"Assisting You in Establishing Data Driven Brands"
The global sports optic market size was USD 1.99 billion in 2020. The market is projected to grow from USD 2.01 billion in 2021 to USD 2.43 billion in 2028 at a CAGR of 2.8% in the 2021-2028 period. The global impact of COVID-19 has been staggering and unprecedented, with sports optic witnessing a negative impact on demand across all regions and countries amid the pandemic. Based on our analysis, the global market exhibited a lower growth of -16.80% in 2020 than the average year-on-year growth during 2017-2019. The rise in mentioned CAGR is attributable to this product’s demand and growth of the market, returning to pre-pandemic levels once the pandemic is over.
Sportspersons and athletes commonly use optical equipment such as binoculars and riflescopes to carry out competitive shooting and sightseeing activities. Users can better gather visual information about their surroundings with such equipment. Nowadays, companies focus on offering advanced digital technology-based scopes to enhance the sightseeing experience of the users. For instance, in January 2021, Swarovski AG introduced digital intelligence-focused, tracking assistance technology-based hunting products such as EL RANGE TA binoculars and DS 5-25X52 P GEN. II riflescopes in Europe.
Travel-Related Restrictions due to COVID-19 Pandemic to Hamper Market Growth
To minimize the coronavirus infection spread, governments in many countries imposed travel & tourism-related lockdown restrictions. Strict containment measures have significantly reduced consumer spending on outdoor sporting goods, thereby hampering product revenues worldwide. For instance, Nikon Corporation witnessed a significant decline in sales revenues from its sports optics-based imaging products business from USD 2,089.22 million in March-end 2020 to USD 1,356.89 million in March-end 2021. Additionally, reduced discretionary income and COVID-19 related health crises worldwide have severely affected the market growth.
However, consumers started shopping optics from e-commerce stores to avoid coronavirus infections from in-person shopping. Such factors will offer new opportunities for the companies to market their products through e-commerce sites.
Request a Free sample to learn more about this report.
Shifting Consumer Trends toward Premium-Priced Products to Aid Market Growth
Nowadays, consumers prefer premium-priced and advanced scopes to enhance their archery and hunting performance. This factor will offer new growth opportunities for the companies to boost their revenues from such items. Besides, increasing hiking and recreational trends among the global population will ease companies’ sales from the sporting equipment, thereby accelerating market growth. For instance, Swarovski AG’s recreation goods sales reached USD 181.50 million in 2020, 3% up over the previous year. In the company’s scopes & binoculars’ sales, hike is attributed to the evolving European nature discovery and recreational trends.
Regular Introduction of Innovative Products by Companies to Accelerate Market Expansion
Prominent companies such as Nikon Corporation, Swarovski AG, Celestron LLC., and others regularly introduce premium-priced, high-resolution scopes to attract new customers. For instance, in 2019, Meopta-optika s.r.o. introduced premium-based Optika 6 riflescope and Optika HD binoculars in the Europe market. The availability of a wide range of cost-effective products in the market, along with the launch of newer ones, will drive the market growth.
Nowadays, leading sporting companies such as Canon Inc., Fujifilm Holdings Corporation, and others regularly introduce recreation-related marketing campaigns and sports events to sell their goods to diverse consumers. Such factor will drive the sports optic market growth. For instance, in 2020, Canon Inc. sponsored a campaign film for the Tokyo 2020 games to spotlight the array of its sporting goods in the film. Besides, regular provision of the optical goods information by the sports optic experts supports the consumption rate of such products.
Governmental Support in Development of Sporting Infrastructure to Sustain Market Growth
Nowadays, governments worldwide allocate financial budgets for playgrounds and tourism infrastructure development. Such initiatives will ease the product demand among people, thereby supporting the market growth. For instance, in December 2020, China National Development and Reform Commission (NDRC) invested USD 450 million in the Chinese public sports projects. Additionally, regular efforts by market players in advertising recreation goods will help them scale up their revenues, thereby uplifting the market growth. For instance, in 2019, Carl-Zeiss Stiftung introduced ‘Confidence in the Toughest Conditions,’ a campaign to promote its hunting scopes range to American consumers.
