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Binoculars Market by Type, Application, and Geography - Forecast and Analysis 2020-2024

  • Published: Nov 2020
  • Pages: 120
  • SKU: IRTNTR45829
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The binoculars market size has the potential to grow by USD 123.44 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by type (roof prism binoculars, Porro prism binoculars, and Galilean binoculars), application (military, wildlife observation and hunting, astronomy, and others), and geography (APAC, Europe, MEA, North America, and South America). 

Binoculars Market Share

Binoculars Market Size

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Who are the Major Binoculars Market Vendors?

This binoculars market analysis report provides information on the production, sustainability, and prospects of several leading companies, including:

 

  • American Technologies Network Corp.
  • Barska Optics
  • BERETTA HOLDING SA
  • Canon Inc.
  • Celestron Acquisition LLC
  • FUJIFILM Holdings Corp.
  • Guangzhou Bosma Corp.
  • Jaxy optical instrument Co. ltd.
  • Leupold & Stevens, Inc.
  • Nikon Corp.

The binoculars market is fragmented. Vendors are significantly investing in innovation, business expansions, and are focusing on enhancing the quality of products. This binoculars market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies.

Market drivers such as the rise in popularity of outdoor recreational activities will create immense growth opportunities for vendors. However, challenges such as the availability of counterfeit products may impede the growth of the market participants.

Which are the Key Markets for Binoculars?

Binoculars Market Share by Geography

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North America was the largest binoculars market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Increased military investments, the growing tourism because of sporting events and the presence of wild and exotic animals in numerous parts of North America will significantly drive binoculars market growth in this region over the forecast period.

39% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for binoculars in North America. Market growth in this region will be faster than the growth of the market in MEA and South America.

What are the Major Type Segments in the Binoculars Market?

Binoculars Market Share by Type

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Roof prism binoculars account for the largest binoculars market share in the type segment. Roof prism binoculars have eyepieces that are directly in line with the objective lens. It reduces the size of the binoculars, thus making them compact and narrow. Roof prism binoculars are primarily preferred for wildlife observation and outdoor recreational activity with most of the adoption rate stemming from bird watching recreational activities. The rising urbanization, the growing disposable income in countries such as China, Brazil, and India, the increasing population between 15 and 64 years who are the major target customers, the popularity of sports events, and the surging military expenditure will drive the demand for roof prism binoculars in the binoculars market during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the binoculars market size.

An in-depth scenario-based approach was followed in this binoculars market research report to identify the direct and indirect impact of COVID-19 on market growth. Buy the full market research report to gain actionable insights on the influence of COVID-19 on binoculars market segments.

What are the Key Binoculars Market Drivers and Trends?

The increasing interest of consumers to explore nature and participate in outdoor adventure travel contributed to the growth of global adventure tourism, which thereby has driven the growth of the binoculars market. This is encouraging vendors to focus on providing effective binoculars, which could provide a large field of view with enhanced fully multi-coated optics. For instance, Diamondback binoculars by Vortex Optics come with reliable quality high-performance hunting optics. It provides a large field of view with enhanced fully multi-coated optics. 

The increased demand for multifunctional binoculars is one of the key binoculars market trends. Vendors are focusing on introducing ergonomic designs, contributing to the aesthetic factors and reliability of the products. The products are gaining popularity owing to their improved convenience and enhanced outcomes. As a result, the rise in popularity of outdoor recreational activities coupled with the increased demand for multifunctional binoculars is driving the binoculars market growth at a CAGR of over 3% during the forecast period.

Binoculars Market Report

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Key Highlights of the Binoculars Market Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive binoculars market growth during the next five years
  • Precise estimation of the binoculars market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the binoculars industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of binoculars market vendors

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Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five forces analysis
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Application

  • Market segments
  • Comparison by Application
  • Military - Market size and forecast 2019-2024
  • Wildlife observation and hunting - Market size and forecast 2019-2024
  • Astronomy - Market size and forecast 2019-2024
  • Others - Market size and forecast 2019-2024
  • Market opportunity by Application

Market Segmentation by Type

  • Market segments
  • Comparison by Type
  • Roof prism binoculars - Market size and forecast 2019-2024
  • Porro prism binoculars - Market size and forecast 2019-2024
  • Galilean binoculars - Market size and forecast 2019-2024
  • Market opportunity by Type

Customer Landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • APAC - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Competitive scenario
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • American Technologies Network Corp.
  • Barska Optics
  • BERETTA HOLDING SA
  • Canon Inc.
  • Celestron Acquisition LLC
  • FUJIFILM Holdings Corp.
  • Guangzhou Bosma Corp.
  • Jaxy optical instrument Co. ltd.
  • Nikon Corp.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The binoculars market growth will increase by $123.44 million during 2019-2024.
The binoculars market is expected to grow at a CAGR of 3.22% during 2019-2024.
Technavio has segmented the binoculars market by type (Roof prism binoculars, Porro prism binoculars, and Galilean binoculars) ,application (Military, Wildlife observation and hunting, Astronomy, and Others) , and geographic (North America, APAC, Europe, South America, and MEA).
American Technologies Network Corp., Barska Optics, BERETTA HOLDING SA, Canon Inc., Celestron Acquisition LLC, FUJIFILM Holdings Corp., Guangzhou Bosma Corp., Jaxy optical instrument Co. ltd., Leupold & Stevens, Inc., Nikon Corp. are a few of the key vendors in the binoculars market.
North America will register the highest growth rate of 38.61% among the other regions. Therefore, the binoculars market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • China
  • Japan
  • Germany
  • Canada
  • Brazil
The key factors driving the binoculars market growth are:
  • Rise in popularity of outdoor recreational activities
The binoculars market vendors should focus on grabbing business opportunities from the roof prism binoculars segment as it accounted for the largest market share in the base year.
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