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Market Insights - Industry Research Report
  • Published Date : September 2023
  • Report ID : 5357
  • Pages : 187
  • Industries : Consumer Goods
  • Formats :

Binoculars Market

Binoculars Market Analysis by Type (Roof Prism, Porro Prism, Night Vision Binoculars, Marine Binoculars), By Application (Astronomy, Wildlife Observation, Military & Defense, Hunting, Hiking, Nature Observation, Others), By Industry Vertical (Astronomical Equipment, Tourism & Adventure Accessories, Defense Equipment, Others), and By Region – Global and Regional Industry Overview, Premium Insights, Market Intelligence, Complete Analysis, Historical Data, and Forecasts 2023 – 2032
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Binoculars Market Insights

The Global Binoculars Market Reached A Valuation Of USD 1.14 Billion In 2023, And It Is Expected To Expand To USD 1.38 Billion By 2032, At A Steady Compound Annual Growth Rate (CAGR) Of Approximately 2.1% From 2023 To 2032.

Binoculars Market Overview

Binoculars are optical devices that provide viewers with telescopic vision to observe distant objects. The demand for binoculars is on the rise due to increased interest in astronomy, technological advancements, and the growing disposable income of consumers. Furthermore, as people increasingly engage in tourism, adventure activities, and wildlife observation, the market for binoculars has seen notable growth. Industry players are introducing new, improved, and customizable products to maintain their market share and expand their operations. Manufacturers are focusing on diversifying their product lines to cater to a wide range of consumers rather than launching products in a single category. This diversification opens opportunities for specialization and establishes a monopoly based on product uniqueness. However, heightened competition can limit market expansion. Innovations and technological advancements drive market growth by adding value to the product.

COVID-19 Impact

The COVID-19 pandemic disrupted global research and development (R&D) efforts in binoculars technology due to lockdowns and government travel restrictions. Finding components for binocular systems became more challenging during this period. Moreover, market organizations began focusing on emerging markets like India as they encountered increased tariffs in countries with well-established photographic industries. According to a 2019 study by UNCTAD, developed nations accounted for 91% of global exports of digitally alterable goods. Conversely, developing countries had higher tariff regimes, resulting in significant losses from customs fees, particularly in nations like Brazil and Argentina.

Market Drivers

Several factors are driving the growth of the binoculars market:

  1. Rising Consumer Spending on Luxury Goods: Consumers are increasingly purchasing high-end products like binoculars due to higher disposable incomes.
  2. Expanding Consumer Electronics Market: The market benefits from the growing consumer electronics market, driven by increased luxury spending on items such as binoculars.
  3. Outdoor Activity Trends: The surge in outdoor activities, such as hiking, fishing, shooting, and sports, is boosting demand for high-quality binoculars.
  4. Digital Camera Adoption: Increased adoption of digital cameras is driving the demand for binoculars, particularly for wildlife photography.
Restraints

The reliability of binoculars for commercial applications limits market growth. Additionally, increased competition and the use of alternative products are challenges that hinder market expansion.

Segmentation

The global binoculars market is segmented based on type, application, and industry verticals:

  • Type: Segments include roof prism binoculars, porro prism binoculars, night vision binoculars, and marine binoculars. Porro prism binoculars are gaining market share due to their sharp image quality and minimal light loss.
  • Application: Binoculars find applications in astronomy, wildlife observation, military & defense, hunting, hiking, nature observation, and others. The military & defense segment is driven by rising defense spending, making binoculars essential for armed personnel. Wildlife observation is the fastest-growing segment.
Regional Landscape

In 2022, the Asia Pacific dominated the binoculars market. China’s increasing demand for roof prism binoculars is a significant driver of sales in the region. These binoculars, known for their advanced eyepieces and compact design, are gaining popularity in China for activities like birdwatching and animal observation. High disposable income and rapid urbanization in China are propelling market growth. Moreover, the availability of affordable labor and raw materials is attracting numerous manufacturers to China. These factors contribute to Asia Pacific’s dominance in the binoculars market.

