The Global Binoculars Market Size was Worth USD 1.12 Billion in 2022 and is Estimated to Grow to USD 1.32 Billion by 2030, with a CAGR of Approximately 2.1 % Over the Forecast Period From 2023 To 2030.
Binoculars Market Overview
The device that gives viewers telescopic vision so they can see distant objects is a pair of binoculars. The need for binoculars is growing due to increased astronomy studies and innovation. Additionally, as disposable income rises, more people buy the products utilized in tourism, adventure, and wildlife observation. The industry participants have been introducing new, enhanced, and even personalized items to preserve their market share and grow their operations. Manufacturers should focus on expanding their product line and making it accessible to a wide spectrum of consumers, not just launching products in one category. Daytime binoculars are first introduced for distant vision, and the portions that require night vision binoculars are next conquered. Market diversification promotes options for both consumers and market participants. This opens the door to specializing in specific categories and creates a monopoly over the product’s uniqueness. Market expansion is constrained by increased competition, which makes it difficult to earn the most money. Improvements and innovations stimulate the market since they add value to the product.
COVID-19 Impact
The COVID-19 scenario’s announced lockdowns and government travel restrictions have slowed down global research and development (R&D) in binoculars technology. COVID-19 has made it harder to find parts for binocular systems. In addition, due to increased investment in these countries’ photographic industries, various market organizations have started concentrating on emerging markets like India. According to a 2019 study from UNCTAD, developed nations like the United States and the United Kingdom are responsible for 91 percent of global exports of goods that can be digitally altered. In contrast, developing nations have higher tariff regimes. According to the market analysis, countries like Brazil and Argentina are losing even more money from tariffs due to customs fees.
Market Drivers
Due to rising consumer spending on luxury goods, consumers are purchasing more high-end products like binoculars. The key factor driving market expansion is the expanding consumer electronics market, which is also being fueled by rising luxury expenditure on things like binoculars. During the forecast period, it is anticipated that rising outdoor activity trends, rising consumer demand for high-quality images, rising adoption of digital cameras, and rising demand for binoculars for uses, including hiking, fishing, shooting, sports, and international travel, have increased binoculars.
Restraints
The reliability of binoculars in commercial applications restricts the market growth. The market’s growth is also constrained by an increase in rivalry, making it difficult to earn the most money. Additionally, one of the issues impeding the expansion of the binoculars market is the rise in the use of alternative items.
Segmentation
The global binoculars market has been segmented into types, applications, and industry verticals.
- Based on type, the roof prism, porro prism, night vision binoculars, and marine binoculars are segments of the global binoculars market. In general, Porro prism binoculars produce sharper images and experience less light loss, the roof prism segment for these facilities accounted for a sizeable market share. However, although roof prism pairs can undoubtedly have a comparable optic, the more expensive roof prisms are a better choice for a high-quality pair of binoculars because of their compact construction and complicated prisms; the porro prism category is expected to increase significantly over the projected period.
- Based on application, the global binoculars market is segmented into astronomy, wildlife observation, military & defense, hunting, hiking, nature observation, and others based on application type. The clinical workflow & electronic health records are anticipated to have the highest share in this market. Military binoculars are a valuable tool for tracking enemy movements. They give warriors the ability to find far-off objects. They employ image stabilization technology to see through thick dust, fog, and distant objects. The global market for binoculars will be driven by rising defense spending because these items are essential pieces of kit for armed personnel. Wildlife observation was the fastest-growing segment due to an increase in wide-life photography.
Binoculars Market Regional Landscape
- In 2022, the Asia Pacific dominated the market. One significant reason that is predicted to propel the sales of binoculars in the Asia Pacific is China’s rising demand for roof prism binoculars. These binoculars have cutting-edge eyepieces that are positioned parallel to the objective lens. The binoculars are made narrow and compact by this feature. The market is expected to grow as roof prism binoculars become increasingly popular in China for leisure pursuits like birdwatching and animal observation. This nation’s high disposable income and quick urbanization are expected to benefit the expansion of the Asia Pacific market. Another important aspect anticipated to contribute to the expansion is the admission of numerous manufacturers into China, sparked by the availability of labor and raw materials at relatively low costs; Asia Pacific dominates the binocular market.
Binoculars Market Competitive Landscape
Some of the main competitors dominating the global binoculars market include– Swarovski, Celestron, Krevia, Steiner Binoculars, Canon, Carl Zeiss Binoculars, Nikon, Hawke, Bushnell, and Pentax Vortex.
