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.
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Technavio predicts the global binoculars market to post a CAGR of over 5% by 2023. (Photo: Business Wire)
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.
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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.
“The emerging e-commerce industry, especially in developing countries such as Brazil, China, and India will help the global binoculars market to grow at a significant rate during the forecast period. Revenue generated by the global online binoculars market is growing gradually. Online sales of binoculars are expected to grow significantly and have a positive impact on the global binoculars market by the end of the forecast period.” says a senior analyst at Technavio for research on general retail goods and services.
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.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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