's governments have made significant efforts to promote the growth of shooting sports to increase their representation at important sporting events like the Olympics, Asia Games, etc. This has increased the demand for sports optics in the region.

Key Highlights

• Based on product type, the global sports optic market is bifurcated into telescopes, binoculars, rifle scopes, rangefinders, and other product types. The binoculars segment is the highest contributor to the market and is estimated to grow at a CAGR of 2.3% during the forecast period.
• North America is the most significant revenue contributor and is expected to grow at a CAGR of 2.2% during the forecast period.

Competitive Players

The global sports optic market’s major key players are Nikon Corporation, Carl Zeiss AG, Bushnell Corporation (Vista Outdoor), Trijicon Inc, Swarovski Optik, Celestron, LLC, Burris Optics, American Technologies Network Corporation, Vortex Optic, Leica Camera AG, Karl Kaps GmbH and Co. KG, and Fujifilm Holdings Corporation.

Market News

• In June 2022, a Service Advisory For Users Of Nikon Sport and Recreational Optics products was issued. Some Binocular and Fieldscope straps may have exceeded the standard PAHs1 values stipulated in the REACH regulation2 for selected products.
• In May 2022, ZEISS introduced its first service of the new CinCraft ecosystem for the digital application of lens looks into the compositing and matchmoving workflows.

Global Sports Optic Market: Segmentation

By Product Type

• Telescopes
• Binoculars
• Rifle Scopes
• Rangefinders
• Other Product Types

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

Get Detailed Market Segmentation @  https://straitsresearch.com/report/sports-optic-market/segmentation

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02/22/2024 15:10

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