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, 2017 – 2030)
- Roof Prism
- Porro Prism
- Night Vision Binoculars
- Marine Binoculars
Binoculars Market by Application Outlook (Revenue, USD Million, 2017 – 2030)
- Astronomy
- Wildlife Observation
- Military & Defense
- Hunting, Hiking, Nature Observation
- Others
Binoculars Market by Industry Vertical Outlook (Revenue, USD Million, 2017 – 2030)
- Astronomical Equipment
- Tourism & Adventure Accessories
- Defense Equipment
- Others
Binoculars Market by Region Outlook (Revenue, USD Million, 2017 – 2030)
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Rest of Southeast Asia
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
| Binoculars Market Report Scope |
| Report Attribute | Details |
| Market Size Value in 2022 | USD 1.12 billion |
| Revenue Forecast in 2030 | USD 1.32 billion |
| Growth Rate | CAGR of 2.1 % from 2023 to 2030 |
| Base Year for Estimation | 2022 |
| Historical Data | 2017 – 2022 |
| Forecast Years | 2023 – 2030 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2030 |
| 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. |
Table of Content
Binoculars Market Size, Share, Growth, and Forecast Report
Chapter 1. Introduction
1.1. Report Description
1.1.1. Aim of the Report
1.1.2. Prospective Audience
1.1.3. Unique Selling Prepositions and Key Takeaways from the Report
1.2. Scope of the Research Study
1.3. Approach/Research Methodology
1.3.1. Secondary Research
1.3.2. Primary Research
1.3.3. Expert Panel Review
1.3.4. Market Data Breakdown and Data Triangulation
1.3.5. Research Approach for Market Size Estimation
1.3.5.1. Top-Down Approach
1.3.5.2. Bottom-Up Approach
1.3.6. Key Assumptions
1.4. Market Segmentation
1.4.1. Type
1.4.2. Application
1.4.3. Industry Vertical
Chapter 2. Binoculars Market Overview
2.1. Introduction
2.2. Analysis by Type, 2017-2030 (US$ Billion)
2.3. Analysis by Application, 2017-2030 (US$ Billion)
2.4. Analysis by Industry Vertical, 2017-2030 (US$ Billion)
2.5. Market Analysis by Region, 2017-2030 (US$ Billion)
Chapter 3. Binoculars Market Dynamics
3.1. Introduction
3.2. Growth Drivers
3.3. Growth Restraints
3.4. Growth Opportunities
3.5. Porter’s Five Forces Analysis
3.5.1. Threat of New Entrants
3.5.2. Bargaining Power of Buyers/Consumers
3.5.3. Bargaining Power of Suppliers
3.5.4. Threat of Substitute Types
3.5.5. Intensity of Competitive Rivalry
3.6. Attractiveness Analysis
3.6.1. Type
3.6.2. Application
3.6.3. Industry Vertical
3.6.4. Region
3.7. Value Chain Analysis
Chapter 4. Binoculars Market Competition Analysis
4.1. Binoculars Market Share Analysis by Company, 2019 – 2021
4.1.1. Top 3 Players, 2019 – 2021
4.1.2. Top 6 Players, 2019 – 2021
4.2. Strategic Initiatives
4.2.1. New Products Launch
4.2.2. Mergers/Acquisitions
4.2.3. Agreement and Collaborations
4.2.4. Partnerships, Joint Ventures, Expansion, and Distribution
Chapter 5. Global Binoculars Market Analysis by Type, Industry Vertical, and Application, 2017-2030 (US$ Billion)
5.1. Type
5.1.1. Global Binoculars Market Share, by Type, 2021 and 2030
5.1.2. Global Binoculars Market Revenue, by Type, 2017-2030 (US$ Billion)
5.1.3. By Roof Prism Market Analysis 2017-2030 (US$ Billion)
5.1.4. By Porro Prism Market Analysis 2017-2030 (US$ Billion)
5.1.5. By Night Vision Binoculars Market Analysis 2017-2030 (US$ Billion)
5.1.6. By Marine Binoculars Market Analysis 2017-2030 (US$ Billion)
5.2. Application
5.2.1. Market Share, by Application, 2021 and 2030