Competitive Landscape

Key players in the global binoculars market include Swarovski, Celestron, Krevia, Steiner Binoculars, Canon, Carl Zeiss Binoculars, Nikon, Hawke, Bushnell, and Pentax Vortex, among others.

Recent Developments

  • December 2022: Leica’s industry-leading Geovid Pro 32 1032 range-finding binoculars have won Outdoor Life’s prestigious “Editor’s Choice” award and “Best Overall” honor in the area of “Best Rangefinders for Hunting in 2022.” Now in their 18th year, the yearly awards are judged by a group of optics professionals, including Andrew McKean, editor of Outdoor Life Hunting and Conservation.
  • May 2021: Sony revealed the ZV-1, a pocket-sized digital camera designed from the ground up with user-friendly features and targeted at video content creators (or vloggers). The ZV-1 is only offered in the United States until June 2020 at a special introductory price of about USD 749.

Global Binoculars Market is segmented as follows:

Binoculars Market by Type Outlook (Revenue, USD Million, 2018 – 2032)

  1. Roof Prism
  2. Porro Prism
  3. Night Vision Binoculars
  4. Marine Binoculars

Binoculars Market by Application Outlook (Revenue, USD Million, 2018 – 2032)

  1. Astronomy
  2. Wildlife Observation
  3. Military & Defense
  4. Hunting, Hiking, Nature Observation
  5. Others

Binoculars Market by Industry Vertical Outlook (Revenue, USD Million, 2018 – 2032)

  1. Astronomical Equipment
  2. Tourism & Adventure Accessories
  3. Defense Equipment
  4. Others

Binoculars Market by Region Outlook (Revenue, USD Million, 2018 – 2032)

North America

    1. The U.S.
    2. Canada
    3. Mexico

Europe

    1. France
    2. The UK
    3. Spain
    4. Germany
    5. Italy
    6. Rest of Europe

Asia Pacific

    1. China
    2. Japan
    3. India
    4. New Zealand
    5. Australia
    6. South Korea
    7. Southeast Asia
    8. Rest of Southeast Asia

The Middle East & Africa

    1. Saudi Arabia
    2. UAE
    3. Egypt
    4. Kuwait
    5. South Africa
    6. Rest of the Middle East & Africa

Latin America

    1. Brazil
    2. Argentina
    3. Rest of Latin America
Binoculars Market Report Scope
Report Attribute Details
Market Size Value in 2022 USD 1.12 billion
Revenue Forecast in 2032 USD 1.38 billion
Growth Rate CAGR of 2.1 % from 2023 to 2032
Base Year for Estimation 2022
Historical Data 2017 – 2022
Forecast Years 2023 – 2032
Quantitative Units Revenue in USD million and CAGR from 2023 to 2032
Report Coverage Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
Segments Covered Product Type, Industry Vertical, Application, and Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country Scope U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
Key Companies Profiled Swarovski, Celestron, Krevia, Steiner Binoculars, Canon, Carl Zeiss Binoculars, Nikon, Hawke, Bushnell, and Pentax Vortex.

Frequently Asked Questions

The main reasons anticipated to propel the binoculars market during the forecast period are raised astronomy research and technological advancement have increased the demand for binoculars.
According to Beyond Market Insights, the global binoculars market size was worth USD 1.12 billion in 2022 and is estimated to grow to USD 1.38 billion by 2032, with a compound annual growth rate (CAGR) of approximately 2.1 % over the forecast period.
Asia Pacific is anticipated to continue leading the binoculars market throughout the projected period. The growing demand for roof prism binoculars in China is one important factor that is anticipated to drive the sales of binoculars solutions in Asia Pacific over the coming years.
Some of the main competitors dominating the global binoculars market include – Swarovski, Celestron, Krevia, Steiner Binoculars, Canon, Carl Zeiss Binoculars, Nikon, Hawke,Bushnell, Pentax Vortex.
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