Wilmington, Delaware, United States, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The global market for hunting binoculars was estimated to have acquired US$ 107.1 million in 2022. It is anticipated to advance with a 3.6% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 152.3 million.
Hunting is becoming more popular in Europe, North America, and nations in Africa, such as South Africa. Spending on leisure and outdoor activities has increased in these areas. The increased use of hunting binoculars by nature lovers and wildlife photographers is accelerating market growth.
Binoculars for hunting are used to locate a target from a distance. Hunting is becoming more and more well-liked as a pastime. Global demand for hunting binoculars is being driven by this.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 107.1 Mn | |
| Estimated Value | US$ 152.3 Mn | |
| Growth Rate - CAGR | 3.6% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 170 Pages | |
| Market Segmentation | Type, Maximum Magnification, Objective Lens Diameter, Focus Type, Size, Price, Distribution Channel | |
| Regions Covered | North America,Europe,Asia Pacific,Middle East & Africa,South America | |
| Companies Covered | Burris Company, Inc.,Canon U.S.A., Inc.,Leupold & Stevens, Inc.,Maven Outdoor Equipment Company,Meopta U.S.A., Inc.,Nikon Corporation,Polaris Inc.,Swarovski International Holding AG,Vortex Optics,Zeiss International | |
Key Findings of the Market Report
- The governments of various nations have passed strict hunting regulations to conserve wildlife, which is a significant market restraint during the projection period.
- Hunting binocular producers prioritize creating cutting-edge goods using premium components.
- They provide their consumers with items that are personalized.
- Companies are taking part in mergers and acquisitions to broaden their customer base and improve the exposure of their products.
Market Trends for Hunting Binocular
- Hunting binoculars featuring 8x to 12x magnification have grown in popularity in recent years. Binoculars with the aforementioned magnification offer the right amount of balance and stability. These compact binoculars provide an excellent view of the object. They are being employed for hunting purposes more and more.
- An additional common option among users for long-distance viewing is magnification more than 12x. Those with such magnification are bulkier and heavier, compared to 8x to 12x binoculars.
- It is predicted that the roof prism type segment would have a sizable market share during the projected period.
- The roof prism binoculars are more likely to be preferred by consumers due to their sophisticated features and small form.
- The development of cutting-edge goods built on cutting-edge technologies is the main emphasis of hunting binocular manufacturers. Market growth is being driven by an increase in research and development efforts to examine cutting-edge features in hunting binoculars.
- One of these binoculars' innovative characteristics, high light transmission, contributes to the game's ease and interest. Manufacturers are broadening their product portfolios and appealing to new clients by introducing novel items.
- Manufacturers now have attractive prospects thanks to the growth of e-commerce. Global customer demand for online shopping is increasing, which is boosting the industry.
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Hunting Binocular Market Regional Outlook
Various reasons are propelling the growth of the Hunting Binocular market in different regions. These are:
- In 2022, North America represented a large portion of the global landscape. The region is expected to dominate the global market throughout the forecast period. Europe and Asia Pacific are most likely to follow it, in terms of market revenue.
- According to a market research study on hunting binoculars, hunting is becoming more and more popular in North America. The region's growing market for hunting binoculars is being driven by an increase in demand for effective hunting equipment.
Global Hunting Binocular Market: Key Players
The global industry is extremely fragmented, with several local and international firms present. To grow their market share for hunting binoculars, major companies are implementing a variety of marketing methods, including research and development, new product development, as well as mergers and acquisitions.
The following companies are well-known participants in the global Hunting Binocular market:
- Burris Company, Inc.
- Canon U.S.A., Inc.
- Leupold & Stevens, Inc.
- Maven Outdoor Equipment Company
- Meopta U.S.A., Inc.
- Nikon Corporation
- Polaris Inc.
- Swarovski International Holding AG
- Vortex Optics
- Zeiss International
Developments by the key players in the global market for Hunting Binocular are:
| Market Player | Year | Key Developments |
| Leupold & Stevens, Inc. | 2023 |
|
| Nikon Corporation | 2022 |
|
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Global Hunting Binocular Market Segmentation
- Type
- Porro Prism
- Roof Prism
- Maximum Magnification
- Below 6x
- 6x - 8x
- 8x - 12x
- Above 12x
- Objective Lens Diameter
- Below 40 mm
- 40 mm - 50 mm
- 50 mm - 60 mm
- Above 60 mm
- Focus Type
- Center Focus
- Individual Focus
- Fixed Focus
- Size
- Compact Binocular
- Mid-size Binocular
- Full-size Binocular
- Giant Binocular
- Price
- Low (Below US$ 250)
- Medium (US$ 250 - US$ 500)
- High (Above US$ 500)
- Distribution Channel
- Online
- E-commerce Websites
- Company-owned Websites
- Offline
- Hypermarkets & Supermarkets
- Specialty Stores
- Others
- Online
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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