NEW YORK, April 8, 2019 /PRNewswire/ -- Sports optic market to grow at a CAGR of 2.71% from 2019 to 2024
The sports optic market is projected to reach USD 1.8 billion in 2019 and is expected to reach USD 2.1 billion by 2024 growing at a CAGR of 2.71% during that period. The expected market growth can largely be attributed to enhanced fan engagement/experience. Further, superior performance specifications such as clarity, sharpness, portability, and magnification, and size are also driving the sports optic market. Moreover, increasing games using sports optic and emerging application in sports technology are expected to fuel the growth of the market in the coming years. Competition from in-house entertainment systems is acting as a major challenge for the growth of the sports optic market.
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Sports binoculars market to hold largest size in sports optic market during forecast period
Binocular is a universal product used by spectators in all types of games.Currently, binoculars come in different ranges where people can experience 3D view and high-tech binoculars that are designed to experience the high quality of distant image, boosting the market for binoculars especially in shooting sports, golf, and horse racing.
In recent years, video LCD binoculars and hands-free binoculars have also gained high traction in the sports industry.
Water sports to grow at highest CAGR in sports optics market during forecast period
Demand for sports optic is growing at a fast rate because of increasing participation for water sports across all age groups and outdoor recreational activities. Factors such as water sport facilities, advancement in water sports infrastructure and technological advancement of sports optics product used in water sports are expected to drive the sports optic market for water sports.
North America accounted for largest share in sports optic market during forecast period
North America, being the early adopter of advanced sports optic products, accounts for the largest share of the sports optic market followed by Europe and APAC.The growth of the sports optic market in the region can be attributed to the presence of several major market players in the region.
North American companies have been contributing to the evolution and development of sports optic to gain competitive advantage and increase their business productivity.Governments in the region have increased their spending on gaming infrastructure, which has fuelled the market for sports optic in the region.
Moreover, high number of golf courses in the US is also boosting the demand for sports optics (especially rangefinders) in the region. (US).
Breakdown of primary participants' profile:
• By Company Type: Tier 1 – 30%, Tier 2 – 40%, and Tier 3 – 30%
• By Designation: C-Level Executives – 32%, Directors – 38%, and Others – 30%
• By Region: North America – 35%, Europe - 31%, APAC – 26%, and RoW – 8%
Key players in the sports optic market include Nikon (Japan), Carl Zeiss (Germany), Leupold & Stevens (US), Bushnell (US), Trijicon (US), Celestron (US), Burris (US), Leica Camera (Germany), Swarovski Optik (Austria), and ATN (US). The study includes an in-depth competitive analysis of these key market players, with their company profiles, recent developments, and key market strategies.
Research Coverage:
• The study covers the sports optic market. It aims at estimating the market size and growth potential of this market, across different segments, such as products, games, and region. The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall sports optic market and its sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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