New York, United States , July 10, 2024 (GLOBE NEWSWIRE) -- The Global Binoculars Market Size is to Grow from USD 0.98 Billion in 2023 to USD 1.53 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.56% during the projected period.
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The binocular is the tool that gives viewers telescopic vision to see objects that are far away. As astronomical innovation and research develop, so does the necessity for binoculars. They consist of a pair of telescopes, one for each eye, positioned adjacent to each other and directed in the same direction. Binocular vision offers several advantages over single monocular telescope use, including a three-dimensional view of the scene. Also, an increase in disposable income drives up demand for products used in wildlife observation and adventure travel. As more individuals engage in outdoor activities such as hiking, bird watching, and sporting events, there is a greater need for binoculars that enhance the spectator experience. Binoculars improve the experience by offering a closer and clearer view of the outdoors, wildlife, and sporting events. As a result, as enthusiasts engage in more leisure activities, the market for binoculars is predicted to grow and see a sharp increase in demand. Continuous technological developments that improve night vision, low light performance, and lance are other factors driving demand. However, various market restrictions, including the expensive, high-end model binoculars restrict the industry's expansion. In other words, high-end binoculars with innovative features like powerful magnification, picture stabilization, and special coatings are more expensive than regular binoculars.
Browse key industry insights spread across 199 pages with 110 Market data tables and figures & charts from the report on the "Global Binoculars Market Size, Share, and COVID-19 Impact Analysis, By Type (Roof Prism Binoculars and Porro Prism Binoculars), By Product (Image Stabilization Binoculars, Night Vision Binoculars, Digital/Compact Binoculars, Large Binoculars, and Others), By Application (Surveillance, Marine Binoculars, Astronomy Binoculars, Sports Viewing Binoculars, Hunting Binoculars, Travel Binoculars, Theater & Concerts, Bird Watching, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The roof prism segment is anticipated to hold the greatest share of the global binoculars market during the projected timeframe.
On the basis of type, the global binoculars market is divided into roof prism binoculars and porro prism binoculars. Among these, the roof prism segment is anticipated to hold the greatest share of the global binoculars market during the projected timeframe. The roof prism binoculars' lightweight and small create makes them simple to use for a range of outdoor pursuits, including hiking, wildlife observation, and bird watching.
The night vision segment is anticipated to grow at the fastest pace in the global binoculars market during the projected timeframe.
On the basis of product, the global binoculars market is divided into image stabilization binoculars, night vision binoculars, digital/compact binoculars, large binoculars, and others. Among these, the night vision segment is anticipated to grow at the fastest pace in the global binoculars market during the projected timeframe. Armies and military forces around the world are in such high demand for night vision binoculars for security and defense purposes.
The surveillance segment is predicted to grow at the highest pace in the global binoculars market during the estimated period.
On the basis of application, the global binoculars market is divided into surveillance, marine binoculars, astronomy binoculars, sports viewing binoculars, hunting binoculars, travel binoculars, theater & concerts, bird watching, and others. Among these, the surveillance segment is predicted to grow at the highest pace in the global binoculars market during the estimated period. The increasing security issues that countries are dealing with as a result of surveillance are geopolitical disputes, terrorism, and criminal activities.
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North America is Expected to hold the largest share of the global binoculars market over the forecast period.
North America is expected to hold the largest share of the global binoculars market over the forecast period. The growing number of visitors to national parks in the US and Canada, along with the growing popularity of outdoor pursuits like cycling, camping, and animal observation, will help the regional market grow. The presence of exotic and wild animals in many parts of this region, growing military spending, and increased tourism as a result of sporting events are the main drivers of the binoculars market.
Asia Pacific is predicted to grow at the fastest pace in the global binoculars market during the projected timeframe. Product sales in Asia Pacific are expected to rise in the next years due to growing consumer disposable income and interest in entertainment venues like theaters, sporting events, and concerts. The growing use of the product by the troops and armies of China, Japan, and India will also drive the growth of the regional market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Binoculars Market are Vista Outdoor, Nikon Corporation, ZEISS International, SWAROVSKI OPTIK, FUJIFILM Corporation, Olympus Corporation, Celestron LLC, Opticron, Beretta Holding S.A., Leupold, Alpen Optics, Leica Camera AG, Kowa Company, Ltd, Kenko Tokina Co., Ltd. Other Key Vendors.
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Recent Developments
- In June 2023, Japanese camera accessory maker Kenko Tokina Co., Ltd. announced the launch of its Kenko SG EX series of binoculars, which includes six versions, for worldwide distribution. These binoculars are ideal for travel, sporting activities, and cultural events. They include an easy-to-grip design, excellent magnification, and water resistance.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global binoculars market based on the below-mentioned segments:
Global Binoculars Market, By Type
- Roof Prism Binoculars
- Porro Prism Binoculars
Global Binoculars Market, By Product
- Image Stabilization Binoculars
- Night Vision Binoculars
- Digital/Compact Binoculars
- Large Binoculars
- Others
Global Binoculars Market, By Application
- Marine Binoculars
- Astronomy Binoculars
- Sports Viewing Binoculars
- Hunting Binoculars
- Travel Binoculars
- Theatre & Concerts
- Bird Watching
- Surveillance
- Others
Global Binoculars Market, Regional Analysis
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
-
- US
- Canada
- Mexico
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