Global Sports Optics Market Report 2023-2024 and 2029: Growing Demand for Lightweight and Compact Devices, Expanding Sports and Outdoor E-commerce Driving Growth

DUBLIN, March 4, 2024 /PRNewswire/ -- The "Global Sports Optics Market: Analysis By Type, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.

The global sports optics market value stood at US$2.17 in 2023, and is expected to reach US$2.73 billion by 2029. The market is expected to grow at a CAGR of 3.94% over the projected period of 2024-2029.

Sports optics refers to the specialized equipment used to magnify distant objects for improved clarity and enhanced visual performance in a variety of athletic and outdoor activities, including telescopes, binoculars, rifle scopes, rangefinders, spotting scopes, red dots, and trail cameras.

Sports optics market refers to the industry engaged in the manufacturing, distribution, and sale of optical equipment specifically designed for sports, outdoor activities, and recreational pursuits such as hunting, target shooting, golf, horse racing, rifle shooting, hiking, astronomy, water and snow sports, archery, etc. 

Global sports optics market demonstrated a consistent growth, primarily driven by growing call for outdoors enjoyment activities, increase in number of young people involved in sports, rising focus of organizers on improved fan engagement in sports events, ongoing advances in astronomical projects, rapidly expanding tourism industry, increased government investments (especially in North America and Europe) in training armatures and professionals for shooting events, growing preference for recreational and sports activities among the masses, etc.

 North America is the largest region of the global sports optics market owing to strong hunting culture, increasing popularity of outdoor recreational activities, high government investment in the military and law enforcement sector, presence of affluent consumer base, growing focus on precision sports, presence of a large concentration of hunting, archery-based hunting, birdwatching, and other sports enthusiasts, and the region's diverse geography and topography encouraging a wide range of outdoor activities including hiking, camping, hunting and shooting sports.

Asia Pacific is the fastest growing region of global sports optics market as a result of increasing adoption of outdoor sports and recreational activities in countries like India, Japan, and Australia, growing awareness of eye protection, residence of well-known shooting sports fans from nations like China, India, Japan, and South Korea, increase in the number of companies offering hunting-based excursions, growing disposable income of middle class population, and a considerable push by the regional governments to boost their representation in major athletic events like the Olympics, Asia Games, etc.

Furthermore, increasing demand for sports optics such as goggles & sunglasses in the sports industry, widespread utilization of telescopic sports optics for water & snow sports, rapidly expanding e-commerce sector, surge in camping participation rates, rapidly growing military & law enforcement demand, and increasing focus of manufacturers on incorporating advanced features such as high-resolution lenses, advanced coatings, and ergonomic designs to enhance overall user experience, will continue to boost the growth of sports optics market in the upcoming years.

Market Segmentation Analysis:

The report provides the bifurcation of the sports optics market into five segments on the basis of type: binoculars, rifle scopes, rangefinders, telescopes, and others.

Binoculars is the largest segment of global sports optics market owing to its extensive use in sports events, heightened consumer emphasis on eye health, a growing public interest in outdoor activities such as hiking, camping, bird watching, and wildlife observation, rising disposable income, crucial role of binoculars in event security & crowd management, and increasing demand among travelers and tourists seeking to explore scenic landscapes and observe landmarks without disturbing the environment.

Telescopes is the fastest growing segment of global sports optics market owing to increasing interest in astronomy and space exploration, rise in camping participation rates, widespread utilization of telescopic sports optics for water and snow sports, increasing consumer interest in astrophotography, and ongoing advancements in telescope technology with increasing use of improved optics, computerized mounts, and digital imaging capabilities.

Competitive Landscape:

The global sports optics market is relatively fragmented with large number of companies, ranging from established brands to smaller regional players and niche manufacturers catering to the industry demand.

Major companies in the market have been implementing both organic (such as launches, expansion, and product approvals) and inorganic development strategies (such as product launches, partnerships, and collaborations) to expand their product portfolio and gain competitive edge. For instance, on January 17, 2023, ZEISS announced that the company introduced the ZEISS SFL 30, a new ultra-compact binoculars, where the ZEISS SFL (SmartFocus and Lightweight) provides exceptional optical performance combined with an extremely compact design and low weight.

Market Dynamics

Growth Drivers

• Rapidly Growing Sports Equipment Market
• Expanding Sports and Outdoor E-commerce
• Rising Disposable Income
• Increasing Popularity of Outdoor Recreational and Sports Activities
• Rise in Number of Sporting Events
• Growing Demand from Military and Law Enforcement

Challenges

• High Cost of Sports Optic Products
• Presence of Counterfeit Products

Market Trends

• Increasing Integration of AI and IoT Technologies
• Growing Demand For Lightweight And Compact Sports Optic Devices
• Increasing Interest in Wildlife Observation and Camping
• Increasing Innovations and Product Launches In The Market

Company Profiles: Business Overview, Operating Segments, Business Strategy

• Nikon Corporation
• Carlyle Group Inc. (Meopta-optika, s.r.o)
• Leica Camera AG
• Celestron, LLC
• Swarovski International Holding AG (Swarovski Optik)
• Beretta Holding S.p.A. (Burris Company)
• Karl Kaps GmbH & Co. KG
• Vortex Optics
• Leupold & Stevens, Inc.
• ATN
• Trijicon, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/4v305v

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