Market Size of Sports Optic Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 2.94 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sports Optic Market Analysis
The Sports Optic Market size is estimated at USD 2.16 billion in 2023 and is expected to reach USD 2.50 billion by 2028, growing at a CAGR of 2.94% during the forecast period (2023-2028).
Investments by Governments globally to offer top-notch facilities and training to athletes competing in numerous sports disciplines at various levels are anticipated to strengthen the market further. Advances in astronomical projects require gadgets to view and record observations with perfection. Astronomical telescopes enable us to view distant objects accurately, which a human eye can never do.
- August 2022 - NASA is constantly working on new research projects to explore the universe. A custom-built test chamber for a new NASA space telescope is designed to help ready the spacecraft for launch in 2025. The telescope is designed to create a unique 3D map of the entire sky. The survey will map 100 million stars in the Milky Way and out galaxies, star-forming regions, and other cosmic phenomena.
- February 2022 - US-based cycling eyewear, Tifosi Optics, launched Rail, the sport sunglass. The product is designed especially for cyclists. However, they are also helpful for other long-distance sports. The rimless design of this eyewear breaks that barrier and lowers the weight. The frame's rim can produce an airflow-restricting seal against a face.
- Covid-19 caused worldwide turmoil in the sports industry. Major sporting events at all levels were postponed or canceled. However, post-pandemic things normalized, and a series of sports events were organized. The sports gear companies came back with innovation and technology to secure their businesses and signed deals to recover revenue loss. For instance, Aussie Divers Phuket collaborated with Kraken Underwater Sports in Thailand.
Sports Optic Industry Segmentation
Optical tools that enhance a user's ability to track, acquire, and understand targets in their environment can be referred to as Sports Optics. Rifle scopes, binoculars, and protective eyewear are some of the products comprised of sports optics. These are used in various activities like water sports, snow sports, hunting, etc. Even golfers use sports optics to estimate the distance of their next shot and determine its perfect trajectory. They primarily use handheld laser range finders.
The Sports Optic Market is segmented by Product Type (Telescopes, Binoculars, Rifle Scopes, Rangefinders) and Geography. The market sizes and forecasts are provided in terms of value (USD) for all the segments.
| By Product Type | |
| Telescopes | |
| Binoculars | |
| Rifle Scopes | |
| Rangefinders | |
| Other Product Types |
| By Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Rest of the World |
Sports Optic Market Size Summary
The Sports Optic Market is poised for steady growth, driven by increasing investments in sports facilities and training programs worldwide. This growth is further supported by advancements in astronomical projects, which require high-precision viewing and recording devices like telescopes. These devices are essential for both sports enthusiasts and travelers, offering detailed views of distant objects, whether in the sky or on the ground. The market is characterized by a high level of competition, with major players such as Nikon Corporation, Carl Zeiss AG, and Bushnell Corporation leading the charge. These companies are continually innovating, incorporating technologies like vibration reduction to enhance product performance and maintain a competitive edge.
The market's expansion is also fueled by government initiatives and partnerships aimed at conservation and wildlife protection, which in turn boost the demand for sport optics in outdoor activities. The post-pandemic recovery of the sports industry has seen companies reintroducing innovative products to regain lost revenue, while collaborations in fields like astronomy and sports technology are paving the way for new applications. Notable developments include the launch of specialized eyewear for cyclists and advanced telescopes for astronomical research, highlighting the diverse applications and growing importance of sport optics in various sectors.
Sports Optic Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Buyers
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1.2.2 Bargaining Power of Suppliers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value Chain Analysis
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1.4 Assessment of the Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Telescopes
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2.1.2 Binoculars
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2.1.3 Rifle Scopes
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2.1.4 Rangefinders
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2.1.5 Other Product Types
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2.2 By Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia-Pacific
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2.2.4 Rest of the World
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Sports Optic Market Size FAQs
What is the current Sports Optic Market size?
The Sports Optic Market is projected to register a CAGR of 2.94% during the forecast period (2024-2029)
Who are the key players in Sports Optic Market?
Nikon Corporation, Carl Zeiss AG , Bushnell Corporation (VISTA OUTDOOR) , TRIJICON inc. and SWAROVSKI OPTIK are the major companies operating in the Sports Optic Market.