5.2.2. Market Revenue, by Application, 2017-2030 (US$ Billion)
5.2.3. By Astronomy Market Analysis 2017-2030 (US$ Billion)
5.2.4. By Wildlife Observation Market Analysis 2017-2030 (US$ Billion)
5.2.5. By Military & Defense Market Analysis 2017-2030 (US$ Billion)
5.2.6. By Hunting, Hiking, Nature Observation Market Analysis 2017-2030 (US$ Billion)
5.3. Industry Vertical
5.3.1. Global Binoculars Market Share, by Industry Vertical, 2021 and 2030
5.3.2. Global Binoculars Market Revenue, by Industry Vertical, 2017-2030 (US$ Billion)
5.3.3. By Astronomical Equipment Market Analysis 2017-2030 (US$ Billion)
5.3.4. By Tourism & Adventure Accessories Market Analysis 2017-2030 (US$ Billion)
5.3.5. By Defense Equipment Market Analysis 2017-2030 (US$ Billion)
5.3.6. By Others Industry Vertical Market Analysis 2017-2030 (US$ Billion)
6. Global Binoculars Market Type Analysis by Region, 2017-2030 (US$ Billion)
6.1. Roof Prism Market Analysis 2017-2030 (US$ Billion)
6.1.1. North America
6.1.2. Europe
6.1.3. Asia Pacific
6.1.4. Latin America
6.1.5. Middle East & Africa
6.2. Porro Prism Market Analysis 2017-2030 (US$ Billion)
6.3. Night Vision Binoculars Market Analysis 2017-2030 (US$ Billion)
6.4. Marine Binoculars Market Analysis 2017-2030 (US$ Billion)
Chapter 7. Global Binoculars Market Application Analysis by Region, 2017-2030 (US$ Billion)
7.1. Astronomy Market Analysis 2017-2030 (US$ Billion)
7.1.1. North America
7.1.2. Europe
7.1.3. Asia Pacific
7.1.4. Latin America
7.1.5. Middle East & Africa
7.2. Wildlife Observation Market Analysis 2017-2030 (US$ Billion)
7.3. Military & Defense Market Analysis 2017-2030 (US$ Billion)
7.4. Hunting, Hiking, Nature Observation Market Analysis 2017-2030 (US$ Billion)
Chapter 8. Global Binoculars Market Industry Vertical Analysis by Region, 2017-2030 (US$ Billion)
8.1. Astronomical Equipment Market Analysis 2017-2030 (US$ Billion)
8.1.1. North America
8.1.2. Europe
8.1.3. Asia Pacific
8.1.4. Latin America
8.1.5. Middle East & Africa
8.2. Tourism & Adventure Accessories Market Analysis 2017-2030 (US$ Billion)
8.3. Defense Equipment Market Analysis 2017-2030 (US$ Billion)
8.4. Others Industry Vertical Market Analysis 2017-2030 (US$ Billion)
Chapter 9. Binoculars Market Analysis by Geography, 2017-2030 (US$ Billion)
9.1. North America Binoculars Market Analysis 2017-2030 (US$ Billion)
9.1.1. U.S. Binoculars Market Analysis 2017-2030 (US$ Billion)
9.1.1.1. Type
9.1.1.2. Application
9.1.1.3. Industry Vertical
9.1.2. Canada Binoculars Market Analysis 2017-2030 (US$ Billion)
9.1.3. Mexico Binoculars Market Analysis 2017-2030 (US$ Billion)
9.2. Europe Binoculars Market Analysis 2017-2030 (US$ Billion)
9.2.1. UK Binoculars Market Analysis 2017-2030 (US$ Billion)
9.2.1.1. Type
9.2.1.2. Application
9.2.1.3. Industry Vertical
9.2.2. France Binoculars Market Analysis 2017-2030 (US$ Billion)
9.2.3. Germany Binoculars Market Analysis 2017-2030 (US$ Billion)
9.2.4. Spain Binoculars Market Analysis 2017-2030 (US$ Billion)
9.2.5. Russia Binoculars Market Analysis 2017-2030 (US$ Billion)
9.2.6. Italy Binoculars Market Analysis 2017-2030 (US$ Billion)
9.2.7. Rest of Europe Binoculars Market Analysis 2017-2030 (US$ Billion)
9.3. Asia Pacific Binoculars Market Analysis 2017-2030 (US$ Billion)
9.3.1. China Binoculars Market Analysis 2017-2030 (US$ Billion)
9.3.1.1. Type
9.3.1.2. Application
9.3.1.3. Industry Vertical
9.3.2. Japan Binoculars Market Analysis 2017-2030 (US$ Billion)
