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NEW YORK , Sept. 23, 2022 /PRNewswire/ -- The report "Binoculars Market by Application, Type, and Geography - Forecast and Analysis 2022-2026" has been added to Technavio's offerings. The market size is expected to grow by USD 140.93 million from 2021 to 2026, according to Technavio. In addition, the growth momentum of the market will accelerate at a CAGR of 3.55% during the forecast period.
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Binoculars Market Application Outlook (Revenue, USD mn, 2021-2026)
Binoculars Market Type Outlook (Revenue, USD mn, 2021-2026)
Binoculars Market Geography Outlook (Revenue, USD mn, 2021-2026)
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The military segment will be the largest contributor to market growth during the forecast period. Military binoculars help in effectively monitoring the movements of enemies. They enable soldiers to locate distant objects. Thus, the rising investments in defense will drive the global binoculars market.
APAC will account for 41% of the market's growth during the forecast period. The growth of this segment is attributed to factors such as the rise in spending on the defense sector by governments. China and India are the key countries for the binoculars market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rise in popularity of outdoor recreational activities is driving market growth. Participation in outdoor recreational activities has increased globally. In addition, adventure tourism is growing due to factors such as hectic lifestyles, urbanization, and increasing health consciousness. Vendors are focusing on providing innovative binoculars for different outdoor activities. For instance, Diamondback binoculars by Vortex Optics have reliable quality and high-performance hunting optics.
The increased demand for multifunctional binoculars is a trend that is supporting the growth of the market. Vendors are focusing on advanced technologies to expand their customer base. These technologies focus on convenience, functionality, and quality. Therefore, the demand for multifunctional products is expected to rise.
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Accelerate at a CAGR of 3.55%
North America, APAC, Europe, South America, and Middle East and Africa
US, Canada, China, India, Germany, and Italy
Leading companies, Competitive strategies, Consumer engagement scope
American Technologies Network Corp., Barska Optics, BERETTA HOLDING SA, Canon Inc., Carl Zeiss AG, Celestron Acquisition LLC, FUJIFILM Holdings Corp., Guangzhou Bosma Corp., Jaxy optical instrument Co. Ltd., Leupold and Stevens Inc., Meade Acquisition Corp., Nikon Corp., Olympus Europa SE and Co. KG, Opticron, Ricoh Imaging Co. Ltd., Shengzhen China Visionking Optical Technology Co. Ltd., Sony Group Corp., Vista Outdoor Inc., Vortex Optics, and Yukon Advanced Optics Worldwide
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
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