Higher R&D Cost to Limit Market Development
Large investment necessity in R&D to design more innovative scopes is a major factor hampering the market growth. Additionally, easier accessibility of consumers to the high-resolution digital cameras will decline the companies’ sales revenues from binoculars. Besides, huge competition from the local optical manufacturers is limiting the revenue prospects of key players from the international markets, thereby restraining the market growth.
To know how our report can help streamline your business, Speak to Analyst
Binoculars’ Segment Holds a Major Sports Optic Market Share Owing to Its Diverse Product Categories Over Counterparts
Based on product type, the market is segregated into riflescopes, rangefinders, binoculars, and field scopes.
The binoculars segment holds a major market share due to wide varieties of binoculars such as hunting, golf, fishing, and camping purpose binoculars. Additionally, evolving consumers’ camping and hiking trends will ease the revenues from such equipment.
The riflescopes segment holds a considerable market share, owing to a large number of rifle users worldwide requiring riflescopes for their efficiency in shooting. According to the data published by the Government of the U.K., as of 31st March 2020, 586,351 people in the U.K. hold firearm and shotgun certification. Additionally, companies' regular provision of premium riflescopes will attract consumers toward such equipment, thereby driving segmental growth.
Field scopes have higher magnification efficiency than binoculars, sunglasses, rifle scopes, and rangefinders. Hence, users can better trace shooting targets and bird seeing sight with the help of field scopes.
Increasing Participation in Camping Activities Results in Others Segment to Dominate Market
The market is segmented on the basis of games into hunting & shooting, snow, water, golf, and others. The others segment, which includes camping, trail, cycling, and fishing activities, holds a major market share owing to increased participation of people in camping activities. According to the data published by Outdoor Industry Association, in 2020, nearly 15.8% of Americans participated in car, backyard, backpacking, and camping activities. Increasing consumers fishing trends will cause an upsurge in the segment growth.
The hunting and shooting segment holds a considerable market share as many companies sell hunting & shooting-related equipment such as Celestron LLC., Viking Optical Ltd., Nikon Corporation, and others. According to the data presented by Ethical Consumer Organization, in 2020, 90% of the makers of the optical item were involved in selling riflescopes to hunters compared to 83% in 2018. Along with these factors, the growing popularity of archery activities among youngsters will drive the product revenues from the hunting and shooting segment.
The snow segment is estimated to showcase the fastest growth during the forecast period of 2021-2028 due to increasing consumer participation and spending on snowboarding and skiing-related equipment. Highlighting an instance, from November 2019 to November 2020, Overlander Sports, a Canadian skiing equipment maker, reported 17% jump in its skiing club registrations.
Additionally, many skiing infrastructural facilities will support future segmental growth. According to the report ‘2020 International Snow and Mountain Tourism Report’ presented by the International Ski Federation (ISF), as of April 2020, there are 6 million commercial snow beds in the mountains across the globe.
The increasing popularity of golfing among the global aged populations will drive the consumer demand for golf rangefinders, fueling the growth of the golf segment. Meanwhile, the water segment will be mainly driven by growing awareness regarding the health benefits of swimming among the global population, which is estimated to fuel the consumer demand for water sports-related equipment.
Rising Adoption of Online Shopping of Sporting Goods Results in Online Segment to Lead Market
By distribution channel, the global market is segregated into online and offline. The online segment holds a major share of the global market due to consumers' increased spending on sporting goods, thereby resulting in larger revenues from the online segment. According to the data presented by Shanghai New International Expo Centre, in 2020, nearly 900 million Chinese consumers have shopped sporting goods from e-commerce stores.
Besides, companies' regular availability of discounted products through their online stores will accelerate the consumer demand for such items from online channels.
On the other hand, revenues from the offline segment are mainly driven by many optical stores worldwide. According to the data presented by the Department of Statistics, Government of Canada, as of 2020, there are 3,033 optical goods stores in Canada.
