Sports Optic Market

Market Overview

The global sports optic market size was valued at USD 1.96 billion in 2022. It is projected to reach USD 2.95 billion by 2031, growing at a CAGR of 3.08% during the forecast period (2023-2031). 

Sports optics are devices that magnify distant objects for improved clarity and enhanced performance. Some popular sports optics made using plastic, glass, and metallic frames include telescopes, rangefinders, and rifle scopes. They are frequently employed in various activities, including hunting, horse racing, golf, rifle shooting, and water and snow sports, to determine the target's distance, enhance the viewing experience, gather data, and precisely aim. These gadgets have improved clarity, portability, sharpness, magnification, and dim and night vision functions, and they can operate in the visible, ultraviolet (UV), and infrared (IR) ranges.

Market Dynamics

Global Sports Optic Market Drivers:

Increased Performance Specifications such as Clarity, Sharpness, and Magnification

According to Nikon, ordinary users should feel comfortable operating and seeing binoculars with magnification up to 12x. Higher magnification has drawbacks, including a small exit pupil that makes the image darker, an unstable image produced by hand movement, and a confined field of view. In other words, each sports optic product should have the proper attributes. For monitoring distant objects like big games or marker buoys, the Fujinon 10x42 Hyper Clarity Binoculars are designed with strong magnification. It uses complementary technologies to create an optic that performs better in low light and the most demanding environments. The quicker light beam is delayed to match the slower light beam by using specific coatings on the prism, putting the two beams back into phase as they contact the eyepiece lens. This significantly improves color, clarity, and contrast compared to non-phase-corrected prism binoculars.

Global Sports Optic Market Restraint:

High Cost of Sports Optic Products

Sports optics businesses typically base their product prices on desired margins and costs. Premium standard-sized binoculars range in price from EUR 1,000 to EUR 3,000. The best materials, optics, and essential features create the priciest binocular models. High production and labor expenses are important factors behind the high prices of sports optic devices, components, and material characteristics. Binoculars and other optics goods are exceedingly delicate machines that must be produced by highly skilled workers using specialized equipment. Glass workers, tool designers, machine operators, assembly workers, and quality control inspectors are among the labor force. Additionally, the cost will rise due to the European Union's far stricter environmental rules.

Global Sports Optic Market Opportunities:

Enhanced Fan Experience

The in-person fan experience does not compare favorably to viewing a game while seated in a living room or, increasingly, in a specifically created and furnished media room as modern sports consumption grows. The use of sports optics can significantly enhance matchday fans' fan experiences. Sports are starting to reappear when lockdowns are lifted and restrictions are relaxed amid the COVID-19 epidemic. However, fans are yet to be permitted in almost all circumstances, and the only agreement at this time is that there might be a protracted period of empty or nearly empty sitting. Full-sized and mid-sized binoculars have larger objective lenses that can capture more light. As a result, the image seen through them is typically brighter and of higher quality. Full-size binoculars usually provide a wider field of view at the same magnification, which is crucial for racing binoculars.

Regional Analysis

The global sports optic market share is bifurcated into four regions: North America, Europe, Asia-Pacific, and LAMEA. 

North America Dominates the Global Market

North America is the most significant revenue contributor and is expected to grow at a CAGR of 2.2% during the forecast period. Due to the region's large concentration of hunting, archery-based hunting, birdwatching, and other sports enthusiasts, there is a sizably high demand for sports optics like a telescope, rifle scope, spotting scope, and binoculars. Due to this expansion in the area, several vendors are opening new shops and shifting their sports equipment sales to online marketplaces. For instance, Unisync announced the opening of its online store in August 2020 with a focus on the outdoor, tactical, and lifestyle product markets in Canada and the USA. In addition to this, the demand for binoculars, telescopes, range finders, rifle scopes, and other optical devices has increased due to the region's large number of gun owners and shooting range activities.

