Posted by IMARC Group, a leading market research company, has recently releases report titled “Sports Optic Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global sports optic market share, size and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Sports Optic Market?
The global sports optic market size reached US$ 2.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.6 Billion by 2028, exhibiting a growth rate (CAGR) of 3% during 2023-2028.
What are Sports Optic?
Sports optics are devices employed to enhance sports performances by magnifying distant objects. Some commonly used sports optic devices include riflescopes, telescopes, spotting scopes, red dots, binoculars, rangefinders, protective eyewear, and trail cam, which are produced using glass, plastic, and metallic frames. They provide sharpness, clarity, portability, dim illumination, night vision, and precision aiming. They can also operate in the visible, ultraviolet (UV), and infrared (IR) ranges. Owing to these properties, sports optics are widely used in hunting, horse racing, golf, rifle shooting, and water and snow sports to enhance the viewing experience, collect information and provide accurate shooting over long distances.
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What are the growth prospects and trends in the sports optic industry?
The market is primarily driven by the increasing number of sports activities, the growing population, and the surging inclination toward recreational activities among individuals. In addition, the escalating demand for protective eyewear and telescopic sports optics for water and snow sports to prevent eye infections, corneal scratches, and exposure to chemicals and saltwater while enhancing underwater visibility is contributing to the market growth.
Moreover, the introduction of three-dimensional (3D) view optics for high-resolution images of distant objects represents another major growth-inducing factor. Besides this, the widespread adoption of handheld and portable telescopes, as they are compact, lightweight, and easy to use for several activities such as hunting, bird watching, sports events, and camping is providing a positive thrust to the market growth.
Furthermore, the implementation of numerous government initiatives to encourage sports training among individuals, rising disposable incomes, rapid urbanization and extensive research and development (R&D) activities are also creating a favorable market outlook across the globe.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Telescopes
- Binoculars
- Rifle Scopes
- Rangefinders
Breakup by Distribution Channel:
- Online
- Offline
Breakup by Application:
- Shooting Sports
- Golf
- Water Sports
- Wheel Sports
- Snow Sports
- Horse Racing
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
American Technologies Network Corp, Burris Company Inc., Bushnell Inc. (Vista Outdoor Inc.), Carl Zeiss AG, Celestron LLC (Synta Technology Corporation of Taiwan), Karl Kaps GmbH & Co. KG, Leica Camera Aktiengesellschaft, Leupold & Stevens Inc., Meopta – optika s.r.o, Nikon Corporation, Primary Arms L.L.C., Teledyne Flir LLC (Teledyne Technologies Incorporated) and Trijicon Inc.
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