Sports Optic Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The sports optic market is expected to register a CAGR of 3.01%, during the forecast period, 2021-2026. The rising number of sports activities, rapid technological development, and increasing youth populations’ interests towards sports is boosting the sports optic market is growing.
- According to USA High School Clay Target League, the number of participants in the USA High School Clay Target League in the United States increased from 707 in 2011 to 21,917 in 2018. Adoption of AI and IoT in the shooting mechanism is expected to provide lucrative growth opportunities to the sports optic market because it helps the shooter to analyze his precision prior to the shooting attempt.
- Moreover, according to the National Golf Foundation, the number of participants in golf increased from 23.8 million in 2017to 24.2 million in 2018. With the increasing participants in sports such as golf, the companies are expanding their product portfolio by launching products to target the players.
- For instance, in March 2019 Nikon Vision Co., Ltd launched a laser Rangefinder, i.e.the COOLSHOT 20. The measurement range is from 5 to 730m (6 to 800 yd.). It is being used in effective when golfing for measuring the distance to a flagstick on a green with woods in the background.
- However, the high cost of the sports optic product coupled with the high cost of maintenance are a few factors which restrain the market to grow during the forecast period.
Key Market Trends
Shooting Sports to Drive the Market Growth
- There are various shooting activities such as hunting, target shooting, and field shooting, among others which is seeing an increase in participation globally. These sports are promoted in different sports events such as the Olympics etc.
- Moreover, organizations such as USA Shooting, United States Practical Shooting Association, China Practical Shooting Association, and British Association for Shooting and Conservation (BASC), among others, are continuously promoting the shooting sports.
- For instance, in January 2019, USA Shooting partnered with Burris Optics to provide sports optics to America’s Shooting Team. The USA Shooting Team have a clear 2020 vision of maintaining a tradition of excellence and educating the general public about opportunities in competitive shooting sports and this partnership would help the USA Shooting to achieve the goal. Such initiatives have a positive outlook on the market globally.
- Additionally, according to the Outdoor Foundation, in 2017, the number of participants in target shooting amounted to approximately 30.46 million in the United States. This was an increase from 27.46 million in 2014. Moreover, the United Kingdom is a country with varied shooting sport from the game and rough shooting, through wildfowling and clay pigeon shooting to a rifle and target shooting disciplines. All these shooting sports create an ample opportunity for the sports optics market.
Asia- Pacific to Witness Fastest Growth
- Asia-Pacific is expected to witness the fastest growth owing to the increase in participation in sports such as golf, water sports or shooting games. Further, with the government in initiatives such as 'Khelo India' which revive the sports culture in India at the grass-root level which was launched in February 2019. This program focuses on 16 disciplines such as shooting, archery, swimming etc.
- Similarly, in August 2018, Australia launched its Sport 2030 vision and this vision aims to strengthen Australia’s sports industry. This program aims to support athletes for high performance in Olympic, Paralympic, Commonwealth Games and non-Olympic sports objectives. This also aims to provide top-notch infrastructure and training to the players/team of different sports which would also include shooting, golf etc amongst others. Therefore, in return, it is expected that it will augment the sports optic market.
- Further, Japan is going to host Olympics 2020 and sports such as archery, golf and sailing among others would be the part of the events. Thus, it is expected that it will have a positive outlook on the sports optics market industry.
The sports optic market is competitive in nature. Increasing governments initiative to provide top-notch infrastructure and training to the players' of different sports disciplines at various levels is expected to further boost the studied market. Some of the key vendors are Nikon Corporation, Carl Zeiss AG (ZEISS), Bushnell Corporation and Trijicon among others. Product launches, high expense on research and development, and partnerships etc. are the prime growth strategies adopted by these companies to sustain the intense competition. Some of the recent developments are:
- April 2019 - Trijicon launched a specialized reflex optic which is a red dot style sight specifically designed for pistols and optimized for target and competition shooting. With a large clear lens and an unobstructed field of view, it quick, simple dot acquisition for effortless dot tracking during recoil. This allows the shooter to keep the focus on the target, which significantly increases shooting speed and accuracy.
- March 2019 - Nikon Vision Co., Ltd launched new portable Laser Rangefinder, the PROSTAFF 1000. This gives the ability to select either First Target or Distant Target Priority when ranging an object or target in front of or behind another object which provides more ranging experience to the players.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
- 1 INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
- 2 RESEARCH METHODOLOGY
- 3 EXECUTIVE SUMMARY
- 4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Introduction to Market Drivers and Restraints
- 4.3 Market Drivers
- 4.3.1 Increased Performance Specifications Such as Clarity, Sharpness, and Magnification
- 4.3.2 Enhanced Fan Experience
- 4.4 Market Restraints
- 4.4.1 High Cost of Sports Optic Products
- 4.5 Industry Value Chain Chain Analysis
- 4.6 Industry Attractiveness - Porter's Five Force Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargaining Power of Buyers/Consumers
- 4.6.3 Bargaining Power of Suppliers
- 4.6.4 Threat of Substitute Products
- 4.6.5 Intensity of Competitive Rivalry
- 5 MARKET SEGMENTATION
- 5.1 By Product Type
- 5.1.1 Telescopes
- 5.1.2 Binoculars
- 5.1.3 Rifle Scopes
- 5.1.4 Rangefinders
- 5.1.5 Spotting Scopes
- 5.1.6 Other Product Types
- 5.2 Geography
- 5.2.1 North America
- 5.2.2 Europe
- 5.2.3 Asia-Pacific
- 5.2.4 Rest of World
- 6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Nikon Corporation
- 6.1.2 Carl Zeiss AG
- 6.1.3 Bushnell Corporation
- 6.1.4 Trijicon
- 6.1.5 Swarovski Optik
- 6.1.6 Celestron, LLC
- 6.1.7 Burris Optics
- 6.1.8 American Technologies Network Corporation
- 6.1.9 Vortex Optics
- 6.1.10 Leica Camera AG
- 6.1.11 Karl Kaps GmbH & Co. KG
- 6.1.12 Fujifilm Holdings Corporation
- 7 INVESTMENT ANALYSIS
- 8 MARKET OPPORTUNITIES AND FUTURE TRENDS