The worldwide sports optic market size amounted to SD 2.01 billion in 2021. The market valuation is poised to grow to USD 2.43 billion in 2028 at a positive CAGR of 2.8% over the projected period. The market growth is attributable to the increasing number of sports enthusiasts and professional athletes across the world. To support emerging professional sportspersons and provide them with the best facilities for training, the respective governments are making active new investments. For instance, the China National Development and Reform Commission (NDRC) invested USD 450 million in Chinese public sports infrastructure in December 2020. Fortune Business Insights presents this information in its report titled “Sports Optic Market, 2023-2028.”
Information Source:
https://www.fortunebusinessinsights.com/sports-optic-market-106448
Optical equipment is commonly utilized by professional athletes and sports persons for training and competitive purposes. They are also used by sports & adventure enthusiasts for activities such as sightseeing and bird watching. To meet the increasing demand for such equipment, manufacturers are emphasizing the production of digitally advanced products that improve the experience of users. Highlighting a recent instance, in January 2021, Swarovski AG launched a digital intelligence-based EL RANGE TA binoculars and DS 5-25X52 P GEN. II riflescopes in Europe. Both these products feature intelligent tracking assistance technology.
COVID-19 Impact:
Drop-in Travel & Tourism due to Stay-at-Home Orders to Restrict Market Growth
Lockdown restrictions and the subsequent decline in travel and tourism have significantly impacted the market growth, especially during the initial few months of the pandemic. Amid growing economic constraints, consumer spending on outdoor sporting equipment has also declined considerably. Several market players have reported revenue losses since the start of the pandemic. For example, Nikon reported a decline from USD 2,089.22 million in March 2020 to USD 1,356.89 million in March 2021 in the sales of sports optics products.
However, online shopping has garnered momentum during the pandemic. The prevailing and highly uncertain nature of the COVID-19 pandemic suggests that e-commerce sales of sports optical products could rise over the next few years.
List of Key Players Profiled in the Sports Optic Market Report:
- Nikon Corporation (Tokyo, Japan)
- Carl-Zeiss Stiftung (Stuttgart, Germany)
- Swarovski AG (Absam, Austria)
- Celestron LLC (California, U.S.)
- MEOPTA-OPTIKA (S.R.O.) (Prerov, Czech Republic)
- Barska (Ponoma, U.S.)
- GPO GmbH (Ammersee, Germany)
- Fat Birder (Kent, U.K.)
- Leica Camera AG (Wetzler, Germany)
- The Vangaurd Group Inc. (Pennsylvania, U.S.)
- Safilo S.p.A. (Veneto, Italy)
- Vista Outdoor Operations LLC (Minnesota, U.S.)
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, andpotential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Driving Factor:
Innovative Product Launches to Strengthen Market Outlook
As optical sports equipment continues to gain popularity for a variety of activities, its demand is increasing rapidly. To meet the growing demand, established manufacturers, such as Nikon Corporation and Swarovski AG, are constantly developing advanced products that offer an enhanced experience to users. In 2019, Meopta launched the premium-range Optika HD binoculars and Optika 6 riflescope in the Europe market. The availability of a wide range of affordable products in the market along with the launch of newer ones will drive the market growth.
However, high R&D costs to design new optical technologies could limit the sports optic market growth to some extent.
Regional Insights:
North America to Gain Traction led by Increased Spending on Sports Equipment
The market in North America stood at USD 0.74 billion in 2020 and will capture a substantial chunk of the global sports optic market share during the forecast duration. The region’s dominant position in the market can be attributed to increased consumer spending on sports equipment across the U.S. and Canada. The Federal Reserve Bank of St. Louis reports that sports equipment sales across the U.S. reached USD 6,051 million in July 2021. These numbers will further surge in the forthcoming years as participation in sports and outdoor leisure activities rise.
Segments:
Type, Games, Distribution Channel and Region Are Studied
Based on type, the market is segmented into binoculars, rangefinders, riflescopes, and field scopes.
By games, the market is classified into water sports, snow sports, hunting & shooting, golf, and others.
On the basis of distribution channels, the market is bifurcated into online and offline.
Geographically, the market is divided into North America, Asia Pacific, Europe, South America, and the Middle East and Africa.
Notable Industry Development:
June 2021 – Canon Inc., the Japanese optical products designer, unveiled 16 mm f/2.8 STM and 100-400 mm f/5.6-8 IS USM – two new affordable f-mounted optics for sporting and wildlife viewing applications.