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Global Sports Optic Market Projected to Surpass $2.69 Billion by 2029 with 5% Annual Growth
Global Sports Optic Market
The uptick in camping activities is predicted to drive the expansion of the sports optic market. Camping serves as a relaxing escapade into nature, far from urban settings, offering fresh air and often wildlife sightings. Sports optics like binoculars become a necessity for activities such as animal or bird watching, aiding to observe them from afar. Notably, in July 2024, Kampgrounds of America Inc., a company based in the US that focuses on campground and outdoor hospitality services, reported that the number of camping households has grown to 16.5 million, marking a 23% increase, and active camping households have soared by 68% to hit 21.6 million. As such, the increased interest in camping activities is fuelling the progression of the sports optic market.
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What is the projected compound annual growth rate (CAGR) of the sports optic market from 2025 to 2034, and what factors influence it?
The value of the sports optic market has been on a steady rise in the past few years and this growth is expected to continue with the market expected to expand from $2.16 billion in 2024 to $2.25 billion in 2025, translating to a compound annual growth rate (CAGR) of 4.3%. This growth during the historical period can be traced back to increasing outdoor recreation activities, improvements in production techniques, a higher level of disposable income, a surge in interest in wildlife observation, and heightened demand from military and law enforcement agencies.
The market size of sports optics is predicted to witness a consistent expansion in the following years, reaching a figure of $2.69 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 4.5%. This progression during the forecasted period can be associated with factors such as the assimilation of technology, emphasis on compact and lightweight designs, surge in adventure-based tourism, rising popularity of long-range shooting, and the burgeoning wildlife observation tourism industry. The forecast period also projects predominant trends which include improved optical coatings, AI integrated optics, enhanced durability and resistance to weather conditions, escalated usage of carbon fiber and advanced materials, along with advancements in night vision and thermal imaging.
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What trends are poised to drive the future success of the sports optic market?
The emergence of product innovation is a significant trend that is increasingly gaining traction in the sports optics market. Major industry players are inventing pioneering products to maintain their market stand. An illustration of this is when Ricoh Imaging Americas Corporation, an American computer, and electronics manufacturing company, introduced the Pentax Jupiter series of porro-prism binoculars in March 2022. The series boasts four new variants, each equipped with large-aperture objective lenses that ensure brightly lit, sharp vision, even in low-light conditions like nights or indoor events. The binoculars have a user-friendly focus ring and an external rubber coating that enhances the grip and minimizes the risk of slipping.
What are the major segments of the sports optic market and their role in driving growth?
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
Subsegments:
1) By Telescopes: Refractor Telescopes, Reflector Telescopes, Compound Telescopes, Digital Telescopes
2) By Binoculars: Roof Prism Binoculars, Porro Prism Binoculars, Compact Binoculars, Marine Binoculars
3) By Riflescopes: Variable Power Riflescopes, Fixed Power Riflescopes, Night Vision Riflescopes, Tactical Riflescopes
4) By Rangefinders: Laser Rangefinders, Optical Rangefinders, Digital Rangefinders, GPS Rangefinders
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Which regions are key players in the growth of the sports optic market?
North America was the largest region in the sports optic market in 2024. Asia-Pacific is expected to be the fastest-growing region in the sports optic market report during the forecast period. The regions covered in the sports optic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the sports optic market?
Major companies operating in the sports optic market include 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, Schmidt u. Bender GmbH & Co. KG, GPO GmbH, U.S. Optics, FLIR Systems Inc.
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What Is Covered In The Sports Optic Global Market Report?
• Market Size Forecast: Examine the sports optic market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the sports optic market for a structured understanding.
• Key Players Overview: Analyze major players in the sports optic market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the sports optic market.
• Segment Contributions: Evaluate how different segments drive overall growth in the sports optic market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the sports optic market.
• Industry Challenges: Identify potential risks and obstacles affecting the sports optic market.
• Competitive Landscape: Review strategic developments in the sports optic market, including expansions, agreements, and new product launches.
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