Wilmington, Delaware, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Binoculars Market by Type (Roof Prism, Night Vision Binoculars, Marine Binoculars, Others), by Application (Astronomical Equipment, Tourism and Adventure Accessories, Wildlife Observation, Others), by Demography (Men, Women, Kids): Global Opportunity Analysis and Industry Forecast, 2024-2035". According to the report, the global binoculars market size was valued at $1.4 billion in 2023, and is projected to reach $2.5 billion by 2035, growing at a CAGR of 5.2% from 2024 to 2035.
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Prime determinants of growth
The market for binoculars is mostly driven by technological developments that result in improvements in optical clarity, thermal imaging, and night vision. Demand for binoculars has surged due to an increase in outdoor recreational activities such as hunting, bird watching, and sporting events. Applications for the military and defense sector, particularly in the areas of surveillance and reconnaissance, also support market expansion. The growing need for binoculars is also fueled by the tourism industry, especially in wildlife reserves and beautiful scenery. Additionally, there is an increasing need for specialist binoculars due to the popularity of astronomical and marine activities. Growth, meanwhile, might be constrained by the expensive prices of upscale features and innovative technologies like smartphone zoom lenses. Potential for more innovation exists due to the growing interest in lightweight and environmentally friendly materials.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2035 |
| Base Year | 2023 |
| Market Size in 2023 | $1.4 billion |
| Market Size in 2035 | $2.5 billion |
| CAGR | 5.2% |
| No. of Pages in Report | 340 |
| Segments Covered | Type, Application, Demography, and Region |
| Drivers |
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| Opportunity |
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| Restraints |
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The roof prism segment to maintain its leadership status throughout the forecast period
By type, the roof prism segment held the highest market share in 2023, accounting for nearly two-fifths of the binoculars market share and is estimated to maintain its leadership status throughout the forecast period. Roof prism designs are well-known in the binoculars market for their small size, lightweight, and strong design. They are well-liked for travel and outdoor activities since they allow for a small profile without sacrificing optical quality. Those looking for a single gadget that combines portability and performance are generally drawn to roof prism binoculars. The marine binoculars segment, however, is exected to showcase the fastest CAGR of 5.9% during the forecast period. Marine binoculars are waterproof and fog-proof instruments made specifically for use in maritime environments. They frequently have high magnification and picture stabilization to improve visibility at sea. The need for marine binoculars in professional maritime activities, recreational boating, and marine navigation drives the market for these products. Major players emphasize optical clarity and durability.
The tourism and adventure accessories segment to maintain its leadership status throughout the forecast period
By application, the tourism and adventure accessories segment held the highest market share in 2023, accounting for one-third of the binoculars market revenue and is estimated to maintain its leadership status throughout the forecast period. In the binoculars market for tourism and adventure accessories, growth is driven by increasing outdoor activities and travel experiences. High-quality optics and durable designs are key, with advancements focusing on compact and versatile models. Key players emphasize enhanced viewing capabilities and ruggedness to meet diverse consumer needs. The astronomical equipment segment, however, is expected to witness the fastest CAGR of 5.6% during the forecast period. Astronomical equipment, found in the binoculars market, comprises binoculars made especially for stargazing and celestial observation. Large objective lenses and high magnification are common features of these powerful binoculars, which improve the sight of far-off celestial objects. Their capacity to offer in-depth views of the night sky makes them well-liked by amateur astronomers.
The men segment to maintain its leadership status throughout the forecast period
By demography, the men segment held the highest market share in 2023, accounting for more than half of the binoculars market revenue and is estimated to maintain its leadership status throughout the forecast period. Men comprise an important part of the binoculars in the market, primarily due to their passion for outdoor pursuits including sports, hunting, and birdwatching. Some models with advanced functions like waterproofing and night vision are preferred over others. Durability and practicality are frequently highlighted in marketing tactics aimed at men. The kids segment, however, showcases the fastest CAGR of 5.5% during the forecast period. The demand for strong, portable, and secure optical equipment for outdoor pursuits is driving growth in the kids' binocular market. The rising popularity of small, user-friendly, colorful, and feature-rich devices is one of the major trends.
North America to maintain its dominance by 2035
By region, North America held the highest market share in terms of revenue in 2023 and is expected to dominate the market during the forecast period. The growing popularity of sports, outdoor activities, and surveillance is propelling the continuous rise of the binoculars market in North America. Product attractiveness is being increased by technological developments like better optics and night vision capabilities. To increase their market share, major companies are concentrating on innovation and expanding their distribution networks. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.8% from 2024-2035. The market for binoculars in Asia-Pacific is expanding because of more outdoor activities, more travel, and innovations in technology. The need for superior optics, compact forms, and night vision capabilities are key trends.
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Leading Market Players: -
- Kenko Tokina Co., Ltd.
- Olympus Corporation
- Carl Zeiss AG
- Swarovski Optik GmbH
- Nikon Corporation
- Canon Inc.
- Kite Optics
- Kowa Co., Ltd.
- German Precision Optics (GPO)
- Leica Camera AG.
The report provides a detailed analysis of these key players in the binoculars market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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