Europe is expected to grow at a CAGR of 2.08% during the forecast period. Some of the most significant market players are based in this region, along with nations with a strong demand for such equipment. For instance, Swarovski, one of the biggest businesses functioning in the area, holds a significant portion of the market for riflescopes. Additionally, the region is seeing an increase in the number of people who like shooting sports. For instance, the Great British Shooting show, an annual event held in the UK, is seeing an increase in attendees, as well as the industry's top manufacturers, distributors, retailers, and shooting organizations, team up to provide attendees with the broadest and most diverse selection of shooting-related products seen anywhere in Europe. Vendors in the market are increasingly developing their solutions and expanding their product range with innovations due to the region's clients' increased interest.

In Asia-Pacific, some well-known shooting sports fans from important nations like China, India, Japan, and South Korea reside. Sporting events are anticipated to be a primary emphasis for countries in the region in terms of establishing a global presence via event success. In addition, Japan will host the 2021 Summer Olympics, which will feature a variety of sports like sailing, golf, and archery. Therefore, it is anticipated that it will favor the sports optics market. Elites in several countries are becoming more interested in hunting as a sport. For instance, the Chinese hunting craze is viral in China among those who aspire to emulate the lifestyle of Western affluents. There is a rise in the number of companies offering hunting-based excursions, and people are looking to experiment with new weapons and utilize them for hunting. The demand for sports optics in the region has benefited from a considerable push for the growth of shooting sports by the regional governments to boost their representation in major athletic events like the Olympics, Asia Games, etc.

The Middle East and Africa and Latin America are included in the part for the rest of the world. The conservative efforts in Latin America have been severely hampered by poaching and bushmeat hunting, negatively influencing the region's permitted hunting. However, in recent years, gun ownership has increased and is anticipated to be employed in the region's hunting grounds. In addition, as hunting is being promoted as a sport, Africa is home to some of the most well-known hunting trips in the world. Each of the seven hunting permits the government offered allowed hunters to kill ten elephants in "restricted hunting areas." One of the greatest populations of elephants in the world, the nation possesses roughly 130,000 of them.

Segmental Analysis

Based on product type, the global market is bifurcated into telescopes, binoculars, rifle scopes, rangefinders, and other product types. 

The global sports optic market share is segmented by product type.

The binoculars segment is the highest contributor to the market and is estimated to grow at a CAGR of 2.3% during the forecast period. Lower ticket prices for sporting events may result in less clarity of the action on the field. However, getting the most out of these tickets is easy without shelling out extra cash for a better spot in the stands if one brings along a set of binoculars. Users can have a good experience by purchasing these sports products, whether ice hockey, beach volleyball, basketball, motor racing, rugby, golf, baseball, or football, among other games. Binoculars have provided a means to enjoy the game because these sporting events are typically crowded, making it difficult to watch the action in full detail.

Market vendors have begun selling binoculars that are mainly used for watching sports. For observing sports, Biotech, for instance, sells its 1242 binoculars. No matter where they are seated, customers can see everything happening at a sporting event because of the 12x magnification. Additionally, they offer a smartphone adaptor that enables users to share their views with those around them, allowing everyone to use the binoculars. The product is suitable for outdoor stadiums because it is waterproof and shockproof.

The main factors expected to drive the demand for riflescopes during the projected period are technological developments primarily aimed at improving rifle precision and the rising popularity of hunting and shooting sports. These things have a high price. One of the things anticipated to impact the demand for these products is their high price, which poses a substantial barrier to the widespread use of riflescopes. Prices for these goods primarily change in response to specifications, such as objective lens diameter, magnification, and the required range for various uses, including shooting sports and hunting. To score as many points as possible in shooting sports, the shooter must strike numerous targets from multiple angles and heights. Several rifle scopes have been employed for shooting sports, primarily dependent on the game's laws and restrictions and the shooter's personal preferences.

Recent Developments

• June 2022- A service advisory for users of Nikon sport and recreational optics products was issued. Some Binocular and Fieldscope straps exceeded the standard PAHs1 values stipulated in the REACH regulation2 for selected products.
• May 2022- ZEISS introduced its first service of the new CinCraft ecosystem for the digital application of lens looks into the compositing and matchmoving workflows.