The sports optic market size has grown steadily in recent years. It will grow from $2.08 billion in 2023 to $2.17 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth observed during the historical period can be attributed to factors such as increased participation in outdoor recreational activities, advancements in manufacturing processes related to sports optics, a rise in disposable income among consumers, an increase in wildlife observation activities, and elevated demand from military and law enforcement sectors.
The sports optic market size is expected to see steady growth in the next few years. It will grow to $2.53 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The anticipated growth in the forecast period can be attributed to factors such as technological integration in sports optics, a focus on lightweight and compact designs, the rise in adventure tourism, increased interest in long-range shooting, and the expansion of wildlife observation tourism. Major trends expected in the forecast period include the implementation of enhanced optical coatings, the integration of AI-assisted optics, improved durability and weather resistance, an increased use of carbon fiber and advanced materials, as well as advancements in night vision and thermal imaging technologies.
The anticipated rise in camping participation is poised to drive the growth of the sports optic market in the future. Camping, an outdoor recreational activity set away from urban areas, offers participants the chance to connect with nature and enjoy fresh air, occasionally accompanied by wildlife. Sports optics, such as binoculars, play a crucial role in camping activities such as birdwatching and animal observation, enabling individuals to closely observe wildlife from a distance. In April 2022, the North American Camping Report by Kampgrounds of America, Inc. revealed a significant growth in active camper households in the United States, reaching 93.8 million in 2021. Moreover, there was an 18% increase in households engaging in camping at least once in 2021, totaling 57 million. Consequently, the upward trend in camping participation is a driving force for the sports optic market's growth.
The expanding tourism industry is anticipated to contribute to the growth of the sports optic market. The tourism sector, involving travel for leisure, business, or recreational purposes, plays a significant role in driving demand for sports optics. Binoculars and scopes are essential tools for tourists engaged in outdoor activities, wildlife exploration, and sightseeing. According to a report by the United Nations World Tourism Organization in May 2023, international tourist arrivals rebounded in the first quarter of 2023, reaching 80% of pre-pandemic levels, totaling approximately 235 million travelers. The data indicated a more than twofold increase compared to the same period in 2022. With the tourism sector showcasing remarkable resilience, surpassing two-thirds of pre-pandemic levels in 2022, the expanding tourism industry is a catalyst for the sports optic market's growth.
Product innovation stands out as a prominent trend in the sports optics market, with major companies focusing on developing innovative products to maintain their market positions. In March 2022, Ricoh Imaging Americas Corporation introduced the Pentax Jupiter series of porro-prism binoculars, featuring large-aperture objective lenses for a bright and crisp field of vision in various conditions. The user-friendly focus ring and external rubber covering enhance grip and reduce slippage.
Leading companies in the sports optics market are innovating further by introducing products such as cycling shades to cater to broader customer bases, boost sales, and increase revenue. Cycling shades, specialized sunglasses designed for cyclists, have gained attention for their lightweight design and extensive coverage. For instance, Tifosi Optics launched the Rail Sunglasses in March 2022, known for their lightness, hydrophilic rubber nose for a secure fit, and adjustable nose and earpieces for comfort. The sunglasses come with polycarbonate lenses, providing scratch resistance and shatterproof qualities. Tifosi's Rail Interchange models include three lenses for different lighting conditions, smoke, AC high contrast in red or yellow, and clear.
In April 2021, Academy Sports + Outdoors acquired Redfield Brand from Leupold & Stevens Inc. for an undisclosed amount, expanding its brand portfolio and becoming the exclusive developer and marketer of sports optics under the Redfield name. Leupold & Stevens Inc., known for manufacturing optics for shooters and hunters, including binoculars, rangefinders, and riflescopes, entered into the acquisition deal with Academy Sports + Outdoors.
Major companies operating in the sports optic market report are L3Harris Technologies Inc., The Vangaurd Group Inc., Carl Zeiss AG, Nikon Corporation, Vista Outdoor Inc., Beretta Holding S.A., Safilo Group S.p.A, Swarovski Optik KG, Leica Camera AG, Burris Company Inc., Trijicon Inc., Vortex Optics, Bushnell Corporation, Meopta - Optika S.R.O, EOTech Inc., Celestron LLC, American Technologies Network Corporation, Nightforce Optics Inc., Nightforce Optics Inc., Barska, U.S. Optics Inc., Schmidt u. Bender GmbH & Co. KG, GPO GmbH, U.S. Optics, FLIR Systems Inc.
