NEW YORK, Nov. 27, 2023 /PRNewswire/ — The spotting scope market is expected to grow by USD 227.53 million from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 4.86% during the forecast period. The market is segmented by end-user (civil, defense, and law enforcement), type (straight body spotting scope and angled body spotting scope), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The rising interest in outdoor activities is a key factor driving market growth. The fastest-growing outdoor activities in the world are bird watching and wildlife observation. Many people have become fascinated with nature and are searching for high-quality cameras, like spot scopes, to improve their experience. Furthermore, outdoor activities and nature-based tourism are supported by the growing travel and tourism industry, including an emerging ecotourism sector.
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Key Highlights:
- The report recognizes the following as some of the key players in the spotting scope market: Athlon Optics, Barride Optics Co. Ltd., Bresser GmbH, Carl Zeiss Stiftung, Celestron Acquisition LLC, Enjo Sports Inc., Foreseen Optics Instrument Co. Ltd., Hawke Optics Ltd., Konus italia Group S.p.a., Kowa Co. Ltd., Leica Camera AG, Leupold and Stevens Inc., Meopta Optica S.R.O, Nikon Corp., Ricoh Co. Ltd., Swarovski AG, Vanguard World LLC, Vista Outdoor Inc., Vortex Optics, and Wetzlar Network
- Spotting Scope Market is fragmented in nature.
- Market to observe 4.42% YOY growth in 2024.
Market Dynamics:
Major Trend
- Increased demand for a multifunctional spotting scope is a major trend in the market.
- To increase awareness and attract more clients, market participants are focused on innovative technologies to raise the customer base and demand for their products.
- Furthermore, market players are assisting in introducing innovative concepts that focus on functionalities, convenience, and quality by using upgraded technologies for the production and design of products.
Significant Challenge
- The presence of counterfeit spotting scopes is a significant challenge restricting market growth.
- The presence of counterfeit products can lead to market confusion, and it is difficult for consumers to distinguish between real and fake spotting scopes.
- Customers who purchase counterfeit products may have negative experiences and associate these experiences with real brands.
- In addition, there can be risks to the supply chain if counterfeit products appear on the market.
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Keg Segments:
- The civil segment will account for a major share of the market’s growth during the forecast period. Over the last few years, the use of spotting scopes has increased, from being used only to detect areas such as filming. Since camera lenses are so expensive, hobbyist photographers have begun to accept the use of comparatively cheaper spotting scopes using a combination adapter for DSLR or phone cameras because they can be used at much lower costs.
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The commercial drone market size is forecast to increase by USD 44.85 billion between 2022 and 2027, accelerating at a CAGR of 38.97%.
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Spotting Scope Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.86% |
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Market growth 2024-2028 |
USD 227.53 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
4.42 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 34% |
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Key countries |
US, Canada, China, France, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-User
Market Segmentation by Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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SOURCE Technavio
