May 16, 2019 by Steve Blade
Optics play an integral role in sporting events with numerous sports requiring the use of optical devices to assess the range of their target, take aim, collect information, and enhance the viewing experience. Telescopes, rangefinders, binoculars, and riflescopes are some of the devices that fall under the category of sports optics.
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Increasing usage of these devices in an assortment of products coupled with technological innovations in the Sports Optics Market is expected contribute significantly to market proliferation with estimates suggesting a generation of US$ 2 billion in 2019 with the market poised to be valued at approximately US$ 2.3 billion by 2024.
Manufacturers Continue to Integrate Image Enhancement Technologies into Sports Optics
Sharper, clearer, and stable images for collecting vital performance data is a crucial aspect of numerous sports. Banking on the burgeoning consumer demand for products which capture high-resolution images, manufacturers in the sports optics market are increasingly enabling the integration of the devices with other technologies in order to extract vital information from them. With the availability of stronger computing abilities at affordable rates, some manufacturers are integrating AI capabilities into devices in order to leverage machine learning algorithms for generating clear images. Artificial neural networks for reducing motion blur, image noise, and enhancing low light pictures are expected to aid manufacturers in the sports optics market for developing devices which could effectively exceed consumer expectations. The factor is likely to open new lucrative opportunities for companies in the sports optics market.
Innovation in Lens Designing Intensifying in Sports Optics Market
Evolving consumer expectations and increasing demand for customized lens development specific for use in a particular sport is likely to bolster innovations in the sports optics market. Manufacturers are banking on leveraging the trend by introducing unique lens designs. Additionally, companies in the sports optics market are changing lens design to accommodate for a better design, look, and feel of their products to lure in new consumers. Manufacturers are also increasingly focusing on optimizing the lens design to make the devices portable, compact, and lightweight while delivering enhanced viewing experience, features which a burgeoning number of consumers are seeking in these devices.
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Accentuating competition in the sports optics market is prompting manufacturers to introduce affordable and cost-effective products. In order to substantially reduce transportation and logistical pressure for distribution of their products, manufacturers in the sports optics market are leveraging the extensive e-commerce networks to tap into the vast consumer base. With internet services gaining penetration, e-commerce platforms are seeing a substantial increase in consumer acceptance around the world. The cost-effectiveness coupled with aggressive marketing techniques is expected to make e-commerce platforms a vital source of revenue generation for manufacturers in the sports optics market.
Optical Tracking to Gain Significance in Sports Optics Market
Optical tracking of players and other components in sporting events is gradually gaining traction. The increasing use of technology for the deliverance of key results during the events is likely to bolster widespread adoption of optical devices in sporting events. A recent development complementing the burgeoning demand for optical devices in sports was the use of two cameras dedicated to tracking players during the FIFA World Cup 2018. The factor is estimated to pave the way to lucrative opportunities for players operating in the sports optics market.
Bolstering In-House Entertainment Market to Stifle Growth
Live viewing of sporting events accounts for a significant share of the sports optics market with consumers opting for binoculars and telescopes for sporting events such as horse races, golf, and snow sports. Growing technological headways are complementing the development of sophisticated in-house entertainment systems such as home theatres, virtual reality, and augmented reality systems which, in turn, are expected to restrain viewers from visiting live sporting events. The factor is estimated to dampen sports optics market proliferation in the foreseeable future.
Sports Optics Market – Competitive Landscape
In order to leverage the pervasive trend of growing consumer inclination towards discounted products, Carl Zeiss, a leading player in the sports optics market, announced flat discounts on its riflescopes in December 2018 offering concessions ranging from $100 to $300 on a variety of riflescopes models.
With promotional activities central to the sports optics market, Bushnell announced it will be officially sponsoring the Precision Rifle Series (PRS) which is the governing body that hosts over 40 shooting competitions in France, Australia, USA, Norway, and Spain.
Continuing with the integration of technology with optical sports devices, NexOptic announced the launch of BladeOptics technology which combines mechanics, lens design, and technology to produce high-performance and sophisticated sports optic devices.
Other leading players operating in the sports optics market include Celestron, Leica Camera, ATN, Swarovski Optik, Leupold & Stevens, Trijicon, and Nikon.
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