According to the latest report by IMARC Group, titled “Sports Optic Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global sports optic market reached a value of US$ 2.2 Billion in 2022. Sport optics refer to devices that are used to magnify distant objects for improved clarity and enhanced performance. They provide numerous benefits, including improved portability, sharpness, magnification, dim illumination, night vision, accurate shooting over long distances, and precision aiming. Typically manufactured with plastic, glass, and metallic frames, these devices operate in the visible, ultraviolet (UV), and infrared (IR) ranges. As a result, they are extensively used to measure distances, improve viewing experiences, collect information, and aim accurately in various sporting events, such as hunting, horse racing, golf, rifle shooting, water sports, and snow sports.
Global Sports Optic Market Trends:
The global market is majorly driven by the widespread product utilization to improve underwater visibility and prevent corneal scratches, eye infections, and exposure to chemicals in water and snow sports. This can be attributed to a considerable rise in recreational and sports activities as well as their broadcasting by media and entertainment verticals across the globe. In addition to this, numerous product innovations, such as the launch of three-dimensional (3D) view optics for high-resolution images of distant objects, are fueling the growth of the market. Moreover, favorable government initiatives promoting sports training among the masses are creating a positive market outlook. The market is further driven by the growing expenditure capacity of the masses that enable them to purchase several types of optic gear used for various sporting activities. Some of the other factors providing an impetus to the market include extensive research and development (R&D) activities and rapid urbanization. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 2.6 Billion by 2028, exhibiting a CAGR of 3% during 2023-2028.
- Based on the type, the market has been segmented into telescopes, binoculars, rifle scopes, and rangefinders.
- On the basis of the distribution channel, the market has been categorized into online and offline.
- On the basis of the application, the market has been classified into shooting sports, golf, water sports, wheel sports, snow sports, horse racing, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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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