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Sports Optic Market Size, Share And Industry Growth By 2033
Sports Optic Market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
L3Harris Technologies Inc., The Vangaurd Group Inc., Carl Zeiss AG, Nikon Corporation, Vista Outdoor Inc., Beretta Holding S.A., Safilo Group S.p.A, Swarovski Optik KG, Leica Camera AG, Burris Company Inc., Trijicon Inc., Vortex Optics, Bushnell Corporation, Meopta - Optika S.R.O, EOTech Inc., Celestron LLC, American Technologies Network Corporation, Nightforce Optics Inc., Nightforce Optics Inc., Barska, U.S. Optics Inc., Schmidt u. Bender GmbH & Co. KG, GPO GmbH, U.S. Optics, FLIR Systems Inc.
Sports Optic Market 2024 Key Insights:
• 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%.
• Surge In Camping Participation Drives Growth In The Sports Optic Market
• Innovative Product Offerings Shape The Future Of The Sports Optics Market
• North America was the largest region in the sports optic market in 2023
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