M&As among vendors to intensify competition in the market space.
Technavio, a company that develops over 2000 pieces of research every year and covers more than 500 technologies across 80 countries, has announced the top five vendors for the global binoculars market in their latest research report. This report also lists 11 other prominent vendors who are expected to contribute to this market’s growth between 2017-2021.
Competitive vendor landscape
The global market for binoculars is highly fragmented owing to the presence of numerous manufacturers. Companies manufacturing binoculars face intense competition because of less product differentiation offered by these companies. Most of the binoculars produced provide similar functionalities that can be used in varied applications. Companies, such as FLIR Systems and Armasight, provide night vision binoculars which make use of thermal imaging. Imitation of technology and products is not very difficult, thereby intensifying the competition in the market space.
According to Ujjwal Doshi, a lead analyst at Technavio for research on consumer electronics, “M&A in the global binoculars market is also fueling the rivalry among the existing vendors. M&A are planned to provide the existing vendors a competitive edge in the binoculars market. In June 2016, FLIR Systems acquired Armasight, a leading producer of riflescopes, spotting scopes, binoculars, goggles, and illuminating tools for approximately USD 41 million.”
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Top five vendors in the binoculars market space
Bushnell Corporation
Bushnell Corporation is one of the leading players for sports optics in the global market. It is one of the leading designers and manufacturers of outdoor sports and recreational products. The company’s products are sold across North America and worldwide. Bushnell Corporation’s products are used for sports, hunting, fishing, birding, and stargazing.
Key products: Legend Ultra HD, Excursion HD, Trophy Xtreme, and Elite.
Celestron
Synta Technology is the parent company of Celestron. Celestron manufactures and distributes products such as telescopes binoculars, spotting scopes, and related accessories.
Key products: Cometron 7×50, SkyMaster Pro 20×80, Granite ED 7×33, LandScout 7×35 Porro, and UpClose G2 8×21 roof binocular.
Nikon Corporation
Nikon Corporation offers a wide range of binoculars under the product category imaging products such as EDG, MONARCH, PROSTAFF, ACULON, High Grade, Standard, Compact, Elegant compact, Marine, and Nature watching. The company generates revenue through five key business segments which include – imaging products, precision equipment, instruments, medical, and others.
Key products: EDG 8×32/10×32, EDG 7×42/8×42/10×42, MONARCH HG 8×42/10×42, PROSTAFF 7S 8×30/10×30, and 8x42HG L DCF/10×42 HG L DCF.
Steiner
Steiner one of the world’s leading optical manufacturers of binoculars and rifle scopes used for various purposes. The company’s products are largely used by the sportsmen, spectators, birders, mariners, aviators, explorers, security, and military forces around the world. Steiner is one among the leading innovators in optoelectronics products such as digital compass binocular, integrated binocular, and laser rangefinder.
Key products: HX 15×56, Nighthunter LRF 8×30, Predator 10×42, Navigator Pro 7×50, Marine 7×50, and P1042.
Vortex Optics develops optical instruments for activities such as hunting, bird watching, wildlife watching, and outdoor recreational sports. It has dealers located throughout the US, Canada, the UK, Europe, South Africa, and Australia. The company attends all the major trade shows in hunting, birding observation, and tactical markets.
Key products: RAZOR HD, KAIBAB HD, FURY HD, VIPER HD R/T, and VIPER R/T.
A more detailed analysis is available in the Technavio report, Global Binoculars Market 2017-2021. Technavio also customizes reports by other regions and specific segments upon request.
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