PUBLISHER: The Business Research Company | PRODUCT CODE: 1596071
PUBLISHER: The Business Research Company | PRODUCT CODE: 1596071
Sports optic refers to devices that enhance the visual experience during sporting activities, helping users to better view, target or track distant objects. These devices are essential tools for athletes, spectators and outdoor enthusiasts across a variety of sports to improve accuracy, focus and overall performance by providing clearer and magnified views of distant objects or targets.
The sports optic market consists of sales, by entities (organizations, sole traders and partnerships), of sports optic products that are used both in competitive sports and recreational activities, providing users with the necessary tools to perform effectively and safely.
The global sports optic market was valued at $1,850.00 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 2.00%.
Increasing Number Of Sports Activities
During the historic period, the increasing number of sports activities contributed to the growth of the sports optic market. The increase in outdoor and adventure sports activities, such as hiking, wildlife observation and camping, has driven demand for durable and reliable sports optics. These activities frequently require clear, long-range vision for navigation, spotting and safety, encouraging consumers to invest in advanced optical equipment. For example, in 2023, according to China Briefing, a China-based website providing publications related to news, analysis and updates, the number of outdoor-related sports increased 270% compared to the previous year, reaching 130 million. For example, in March 2024, according to Sportstar, an India-based monthly sports magazine, the Indian sports industry continued its upward surge as it registered an 11% yearly growth. Therefore, the increasing number of sports activities propelled the growth of the sports optic market.
AI-Powered Binoculars For Wildlife Identification
Major companies operating in the sports optic market are developing AI (artificial intelligence)-powered binoculars for wildlife identification. This ensures that the scopes are capable of enduring demanding outdoor conditions, including impacts, extreme temperatures and moisture. For instance, in February 2024, Swarovski Optik, an Austria-based company that provides sports optics, including high-quality binoculars, introduced the AX Visio, the world's first smart binoculars that combine high-performance optical technology with cutting-edge digital capabilities. Developed over a five-year period, these binoculars feature AI that can identify more than 9,000 species of birds and wildlife. Equipped with an integrated camera for capturing both images and videos, the AX Visio allows users to share their observations through a dedicated smartphone app. These binoculars aim to elevate the nature observation experience by merging traditional optical excellence with advanced technological innovations.
The global sports optic market is concentrated, with large players in the market. The top ten competitors in the market made up to 44.0% of the total market in 2023.
Sports Optic Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global sports optic market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for sports optic? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The sports optic market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider sports optic market; and compares it with other markets.