The sports optic market is projected to be valued at USD 1.8 billion in 2019 and is expected to reach USD 2.1 billion by 2024, at a CAGR of 2.71% from 2019 to 2024. Major growth drivers are enhanced fan engagement/experience and superior performance specifications such as clarity, sharpness, portability, and magnification. Key players in the sports optic market are Nikon (Japan), Carl Zeiss (Germany), Leupold & Stevens (US), Bushnell (US), Trijicon (US), Celestron (US), Burris (US), Leica Camera (Germany), Swarovski Optik (Austria), and ATN (US). Product launches and developments, and partnerships and acquisition were the key strategies adopted by players to grow in the sports optic market from 2016 to 2024.
Top 2 players in the sports optic market:
Nikon has been at the top position because of its existing market share in sports optic market and high financial power. Nikon is involved in optics and imaging products. Nikon offers products such as cameras, camera lenses, microscopes, binoculars, and measurement instruments. Nikon has operations in various regions across the world, including the Americas, Europe, Asia, Oceania, the Middle East, and Africa. Nikon, being one of the leaders in the sports optic market, possesses an upper hand pertaining to technology and innovation, and hence, it focuses on evaluating ways to improve its existing product portfolio. The companys focus on enhancing R&D capabilities to serve the local market strengthens its global market position. It has R&D centers in many countries, which allow it to serve customers with innovative solutions and products. Its established R&D departments have also helped it to meet the requirements of global customers.
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Carl Zeiss was one ranked 2nd in the global sports optic market in 2018. Carl Zeiss is owned by Carl-Zeiss-Stiftung, (the Carl Zeiss Foundation). The ZEISS Group is managed by Carl Zeiss. The business operation of the company is mainly in the optics and optoelectronics industries. Carl Zeiss concentrates on the concept of the overall integration to optimize its value chain. This idea has uniquely aligned its businesses internally, along with customers and suppliers. The product launch and deployment strategies are likely to help the company retain its leading position in the sports optic market. In September 2017, ZEISS launched two new spotting scope models: ZEISS Harpia 22-65x85 and ZEISS Harpia 23-70x95.
Sports Optic Market by Products (Telescopes, Binoculars, Rangefinders, And Riflescopes), Games (Shooting Sports, Golf, Water Sports, Wheel Sports, Snow Sports, Horse Racing), and Geography (North America, Europe, Apac, Row) - Global Forecast to 2024
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