Various market analysts try to predict what the binoculars market will look like over the next several (usually 5 to 7) years. The data collected below is just a bit dated (no pun intended) as it starts in either 2020 or 2021. The projections are still useful today though.
If you want more current data, you might have to pay for it. You will certainly have to shell out some cash if you want all the nitty gritty details. Analysis companies don’t often hand that level of detail out for free. That’s where they make their “millions”.
So, take this for what it’s worth (pun intended) and use it as you will. It’s free, and you’re welcome to it.
What Does the Binoculars Market Look Like for the Next Several Years?
Globally, the binoculars market is projected to reach $839.8 million (USD) by 2027, according to a Yahoo Finance article.
However, Statista, which must be including a broader range of binoculars products, projects that the global binoculars market will reach $1362.5 million by 2026.
Then again, Market Watch projects $1199.3 million by 2028. This seems to be a little more in line with the Yahoo Finance analysis.
What Is the Project Compound Annual Growth Rate (CAGR) in the Binoculars Market?
Depending on the forecast you look at, the CAGR could be one of the following rates.
- 3.55% for 2021 to 2026
- 3.5% for 2020 to 2027
- 2.0% for 2021 to 2028
In any case, there is expected growth in the binoculars market, with most of that growth – about 40% of it – in the Asia-Pacific (APAC) area.
One source predicts that China alone will grow at 6.4% CAGR from 2020 through 2027. The US comes in at a close second with a 6.3% CAGR for the same period.
Other geographic markets analyzed include Latin America with a 3.8% CAGR, Canada with a 2.6% CAGR, Germany with 1.7%, and Japan with 1.0%.
Who Are Some of the Key Players in the Binoculars Market?
In alphabetical order, here are some of the key players in the binoculars market today. The list below is not intended to be all-inclusive.
- Vortex Optics
Market Segments: Roof Prism vs Porro Prism
In coming years, roof prism binoculars are expected to outperform porro prism binoculars. The roof prism segment is projected to have a 3.7% CAGR, while the porro prism should have a 3.2% CAGR (from 2020 to 2027).
Who Are the Main Users / Customers in the Binoculars Market?
The military segment will contribute most to the growth of the binoculars market. Other market drivers include the rise in popularity of outdoor recreational activities, adventure tourism, and hunting.
There is also an increased demand for multifunctional binoculars. Digital binoculars – those that can take digital pictures of targets – are included in this segment. Such technologies focus (again no pun intended) on convenience, quality, and, of course, functionality of the products.