Sports Optic Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Sports Optic Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Sports Optic Market was valued at USD 1.96 Million in 2022 and is expected to reach USD 2.29 Million by 2027, registering a CAGR of approximately 2.7% during the period (2022-2027). The COVID-19 pandemic is likely to hinder the revenue growth of the market studied, mainly attributed to the slowdown of the sports industry, which is a major driver of the market. Key HighlightsIn order to safeguard the health of sportsmen and athletes, most major sporting events at international, regional, and national levels have been canceled or postponed, from marathons to football tournaments, athletics championships to basketball games, handball to ice hockey, and rugby, among others.The rising number of sports activities, rapid technological development, and increasing youth populations' interests in sports are boosting the sports optic market. The 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 analyze his/her precision before the shooting attempt.With the increasing number of participants in sports such as golf, the companies are expanding their product portfolio by launching products to target the players. For instance, in June 2022, Nikon Vision Co., Ltd launched a PROSTAFF series of binoculars, the PROSTAFF P7 and P3. The PROSTAFF P7 series provides 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 a more ranging experience to the players.The growth of the market can also be largely attributed to enhanced fan engagement/experience. Further, superior performance specifications such as clarity, sharpness, portability, magnification, and size are also driving the sports optic market.Moreover, increasing games using sports optics and emerging applications in sports technology are expected to fuel the market's growth in the coming years. Nikon India has officially announced the availability of its Sports Optics line-up for Indian consumers, which essentially includes binoculars, field scopes, and laser rangefinders. The Sports Optics line-up employs the same lens-making expertise that crafts Nikon's high-end lenses that find use in their DSLR business and in industrial applications such as microscope lenses and telescopes.The COVID-19 pandemic hindered the market's revenue growth, mainly attributed to the slowdown of the sports industry, which has been a significant driver of the market. In order to safeguard the health of sportspeople and athletes, most major sporting events at international, regional, and national levels have been canceled or postponed, from marathons to football tournaments, athletics championships to basketball games, handball to ice hockey, and rugby, among others.Between January 2020 and March 2020, COVID-19 spread to most of the world, with countries imposing international travel bans and region-wide lockdowns to control the spread of the virus. The imposition of such strict measures had an impact on various businesses across the world, including the business of sports. However, in January 2021, 129,000 golfers signed a petition calling for courses to re-open. Because the petition passed 100,000 signatures, it was debated in Parliament. England Golf, the governing body representing the country's amateur players, said that about two million players in England might benefit from a government rethink.Key Market TrendsTelescopes to Drive the Market Growth There are two kinds of primary use for the telescopes: daytime terrestrial, which is majorly used for activities such as sports, bird watching, scenery, and astronomical usage, which includes viewing planets, galaxies, and stars. The terrestrial telescopes for watching sports events are being built much smaller for portability and convenience. These products have lots of light to work with and do not need much magnification compared to large telescopes. The telescopes are majorly being used in sports such as water sports and snow sports. With increasing global water and snow sports events, the demand for telescopes is also expected to witness significant growth. Moreover, during the forecast period, the increasing penetration of portable and handheld telescopes will likely drive the demand for these products in other sports categories. While a wide range of telescopes is offered for professional and normal usage, portable and handheld telescopes have become highly popular. In comparison to other telescopic devices offered in the market, the portable and handheld products are light, compact, and easier to use and are being utilized for a wide range of activities, such as sports events, camping, bird watching, hunting, among others owing to these features. There are multiple types of telescope designs available in the market, including refractor, reflector, Dobsonian, and Cassegrain telescopes. The type of telescope chosen primarily depends on the observing priorities and budget. Some are better suited for astronomy, and others to view land/sea objects. The significant advantages of refractor types include ease of use and maintenance and the high capability of land-based observing. For consumers wanting to utilize these for sports events, a refractor type can be a suitable good choice. In August 2021, Bally's Corporation acquired Telescope Inc., the leading provider of real-time audience engagement solutions for live events, gamified second-screen experiences, and interactive live streams. Telescope's first-in-class products and services amplify the Bally's Interactive, Bally Bet, and Bally Sports brands, enabling viewers and players to have an integrated experience. North America hold the major market share. The demand for sports optics in the region, such as a telescope, rifle scopes, spotting scopes, and binoculars, is significantly high due to one of the highest numbers of hunting activities, archery-based hunting, birding, and other sports enthusiasts' presence. For instance, according to recent data from the US Fish and Wildlife Service, there were 15.2 million hunting license holders in the US alone, and the numbers have increased in the recent outbreak of Covid-19. Michigan observed a hike of 67% in new hunting licenses in 2020 compared to the previous year, a 15% increase in female hunters, and moderate growth in the younger age population. The state also sold about 46% more apprentice licenses, a discounted option allowing new hunters to try the sport. The closing of outdoor activities and sports events has led to the recent spike in demand for hunting and equipment related to the sport. Moreover, birding has also seen a significant increase during the last year; for instance, in 2020, the American Birding Association's podcast went from 5,000 downloads/week in February to about 8,000 in May. Equipment such as binoculars and spotting scopes are used in the sport. Three wildlife agencies, such as the Arizona Game and Fish Department, Utah Division of Wildlife Resources, and Oregon Department of Fish and Wildlife, have recently joined the partnership. At least five sports groups have pledged their support further to encourage the regional hunters' associations. Such measures are additionally expected to increase the demand for sports optics in the regional market in such applications. In January 2021, Leica launched its 60MP full-frame rangefinder packs with a classic retro look. Leica M11 inherits some modern features from its forward-thinking siblings, like the TL-series, including 64GB internal storage. This was the first time an M-series camera included internal storage, which remains a strangely rare feature on modern mirrorless cameras. The benefit is that you can simultaneously store images on both an SD card and the M11's internal storage.Competitive Landscape The sports optic market is competitive. Increasing governments initiative to provide top-notch infrastructure and training to the players of different sports disciplines at various levels is expected to boost the studied market further. Some key vendors are Nikon Corporation, Carl Zeiss AG (ZEISS), Bushnell Corporation, and Trijicon. Product launches, high research and development expenses, partnerships, etc., are the prime growth strategies these companies adopt to sustain the intense competition. January 2021 - Vortex Optics presented updates to their portfolio with their 2021 catalog. New releases include the Fury HD 5000 platform with the Fury HD 5000 AB, with onboard connectivity to the Fury HD App and Applied Ballistics. Users can link with Kestrel or Applied Ballistics Garmin devices for real-time precision. They also released the SPARC SOLAR 2 MOA RED DOT and a series of tripods for varying purposes ranging from snipers to viewing. January 2021 - Fujifilm and the Massachusetts Center for Advanced Biological Innovation and Manufacturing announced they invested USD 76 million in a new manufacturing and innovation center in Watertown, Massachusetts. It is expected to be a 40,000 sq. ft facility featuring eight cleanrooms with configurations for the production of cell and viral vector products. The site will also provide quality control, lab, office, and convening space for academia, industries, and hospitals. Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.