North America Sports Optic Market Size, 2020 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
The global sports optic market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The North America market size reached USD 0.74 billion in 2020. North America exhibits a leading position in the global market owing to large spending on sporting equipment by the U.S. and Canadian population. According to the statistical data presented by the Federal Reserve Bank of St. Louis, in July 2021, sporting goods stores sales in the U.S. reached USD 6,051 million. Additionally, growing outdoor leisure trends will accelerate the market growth in the region.
Besides, the growing popularity of LCD & hand-free binoculars among Canadians further enhances the region's product demand. The growing popularity of fish & wildlife hunting sports among Washington, Michigan, and Hammond LA population will accelerate the hunting-related sports good’s demand in the region. As per the data published by the Washington Department of Fish Wildlife, in 2020, nearly 25,000 Washington residents received a hunter safety certification that reminds them to play hunting sports.
The European sports optic industry is mainly driven by the robust presence of scopes and binoculars manufacturing companies such as Leica Camera AG, Swarovski AG, Carl-Zeiss-Stiftung, and others. Besides, regular initiatives undertaken by the respective governments to offer training to the shooting & armature professionals in the Germany, U.K., and France will give rise to the revenues from the riflescopes, binoculars, and spotting scopes in the region. According to the data presented by Department for Digital, Culture, Media & Sports, Government of the U.K., from 2017 to 2021, the government of the U.K. allocated USD 8.18 billion for the training and development of shooting & archery playing activities.
The Asia Pacific region is expected to witness the fastest growth during 2021-2028 due to the increasing number of playgrounds and tourism sites in China, Japan, and India, fueling the region's product demand. For instance, in January 2020, the Government of Maharashtra, India, invested USD 17.24 million to develop a playground divisional complex in Nagpur, India. Moreover, the evolving trend of nature viewing and photography among the Japanese and South Korean populations will surge the demand for binoculars, further accelerating the region’s market growth.
To know how our report can help streamline your business, Speak to Analyst
Increasing participation in cycling & camping activities among the Brazilian & Chilean populations will support the market growth in the South American region. Meanwhile, increasing awareness regarding the availability of various sporting goods among the UAE and Saudi Arabian population and emerging hunting sports trends among South African consumers will surge the product demand in the Middle East & Africa.
Sustainable Product Offerings and Sales Promotions Strategies to Fuel Market Growth
Key players offer discounted riflescopes and other optical items to the consumers to scale up the optical product revenues. Additionally, to reduce the global trend of trophy hunting and support ethical optics offering, the focus among market players is shifting from selling hunting & shooting-related equipment to other sports equipment. These factors will reshape the overall sports optic industry. For instance, in January 2020, Nikon Corporation, a market leader in the optical industry, stopped manufacturing riflescopes to reduce trophy hunting.
An Infographic Representation of Sports Optic Market
To get information on various segments, share your queries with us
The market research report analyses the industry in-depth and highlights crucial aspects such as prominent companies, product types, distribution channels, and gamming application areas. Besides this, the report provides insights into the trends of the market by products’ launches and other significant industry developments. In addition to the various aspects mentioned earlier, the report encompasses several factors contributing to the market's growth over recent years.
Value (USD Billion)
By Product Type
By Distribution Channel
Fortune Business Insights says that the worldwide market size was USD 1.99 billion in 2020 and is expected to reach USD 2.43 billion by 2028.
In 2020, the global market value stood at USD 1.99 billion.
Rising at a CAGR of 2.8%, the global market will exhibit steady growth in the forecast period (2021-2028).
The binoculars segment is expected to be the leading product type in this market during the forecast period (2021-2028).
The key companies' regular introduction of innovative products is accelerating the market growth.
Nikon Corporation, Carl-Zeiss-Stiftung, Swarovski AG, and Celestron LLC are leading companies in the global industry.
North America dominated the global market in 2020.
Shifting consumer trends toward premium-priced products will drive the adoption of advanced sports optical items.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- Global hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry