The sports optic market is projected to be valued at USD 1.8 billion in 2019 and is expected to reach USD 2.1 billion by 2024, at a CAGR of 2.71% from 2019 to 2024. A major growth driver is enhanced fan engagement/experience. Further, superior performance specifications such as clarity, sharpness, portability, and magnification are also driving the sports optic market. Moreover, increasing games using sports optic, and emerging application in sports technology are expected to fuel the growth of the market in the coming years. Competition from in-house entertainment systems are acting as a major challenge for the growth of the sports optic market.
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Currently, telescopes hold less share in the sports optics market, as they are used in limited sports categories such as water sports and snow sports. However, with increasing water and snow sports activities across the globe, demand for telescopes will also increase. Further, in the coming years, the penetration of handheld telescopes will boost the demand for telescopes in other sports categories. Demand for sports optic is growing at a fast rate because of increasing participation for water sports across all age groups and outdoor recreational activities is expected to drive the sports optic market for water sports.
The sports optic market in APAC is expected to grow at a faster rate during the forecast period. Currently, APAC holds a less share of the sport optic market; the low demand is owing to the lack of spending capability in most technologically advanced countries in the region. However, in coming years with increasing number of stadiums and upcoming sport events, such as Asian Winter Games (2017), Summer Olympic Games (2018), and World Masters Games (2021), the market for sports optics is also expected to expand.