North America was the largest region in the sports optic market in 2023. Asia-Pacific is expected to be the fastest-growing region in the sports optic market report during the forecast period. The regions covered in the sports optic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the sports optic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary types of sports optics include telescopes, binoculars, riflescopes, and rangefinders. Telescopes, tube-shaped optical devices, enable the observation of distant objects by refractively focusing light through a lens or reflecting light with a concave mirror. They are commonly used in activities such as bird watching, wildlife viewing, and sports events to enhance visibility and provide a better view of targets. Sports optics are available through distribution channels both online and offline, and they are utilized in diverse applications, including golf, wheel sports, snow sports, water sports, shooting sports, horse racing, and others.
The sports optics research report is one of a series of new reports that provides sports optics market statistics, including the sports optics industry's global market size, regional shares, competitors with a sports optics market share, detailed sports optics market segments, market trends and opportunities, and any further data you may need to thrive in the sports optics industry. This sports optics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The sports optics market consists of sales of night vision, spotting scopes, and red dot sights. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The sports optic market size is expected to see steady growth in the next few years. It will grow to $2.53 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The anticipated growth in the forecast period can be attributed to factors such as technological integration in sports optics, a focus on lightweight and compact designs, the rise in adventure tourism, increased interest in long-range shooting, and the expansion of wildlife observation tourism. Major trends expected in the forecast period include the implementation of enhanced optical coatings, the integration of AI-assisted optics, improved durability and weather resistance, an increased use of carbon fiber and advanced materials, as well as advancements in night vision and thermal imaging technologies.
The anticipated rise in camping participation is poised to drive the growth of the sports optic market in the future. Camping, an outdoor recreational activity set away from urban areas, offers participants the chance to connect with nature and enjoy fresh air, occasionally accompanied by wildlife. Sports optics, such as binoculars, play a crucial role in camping activities such as birdwatching and animal observation, enabling individuals to closely observe wildlife from a distance. In April 2022, the North American Camping Report by Kampgrounds of America, Inc. revealed a significant growth in active camper households in the United States, reaching 93.8 million in 2021. Moreover, there was an 18% increase in households engaging in camping at least once in 2021, totaling 57 million. Consequently, the upward trend in camping participation is a driving force for the sports optic market's growth.
The expanding tourism industry is anticipated to contribute to the growth of the sports optic market. The tourism sector, involving travel for leisure, business, or recreational purposes, plays a significant role in driving demand for sports optics. Binoculars and scopes are essential tools for tourists engaged in outdoor activities, wildlife exploration, and sightseeing. According to a report by the United Nations World Tourism Organization in May 2023, international tourist arrivals rebounded in the first quarter of 2023, reaching 80% of pre-pandemic levels, totaling approximately 235 million travelers. The data indicated a more than twofold increase compared to the same period in 2022. With the tourism sector showcasing remarkable resilience, surpassing two-thirds of pre-pandemic levels in 2022, the expanding tourism industry is a catalyst for the sports optic market's growth.
Product innovation stands out as a prominent trend in the sports optics market, with major companies focusing on developing innovative products to maintain their market positions. In March 2022, Ricoh Imaging Americas Corporation introduced the Pentax Jupiter series of porro-prism binoculars, featuring large-aperture objective lenses for a bright and crisp field of vision in various conditions. The user-friendly focus ring and external rubber covering enhance grip and reduce slippage.
Leading companies in the sports optics market are innovating further by introducing products such as cycling shades to cater to broader customer bases, boost sales, and increase revenue. Cycling shades, specialized sunglasses designed for cyclists, have gained attention for their lightweight design and extensive coverage. For instance, Tifosi Optics launched the Rail Sunglasses in March 2022, known for their lightness, hydrophilic rubber nose for a secure fit, and adjustable nose and earpieces for comfort. The sunglasses come with polycarbonate lenses, providing scratch resistance and shatterproof qualities. Tifosi's Rail Interchange models include three lenses for different lighting conditions, smoke, AC high contrast in red or yellow, and clear.
In April 2021, Academy Sports + Outdoors acquired Redfield Brand from Leupold & Stevens Inc. for an undisclosed amount, expanding its brand portfolio and becoming the exclusive developer and marketer of sports optics under the Redfield name. Leupold & Stevens Inc., known for manufacturing optics for shooters and hunters, including binoculars, rangefinders, and riflescopes, entered into the acquisition deal with Academy Sports + Outdoors.
