NEW YORK: The sports optic market is projected to reach $1.8 billion in 2019 and is expected to reach $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.
Sports binoculars market to hold largest size
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
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
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).
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).
