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The report includes a comprehensive outlook on the market, offering forecasts for the industry segmented by Application, which comprises military, wildlife observation and hunting, astronomy, and others. Additionally, it categorizes Type into roof prism binoculars, porro prism binoculars, and galilean binoculars, and covers Regions, including North America, APAC, Europe, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments. The report covers market trends and analysis and also includes an in-depth analysis of the rise in popularity of outdoor recreational activities, the increased demand for multifunctional binoculars, and the availability of counterfeit products.
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Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
American Technologies Network Corp., BERETTA HOLDING SA, Canon Inc., Carl Zeiss AG, Celestron Acquisition LLC, Eschenbach Optik GmbH, FUJIFILM Corp., Guangzhou Bosma Corp., Jaxy Optical Instrument Co. ltd., Leupold and Stevens Inc., Nikon Corp., Olympus Europa SE and Co. KG, Sony Group Corp., Vista Outdoor Inc., Vortex Optics, Meade Instruments, Opticron, Ricoh Imaging Co. Ltd., Shengzhen China Visionking Optical Technology Co. Ltd., Yukon Advanced Optics Worldwide, and Fabbrica dArmi Pietro Beretta S.p.A.
Qualitative and quantitative analysis of market growth and trends of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The rise in the popularity of outdoor recreational activities is the key factor driving market growth. Globally, hectic lifestyles raise stress for several people, which has led to increased participation in outdoor recreational activities. The growing need to de-stress is leading to increased engagement in leisure and outdoor activities. Globally, the growth of adventure tourism is due to factors such as urbanization, hectic lifestyles, and growing health consciousness, which contributed to an increase in the demand for binoculars.
Further, market players are focusing on providing effective binoculars for different outdoor activities, such as hunting binoculars. In addition, the phase-corrected prism, waterproof and fogproof built, and rugged rubber armor make it durable for outdoor activities like hunting, camping, and wildlife safari. Thus, such factors will propel the market growth for the market during the forecast period.
Increased demand for multifunctional binoculars is the primary trend shaping market growth. Market players focus on innovating technologies to gain the attention of an increased number of customers and raise the customer base and demand for their products. The market for binoculars is gradually synchronizing with the dynamic needs of customers, which encourages market players to innovate their products consistently. The use of upgraded technology to manufacture and design products is helping market players introduce innovative concepts that focus on functionality, convenience, and quality.
Consequently, the demand for multifunctional products is expected to rise among customers as such products provide increased convenience and enhanced results. For instance, Celestron Acquisition LLC offers Cavalry 7x50 Binoculars with a global positioning system (GPS) and a Digital Compass and Reticle. Integrated liquid crystal display (LCD) provides GPS coordinates, elevation, and compass direction. Thus, multifunctional binoculars will propel the growth of the market during the forecast period.
The availability of counterfeit products is a challenge that affects market growth. Counterfeit binoculars are fake replicas of branded binoculars. These counterfeit binoculars are manufactured and sold with the intent to capitalize on the popularity of high-quality branded binoculars. Counterfeit products are offered at lower prices than the prices of original products. Additionally, low production costs are an advantage appreciated by counterfeit binoculars makers as these binoculars are made from low-grade raw materials and are not durable. The availability of counterfeit products is a major challenge for vendors.
However, advertising and promotional campaigns by vendors help them retain the existing customer base. Adequate communication with customers ensures their loyalty to the concerned brand and does not easily shift to counterfeits. Additionally, it has a very adverse effect on the eyesight of the user. These optics may hamper the eyesight seriously. The rising number of counterfeit products will impede the growth of the market during the forecast period.
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The military segment will account for a major share of the market's growth during the forecast period.?Military binoculars help effectively monitor the movements of the enemy. They provide soldiers with the ability to locate distant objects and use image stabilization technology to see things at a distance through dense fog and dust. Increasing investments in defense will drive the market as these devices are basic equipment used by the military forces. The military segment was valued at USD 390.71 million in 2018. Furthermore, the rise in terrorist activities across the world has positively impacted the growth of the market. Advanced binoculars that integrate advanced technology give a country's armed forces a competitive edge over their adversaries in combat situations. Likewise, the use of binoculars by the military for search and rescue operations, as well as during natural calamities, aids in the identification of people in danger and in saving more lives. Thus, such factors will propel the military segment of the market during the forecast period.
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The market is segmented by type into roof prism binoculars, porro prism binoculars, and galilean binoculars
North America is estimated to contribute 35% during the forecast period.
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. North America had the highest market share and the US is one of the countries that invest heavily in its defense sector. Factors such as increased military investments, growing tourism because of sporting events, and the presence of wild and exotic animals in numerous parts of this region drive the market for binoculars. BERETTA HOLDING SA, Celestron Acquisition LLC, and Vortex Optics are some of the major market players in the region that produce binoculars for various applications such as military, wildlife observation hunting, and others. Almost no country in the region has banned wildlife hunting. This indicates the importance given to this hobby in this region. Binoculars are also highly adopted by law enforcement agencies in this region. Hence, such factors are expected to drive market growth in this region during the forecast period.
Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.01% |
Market Growth 2024-2028 |
USD 172.55 million |
Market structure |
Fragmented |
YoY growth (%) |
3.5 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key consumer countries |
US, China, India, Germany, and Italy |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
American Technologies Network Corp., Barska Optics, BERETTA HOLDING SA, Canon Inc., Carl Zeiss AG, Celestron Acquisition LLC, Eschenbach Optik GmbH, FUJIFILM Corp., Guangzhou Bosma Corp., Jaxy Optical Instrument Co. ltd., Leupold and Stevens Inc., Nikon Corp., Olympus Europa SE and Co. KG, Sony Group Corp., Vista Outdoor Inc., Vortex Optics, Meade Instruments, Opticron, Ricoh Imaging Co. Ltd., Shengzhen China Visionking Optical Technology Co. Ltd., Yukon Advanced Optics Worldwide, and Fabbrica dArmi Pietro Beretta S.p.A. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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