Market Highlights
The global digital binoculars market is expected to grow from USD 778.37 million in 2018 to USD 1,067.22 million by 2024, at a CAGR of 5.66% during the forecast period. Factors such as night vision, storage capacity, and ability to manage video from smart binocular using smartphone app have contributed to the adoption of digital binoculars across the globe.
Based on magnification, the market has been segmented into less than 6x, 6x–8x, and 8x and above. The digital binoculars market growth for 6x–8x segment is expected to dominate the market during the review period due to diverse end-use applications that require high steady viewing capabilities. This segment is also expected to register the highest CAGR during the forecast period.
On the basis of stabilization, the market has been segregated into image stabilized and standard. The standard segment is expected to dominate the market in 2019 whereas the image stabilized segment is expected to register the highest CAGR during the review period.
On the basis of technology, the market has been segmented into thermal, night vision, laser rangefinder, digital storage, and others. The laser rangefinder segment is expected to dominate the digital binoculars market during the forecast period. However, the night vision segment is expected to register the highest CAGR during the forecast period.
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Key players
GordVE (US), Bushnell Corporation (US), X-Stand Treestands (US), American Technologies Network Corporation (US), Beretta Holding S.p.A. (Steiner) (Italy), Barska (US), Vivitar Corporation (US), Ricoh Imaging Americas Corporation (US), SGODDE (US), Nikon Corporation (Japan), FLIR Systems, Inc. (US), EONCORE (US), Canon Inc. (Japan), and NexOptic Technology Corp. (Canada) among others are some reputed suppliers of digital binoculars in the market as listed by MRFR.
Segment Analysis
The segment study of the global digital binoculars market growth is done by stabilization, magnification, magnification, technology, and application.
The magnification based segments of the digital binoculars market are 6x–8x, less than 6x, and 8x and above. The increase in digital binoculars that offers great magnification in 6x–8x range is likely to promote the digital binoculars market across the forecast period. The diversity of end-users and rise in the application of digital binoculars that provide high steady viewing capabilities are factors that are expected to cause the expansion of the market with the highest CAGR across the review period.
The stabilization based segments of the digital binocular market are standard and image stabilized. The standard segment can rise at the highest CAGR, whereas the image stabilized segment can generate considerable annual turnover for the market in the analysis period. The improved stability offered by digital binoculars in different conditions and the superiority in power efficiency, along with prolonged battery life offered by them can support the expansion of the market in the analysis period.
The technology based segments of the digital binocular market are night vision, digital storage, thermal, laser rangefinder, and others. The night vision segment is likely to experience the rapid expansion owing to surge in military and paramilitary applications of digital binoculars for surveillance.
The application based segments of the digital binocular market are sports, hunting, military, astronomy, shooting, and others. The military segment generates the highest traction that can boost the expansion of the market across the study period. The rise of the digital binoculars market in the evaluation period can be attributed to the increase in demand for technologically advanced binoculars. In addition, the increase in the need for security and military solutions in developing nations are boosting the market rise.
Regional Analysis
In the Asia Pacific region, the digital binoculars market during the forecast period owing to increasing disposable income of end consumers. The continuous rise in the urban populace can also support the rise of the digital binoculars market in the analysis period. The significant impacted of the lifestyle of consumers in the Asia Pacific market is elaborate in the report. Insights on investments in gadgets and other surveillance issues are availed by MRFR, which can impel the regional market in the years to come. Furthermore, the surge in spending on the defense industry and rise in the digital binoculars demand in the region can also promote APAC digital market growth.
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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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