CHICAGO, April 1, 2019 /PRNewswire/ -- According to the new market research report "Sports Optic Market by Products (Telescopes, Binoculars, Rangefinders, And Riflescopes), Games (Shooting Sports, Golf, Water Sports, Wheel Sports, Snow Sports, Horse Racing), and Geography (North America, Europe, Apac, Row) - Global Forecast to 2024", published by MarketsandMarkets™, the Sports Optic Market was valued at USD 1.8 billion in 2019 and is expected to reach USD 2.1 billion by 2024, at a CAGR of 2.71% from 2019 to 2024. Major growth drivers are enhanced fan engagement/experience. Further, superior performance specifications such as clarity, sharpness, portability, and magnification are driving the sports optic market. Moreover, increasing games using sports optic; and emerging application in sports technology are expected to fuel the growth of the market in the coming years. Competition from in-house entertainment systems are acting as a major challenge for the growth of the sports optic market.
Sports telescopes to grow at highest CAGR during forecast period
Currently, telescopes hold less share in the sports optics market, as they are used in limited sports such as water sports and snow sports. However, with increasing water and snow sports activities across the globe, demand for telescopes will also increase. Further, in the coming years, the penetration of handheld telescopes will boost the demand for telescopes in other sports categories.
Shooting sports market to be dominant in sports optic during forecast period
Shooting sports holds a larger share in the sports optics market for games. Shooting guns are mainly used in sporting events such as rifle shooting, target shooting, and handgun shooting. Increasing awareness about shooting sport is expected to fuel the global market for shooting sports. Increasing investments by the government (especially in North America and Europe) in training armatures and professionals for shooting events and the presence of manufacturers is expected to drive the market of sports shooting. Further, declining cost of riflescopes is also expected to boost the sports rifle scope market for sports shooting.
APAC is expected to grow at highest CAGR during forecast period
Currently, APAC holds a less share of the sport optic market; the low demand is owing to the lack of spending capability in most technologically advanced countries in the region. However, in coming years with increasing number of stadiums and upcoming sport events, such as Asian Winter Games (2017), Summer Olympic Games (2018), and World Masters Games (2021), the market for sports optics is also expected to increase. Further, increasing government expenditure on infrastructure and rising number of stadiums in technologically advanced countries such as China, South Korea, and Japan are expected to boost the market demand.
Key players in the sports optic market are Nikon (Japan), Carl Zeiss (Germany), Leupold & Stevens (US), Bushnell (US), Trijicon (US), Celestron (US), Burris (US), Leica Camera (Germany), Swarovski Optik (Austria), and ATN (US).
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