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Increased Demand for Binoculars Globally

January 15, 2019
The Associated Press

LONDON (AP) - The global binoculars market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio.

A key factor driving the growth of the market is the rise in popularity of outdoor recreational activities. Globally, hectic lifestyles raise stress for several people, which led to increased participation in outdoor recreational activities. The growing need to de-stress is leading to increased engagement in leisure and outdoor activities. Globally, the growth of adventure tourism is due to factors such as urbanization, hectic lifestyles, and growing health consciousness, which is contributing to an increase in the demand for binoculars. Vendors are focusing on providing effective binoculars for different outdoor activities such as hunting binoculars. For instance, Diamondback binoculars by Vortex Optics comes with reliable, quality, and high-performance hunting optics. In addition, the phase corrected prism, waterproof and fog proof built, and rugged rubber armor makes it durable for outdoor activities like hunting, camping, and wildlife safari.

This market research report on the global binoculars market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

Article Photos

This market research report segments the global binoculars market by application (military, wildlife observation and hunting, astronomy, others). Image courtesy of Metro Creative

This market research report segments the global binoculars market by application (military, wildlife observation and hunting, astronomy, others) and geographical regions (APAC, EMEA, and the Americas).

The Americas led the market in 2018 with a market share of close to 56%, followed by APAC and EMEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth, followed by the EMEA region.

In this report, Technavio highlights the increased demand for multifunctional binoculars as one of the key emerging trends in the global binoculars market:

Global binoculars market: Increased demand for multifunctional binoculars

Vendors focus on innovating technologies to gain the attention of an increased number of customers and raise the customer base and demand for their products. During the past five years, several vendors had introduced ergonomic designs, which contributed to aesthetic factors and provided the reliable performance of their products. The market for binoculars is gradually synchronizing with the dynamic needs of customers, which encourages vendors to consistently innovate their products. The use of upgraded technology to manufacture and design products is helping vendors introduce innovative concepts that focus on functionality, convenience, and quality. Therefore, the demand for multi-functional products is expected to rise among customers as such products provide increased convenience and enhanced results.

Global binoculars market: Segmentation analysis

This market research report segments the global binoculars market by application (military, wildlife observation and hunting, astronomy, others) and geographical regions (APAC, EMEA, and the Americas).

The Americas led the market in 2018 with a market share of close to 56%, followed by APAC and EMEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth, followed by the EMEA region.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

 
 

 

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