Sports Optic Market Overview 2023-2027: Market Size, Growth Rate, And Lucrative Segment As Per The Business Research Company's Sports Optic Global Market Report 2023
LONDON, Oct. 12, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Sports Optic Global Market Report 2023, the global sports optic market is on an upward trajectory, expected to reach unprecedented growth in the upcoming years. According to the latest findings, the market value is projected to rise from $1.98 billion in 2022 to $2.08 billion in 2023, showcasing a Compound Annual Growth Rate (CAGR) of 4.8%. By 2027, the global sports optic market is anticipated to reach an impressive valuation of $2.41 billion, growing at a CAGR of 3.8%.
Camping Activities: A Major Growth Driver
The surge in the sports optic market can largely be attributed to the rising participation in camping activities worldwide. Camping activities, especially those involving wildlife observation such as birdwatching, significantly boost the demand for sports optics like binoculars. To illustrate, the North American Camping Report by Kampgrounds of America, Inc. in April 2022, highlighted that active camper households in the United States saw an increase from 86.1 million in 2020 to 93.8 million in 2021, a testament to the rising popularity of outdoor activities.
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Major Players
The sports optic market's landscape is shaped by influential players including L3Harris Technologies Inc., Carl Zeiss AG, Nikon Corporation, Beretta Holding S.A., and Swarovski Optik KG, among others. Their innovations, product offerings, and market strategies significantly influence the market dynamics.
Innovation at the Forefront
A trend that stands out in the sports optics market is product innovation. Companies are constantly evolving, introducing novel products to strengthen their market position. A prime example of this is Ricoh Imaging Americas Corporation's launch in March 2022 of their Pentax Jupiter series of porro-prism binoculars, designed to ensure bright and crisp visuals, even in low-light environments.
Geographical Insights
In 2022, North America dominated the sports optic market, a testament to the region's penchant for outdoor activities and advanced technological infrastructure. However, Asia-Pacific is projected to be the fastest-growing region in the sports optic market during the forecast period.
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Market Segmentation
The global sports optic market caters to diverse needs, segmented based on:
- Product Type: Telescopes, Binoculars, Riflescopes, Rangefinders
- Distribution Channel: Online and Offline
- Applications: Golf, Wheel Sport, Snow Sport, Water Sport, Shooting Sports, Horse Racing, and Other Applications.
The Sports Optic Global Market Report 2023 serves as an invaluable guide for industry stakeholders, offering insights, statistics, and future predictions. By leveraging the data and trends presented in the report, businesses can strategize effectively, identify lucrative opportunities, and prepare for upcoming market shifts. For those looking to stay at the forefront of the sports optic industry, this report is an essential resource.
Sports Optic Global Market Report 2023 by The Business Research Company provides insights on the sports optic market size, sports optic market segments, sports optic market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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