9.3.3. South Korea Binoculars Market Analysis 2017-2030 (US$ Billion)
9.3.4. India Binoculars Market Analysis 2017-2030 (US$ Billion)
9.3.5. Australia Binoculars Market Analysis 2017-2030 (US$ Billion)
9.3.6. Southeast Asia Binoculars Market Analysis 2017-2030 (US$ Billion)
9.3.7. Taiwan Binoculars Market Analysis 2017-2030 (US$ Billion)
9.3.8. Rest of Asia Pacific Binoculars Market Analysis 2017-2030 (US$ Billion)
9.4. Latin America Binoculars Market Analysis 2017-2030 (US$ Billion)
9.4.1. Brazil Binoculars Market Analysis 2017-2030 (US$ Billion)
9.4.1.1. Type
9.4.1.2. Application
9.4.1.3. Industry Vertical
9.4.2. Argentina Binoculars Market Analysis 2017-2030 (US$ Billion)
9.4.3. Rest of Latin America Binoculars Market Analysis 2017-2030 (US$ Billion)
9.5. Middle East Binoculars Market Analysis 2017-2030 (US$ Billion)
9.5.1. Israel Binoculars Market Analysis 2017-2030 (US$ Billion)
9.5.1.1. Type
9.5.1.2. Application
9.5.1.3. Industry Vertical
9.5.2. Turkey Binoculars Market Analysis 2017-2030 (US$ Billion)
9.5.3. Saudi Arabia Binoculars Market Analysis 2017-2030 (US$ Billion)
9.5.4. UAE Binoculars Market Analysis 2017-2030 (US$ Billion)
9.5.5. Rest of Middle East Binoculars Market Analysis 2017-2030 (US$ Billion)
9.6. Africa Binoculars Market Analysis 2017-2030 (US$ Billion)
9.6.1. Egypt Binoculars Market Analysis 2017-2030 (US$ Billion)
9.6.1.1. Type
9.6.1.2. Application
9.6.1.3. Industry Vertical
9.6.2. South Africa Binoculars Market Analysis 2017-2030 (US$ Billion)
9.6.3. Rest of Africa Binoculars Market Analysis 2017-2030 (US$ Billion)
Chapter 10. Company Profiles
10.1. Swarovski
10.1.1. Company Overview
10.1.2. Financial Performance
10.1.3. Product Benchmarking
10.1.4. Strategic Initiatives
10.2. Celestron
10.3. Krevia
10.4. Steiner Binoculars
10.5. Canon
10.6. Carl Zeiss Binoculars
10.7. Nikon
10.8. Hawke
10.9. Bushnell and Pentax Vortex
Chapter 11. COVID-19 Impact Analysis
11.1. Global Binoculars Market, 2020 – 2030, Pre-V/S Post COVID 19
11.2. Estimated Impact of The Coronavirus (Covid-19) Epidemic on the Binoculars Market Size In 2022, By Scenario
11.3. Impact on Supply Chain and Production in Binoculars Market
11.4. Impact on Import and Export
Chapter 12. Import-Export Analysis
12.1. North America Binoculars Import-Export, 2017 – 2021
12.2. Europe Binoculars Import-Export, 2017 – 2021
12.3. Asia Pacific Binoculars Import-Export, 2017 – 2021
12.4. Latin America Binoculars Import-Export, 2017 – 2021
12.5. Middle East America Binoculars Import-Export, 2017 – 2021
12.6. Africa Binoculars Import-Export, 2017 – 2021
Chapter 13. Binoculars Marketing Channel Analysis
13.1. Marketing Channel
13.1.1. Direct Marketing
13.1.2. Indirect Marketing
13.1.3. Development Trend
13.2. Market Positioning
Chapter 14. Binoculars Manufacturing Cost Analysis
14.1. Key Raw Materials
14.2. Key Raw Material Suppliers
14.3. Market Concentration Rate
14.4. Manufacturing Cost Structure
14.5. Process Analysis
Chapter 15. Conclusion
Binoculars Market by Type Outlook (Revenue, USD Million, 2017 – 2030)
- Roof Prism
- Porro Prism
- Night Vision Binoculars
- Marine Binoculars
Binoculars Market by Application Outlook (Revenue, USD Million, 2017 – 2030)
- Astronomy
- Wildlife Observation
- Military & Defense
- Hunting, Hiking, Nature Observation
- Others
Binoculars Market by Industry Vertical Outlook (Revenue, USD Million, 2017 – 2030)
- Astronomical Equipment
- Tourism & Adventure Accessories
- Defense Equipment
- Others
