Market Overview
Market Research Future (MRFR) deems it likely that the digital binoculars market 2020 can advance to a size of USD 1,067.22 million by the year 2024. It is also expected that the market can procure a CAGR of 5.66% between 2018 and 2024 (evaluation period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been carefully studied, following which the report outlines the key developments post the coronavirus disease outbreak.
Primary Boosters and Main Restraints
The COVID-19 pandemic has reshaped almost everything, worldwide economies to product pricing, stock availability as well as categories, and even consumer behavior. MRFR is closely tracking various industries post SARS-CoV-2, and concludes that the employment services, transportation, leisure and hospitality and travel arrangements sectors are likely to be hit the hardest, following the lockdowns imposed by governments. However, the semiconductor industry, and in turn the electronic binoculars market, will note sustained growth despite the COVID-19 impact and can emerge comparatively unscathed.
With the aim to mitigate the negative effects of the COVID-19 outbreak, governments are proactively taking faster decisive actions. Furthermore, market players are also doing everything in their capacity to curb revenue losses. The future seems promising for digital binoculars, as more and more sports enthusiasts are now into the latest technologies that make their sports experience more immersive. It is not wrong to assume that the novel coronavirus has been opportune for the market, since the application scope of digital binoculars has escalated in the security and defense sector to warrant public safety post lockdown, and facilitate worldwide efforts to track people’s mobility amidst social distancing rules.
With the surge in disposable income of people, especially in emerging regions, and the consequent rise in expenditure on luxury products has led to higher demand for digital binoculars. Consumers are now more willing to spend on their hobbies and in turn, expend significantly on products that encourages those hobbies, such as bird watching and sports. These activities have gained widespread traction on a global platform, leading to higher demand for devices like digital binoculars that assist hobbyists in indulging in recreational activities.
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Market Segmentation
The Digital Binoculars Industry can be considered for magnification, stabilization, technology, and application.
The magnification ranges covered in the research include less than 6x, 6x–8x, and 8x and above. Digital binoculars that fall under the magnification range of 6x–8x can gain the highest impetus in the coming years, given their rising applications in diverse sectors that need enhanced steady viewing proficiency. Apart from this, it is also expected that the segment can acquire the fastest CAGR over the appraisal period.
The segments on the basis of stabilization are image stabilized as well as standard. In 2018, the lead belonged to the standard segment; however, it is the image stabilized segment that can gain at the highest rate in the following years. The latter’s fast gaining rate is the result of its ability to provide better stability in varying conditions along with higher battery life as well as power efficiency.
The primary technologies included in the study are night vision, thermal, digital storage, laser rangefinder, and more. The market for night vision technology can record the fastest growth rate in the next few years, on account of the increasing uptake in the paramilitary and military sector for surveillance applications. On the other hand, over the forecast period, the market for laser rangefinder technology can procure the top spot in the global market.
The application areas of digital binoculars are hunting and shooting, astronomy, military, sports, and others. It is presumed that the demand for digital binoculars can be the highest in the military sector, because of the growing need for technologically superior products. The military and security sectors in developed as well as developing countries are spending considerably on upgradation as well as refurbishment of their stock, which also leads to market advancement.
Regional Insight
North America, Asia Pacific/APAC, Europe, and the rest of the world/RoW are the main markets for digital binoculars.
The APAC market can post the fastest growth rate in the following years, as a result of the surge in the disposable income of people in India and China along with the ever-expanding urban population gaining interest in luxurious activities. Such trends are influencing the lifestyle of the citizens in the region, resulting in higher spending on gadgets and products that facilitate outdoor activities like bird watching. The boost in military spending and the increasing use of advanced equipment also promotes the expansion of the digital binoculars market.
From 2018 to 2024, MRFR projects that North America can achieve highest impetus in the global market for digital binoculars. The region has a huge number of end-users that are widely aware of the benefits and features of digital binoculars, which translates into market growth. Also, the sound financial status of the industry players enables them to expend more on the latest technologies, which is another plus point for the regional market. Massive military spending, particularly in Canada and the US, and the increasing consumption of night vision binoculars in military equipment have led to a boom in the sales.
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Prominent Competitors
Prominent competitors operating in the market for digital binoculars include Nikon Corporation (Japan), FLIR Systems, Inc. (US), NexOptic Technology Corp. (Canada), Beretta Holding S.p.A. (Steiner) (Italy), Barska (US), Bushnell Corporation (US), SGODDE (US), X-Stand Treestands (US), Ricoh Imaging Americas Corporation (US), GordVE (US), Vivitar Corporation (US), Canon Inc. (Japan), EONCORE (US), American Technologies Network Corporation (US), to name a few.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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