Major companies operating in the sports optic market report are L3Harris Technologies Inc., The Vangaurd Group Inc., Carl Zeiss AG, Nikon Corporation, Vista Outdoor Inc., Beretta Holding S.A., Safilo Group S.p.A, Swarovski Optik KG, Leica Camera AG, Burris Company Inc., Trijicon Inc., Vortex Optics, Bushnell Corporation, Meopta - Optika S.R.O, EOTech Inc., Celestron LLC, American Technologies Network Corporation, Nightforce Optics Inc., Nightforce Optics Inc., Barska, U.S. Optics Inc., Schmidt u. Bender GmbH & Co. KG, GPO GmbH, U.S. Optics, FLIR Systems Inc.
North America was the largest region in the sports optic market in 2023. Asia-Pacific is expected to be the fastest-growing region in the sports optic market report during the forecast period. The regions covered in the sports optic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the sports optic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary types of sports optics include telescopes, binoculars, riflescopes, and rangefinders. Telescopes, tube-shaped optical devices, enable the observation of distant objects by refractively focusing light through a lens or reflecting light with a concave mirror. They are commonly used in activities such as bird watching, wildlife viewing, and sports events to enhance visibility and provide a better view of targets. Sports optics are available through distribution channels both online and offline, and they are utilized in diverse applications, including golf, wheel sports, snow sports, water sports, shooting sports, horse racing, and others.
The sports optics research report is one of a series of new reports that provides sports optics market statistics, including the sports optics industry's global market size, regional shares, competitors with a sports optics market share, detailed sports optics market segments, market trends and opportunities, and any further data you may need to thrive in the sports optics industry. This sports optics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The sports optics market consists of sales of night vision, spotting scopes, and red dot sights. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Sports Optic Market Characteristics3. Sports Optic Market Trends and Strategies32. Global Sports Optic Market Competitive Benchmarking33. Global Sports Optic Market Competitive Dashboard34. Key Mergers and Acquisitions in the Sports Optic Market
4. Sports Optic Market - Macro Economic Scenario
5. Global Sports Optic Market Size and Growth
6. Sports Optic Market Segmentation
7. Sports Optic Market Regional and Country Analysis
8. Asia-Pacific Sports Optic Market
9. China Sports Optic Market
10. India Sports Optic Market
11. Japan Sports Optic Market
12. Australia Sports Optic Market
13. Indonesia Sports Optic Market
14. South Korea Sports Optic Market
15. Western Europe Sports Optic Market
16. UK Sports Optic Market
17. Germany Sports Optic Market
18. France Sports Optic Market
19. Italy Sports Optic Market
20. Spain Sports Optic Market
21. Eastern Europe Sports Optic Market
22. Russia Sports Optic Market
23. North America Sports Optic Market
24. USA Sports Optic Market
25. Canada Sports Optic Market
26. South America Sports Optic Market
27. Brazil Sports Optic Market
28. Middle East Sports Optic Market
29. Africa Sports Optic Market
30. Sports Optic Market Competitive Landscape and Company Profiles
31. Sports Optic Market Other Major and Innovative Companies
35. Sports Optic Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Sports Optic Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on sports optic market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Benchmark performance against key competitors.
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- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for sports optic? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Product Type: Telescopes; Binoculars; Riflescopes; Rangefinders
2) By Distribution Channel: Online; Offline
3) By Applications: Golf; Wheel Sport; Snow Sport; Water Sport; Shooting Sports; Horse Racing; Other Applications
Key Companies Mentioned: L3Harris Technologies Inc.; The Vangaurd Group Inc.; Carl Zeiss AG; Nikon Corporation; Vista Outdoor Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- L3Harris Technologies Inc.
- The Vangaurd Group Inc.
- Carl Zeiss AG
- Nikon Corporation
- Vista Outdoor Inc.
- Beretta Holding S.A.
- Safilo Group S.p.A
- Swarovski Optik KG
- Leica Camera AG
- Burris Company Inc.
- Trijicon Inc.
- Vortex Optics
- Bushnell Corporation
- Meopta - Optika S.R.O
- EOTech Inc.
- Celestron LLC
- American Technologies Network Corporation
- Nightforce Optics Inc.
- Nightforce Optics Inc.
- Barska
- U.S. Optics Inc.
- Schmidt u. Bender GmbH & Co. KG
- GPO GmbH
- U.S. Optics
- FLIR Systems Inc.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | February 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 2.17 Billion |
Forecasted Market Value ( USD | $ 2.53 Billion |
Compound Annual Growth Rate | 3.9% |
Regions Covered | Global |
No. of Companies Mentioned | 25 |