Sports Optic Global Market Report 2024

The sports optic market size has grown steadily in recent years. It will grow from $2.08 billion in 2023 to $2.17 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth observed during the historical period can be attributed to factors such as increased participation in outdoor recreational activities, advancements in manufacturing processes related to sports optics, a rise in disposable income among consumers, an increase in wildlife observation activities, and elevated demand from military and law enforcement sectors.

The sports optic market size is expected to see steady growth in the next few years. It will grow to $2.53 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The anticipated growth in the forecast period can be attributed to factors such as technological integration in sports optics, a focus on lightweight and compact designs, the rise in adventure tourism, increased interest in long-range shooting, and the expansion of wildlife observation tourism. Major trends expected in the forecast period include the implementation of enhanced optical coatings, the integration of AI-assisted optics, improved durability and weather resistance, an increased use of carbon fiber and advanced materials, as well as advancements in night vision and thermal imaging technologies.

The anticipated rise in camping participation is poised to drive the growth of the sports optic market in the future. Camping, an outdoor recreational activity set away from urban areas, offers participants the chance to connect with nature and enjoy fresh air, occasionally accompanied by wildlife. Sports optics, such as binoculars, play a crucial role in camping activities such as birdwatching and animal observation, enabling individuals to closely observe wildlife from a distance. In April 2022, the North American Camping Report by Kampgrounds of America, Inc. revealed a significant growth in active camper households in the United States, reaching 93.8 million in 2021. Moreover, there was an 18% increase in households engaging in camping at least once in 2021, totaling 57 million. Consequently, the upward trend in camping participation is a driving force for the sports optic market's growth.

The expanding tourism industry is anticipated to contribute to the growth of the sports optic market. The tourism sector, involving travel for leisure, business, or recreational purposes, plays a significant role in driving demand for sports optics. Binoculars and scopes are essential tools for tourists engaged in outdoor activities, wildlife exploration, and sightseeing. According to a report by the United Nations World Tourism Organization in May 2023, international tourist arrivals rebounded in the first quarter of 2023, reaching 80% of pre-pandemic levels, totaling approximately 235 million travelers. The data indicated a more than twofold increase compared to the same period in 2022. With the tourism sector showcasing remarkable resilience, surpassing two-thirds of pre-pandemic levels in 2022, the expanding tourism industry is a catalyst for the sports optic market's growth.

Product innovation stands out as a prominent trend in the sports optics market, with major companies focusing on developing innovative products to maintain their market positions. In March 2022, Ricoh Imaging Americas Corporation introduced the Pentax Jupiter series of porro-prism binoculars, featuring large-aperture objective lenses for a bright and crisp field of vision in various conditions. The user-friendly focus ring and external rubber covering enhance grip and reduce slippage.

Leading companies in the sports optics market are innovating further by introducing products such as cycling shades to cater to broader customer bases, boost sales, and increase revenue. Cycling shades, specialized sunglasses designed for cyclists, have gained attention for their lightweight design and extensive coverage. For instance, Tifosi Optics launched the Rail Sunglasses in March 2022, known for their lightness, hydrophilic rubber nose for a secure fit, and adjustable nose and earpieces for comfort. The sunglasses come with polycarbonate lenses, providing scratch resistance and shatterproof qualities. Tifosi's Rail Interchange models include three lenses for different lighting conditions, smoke, AC high contrast in red or yellow, and clear.

In April 2021, Academy Sports + Outdoors acquired Redfield Brand from Leupold & Stevens Inc. for an undisclosed amount, expanding its brand portfolio and becoming the exclusive developer and marketer of sports optics under the Redfield name. Leupold & Stevens Inc., known for manufacturing optics for shooters and hunters, including binoculars, rangefinders, and riflescopes, entered into the acquisition deal with Academy Sports + Outdoors.

Major companies operating in the sports optic market report are L3Harris Technologies Inc., The Vangaurd Group Inc., Carl Zeiss AG, Nikon Corporation, Vista Outdoor Inc., Beretta Holding S.A., Safilo Group S.p.A, Swarovski Optik KG, Leica Camera AG, Burris Company Inc., Trijicon Inc., Vortex Optics, Bushnell Corporation, Meopta - Optika S.R.O, EOTech Inc., Celestron LLC, American Technologies Network Corporation, Nightforce Optics Inc., Nightforce Optics Inc., Barska, U.S. Optics Inc., Schmidt u. Bender GmbH & Co. KG, GPO GmbH, U.S. Optics, FLIR Systems Inc.

North America was the largest region in the sports optic market in 2023. Asia-Pacific is expected to be the fastest-growing region in the sports optic market report during the forecast period. The regions covered in the sports optic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the sports optic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of sports optics include telescopes, binoculars, riflescopes, and rangefinders. Telescopes, tube-shaped optical devices, enable the observation of distant objects by refractively focusing light through a lens or reflecting light with a concave mirror. They are commonly used in activities such as bird watching, wildlife viewing, and sports events to enhance visibility and provide a better view of targets. Sports optics are available through distribution channels both online and offline, and they are utilized in diverse applications, including golf, wheel sports, snow sports, water sports, shooting sports, horse racing, and others.

The sports optics research report is one of a series of new reports that provides sports optics market statistics, including the sports optics industry's global market size, regional shares, competitors with a sports optics market share, detailed sports optics market segments, market trends and opportunities, and any further data you may need to thrive in the sports optics industry. This sports optics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The sports optics market consists of sales of night vision, spotting scopes, and red dot sights. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.