LONDON--(BUSINESS WIRE)--The global binoculars market is expected to post a CAGR of more than 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Factors such as urbanization, hectic lifestyles, and rising health consciousness have led to the growth of adventure tourism. In addition, the increasing consumer interest to explore nature and participate in outdoor adventure travel have significantly contributed to the demand for binoculars. Market players are introducing advanced features such as phase-corrected prism, waterproof, fog-proof, and rugged armor to make their products durable for outdoor activities such as hunting, camping, and wildlife safari. The rise in the popularity of outdoor recreational activities is one of the key factors driving the growth of the global binoculars market.
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As per Technavio, the increased demand for multifunctional binoculars will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Binoculars Market: Increased Demand for Multifunctional Binoculars
The growing consumer demand for multifunctional products is encouraging vendors to develop innovative models in terms of functionality, convenience, and quality. Many vendors are introducing multi-functional binoculars that feature an integrated LCD display that provides information about GPS coordinates, elevation, and compass direction, to help in calculating the distance and size of objects. Vendors are introducing binoculars featuring a full HD camera, E-compass, gyroscope, and Wi-Fi connectivity to enable consumers to readily connect the binocular to smartphones and tablets. The development of such multifunctional binoculars is expected to boost the growth of the market during the forecast period.
“Growing tourism industry and rising popularity of bird watching as a citizen science will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Binoculars Market: Segmentation Analysis
This market report segments the global binoculars market by application (military, wildlife observation and hunting, astronomy, and others), type (Roof prism binoculars, Porro prism binoculars and Galilean binoculars), and geography (Americas, APAC, and EMEA).
The Americas region led the market in 2018, followed by APAC and EMEA respectively. During the forecast period, the Americas region is expected to maintain its dominance over the market. This is due to several factors such as increasing investments in the military sector, the growing tourism industry, and the presence of wild and exotic animals in numerous parts of this region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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