Binocular Market

The article provides a detailed analysis of the global market for binoculars, forecasting a steady growth in both volume and value terms by 2030. Consumption and production trends are examined, highlighting key importing countries such as the United States, Kazakhstan, and China, as well as key exporting countries including China and the United States. The average import and export prices are discussed, showing fluctuations over the years. Overall, the article offers comprehensive insights into the current state and future outlook of the binocular market worldwide.

Market Forecast

Driven by increasing demand for binoculars worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.7% for the period from 2022 to 2030, which is projected to bring the market volume to 36M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market value to $3.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Binoculars

In 2022, the amount of binoculars consumed worldwide expanded remarkably to 34M units, picking up by 12% on the year before. The total consumption volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, global consumption hit record highs in 2022 and is expected to retain growth in the near future.

The global binocular market size totaled $2.6B in 2022, picking up by 4.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +61.1% against 2017 indices. Over the period under review, the global market attained the maximum level in 2022 and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (4.9M units), Kazakhstan (3.6M units) and China (2.8M units), together comprising 33% of global consumption.

From 2012 to 2022, the biggest increases were recorded for Kazakhstan (with a CAGR of +52.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($285M), Russia ($247M) and the United States ($184M) appeared to be the countries with the highest levels of market value in 2022, with a combined 27% share of the global market. Kazakhstan, Pakistan, Australia, Italy, India, China, the UK, France, the Netherlands and the United Arab Emirates lagged somewhat behind, together comprising a further 18%.

Among the main consuming countries, Kazakhstan, with a CAGR of +51.5%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of binocular per capita consumption was registered in Kazakhstan (187 units per 1000 persons), followed by the United Arab Emirates (80 units per 1000 persons), the Netherlands (44 units per 1000 persons) and Australia (22 units per 1000 persons), while the world average per capita consumption of binocular was estimated at 4.3 units per 1000 persons.

From 2012 to 2022, the average annual growth rate of the binocular per capita consumption in Kazakhstan totaled +50.9%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+1.8% per year) and the Netherlands (+10.6% per year).

Production

World Production of Binoculars

In 2022, the amount of binoculars produced worldwide declined to 34M units, which is down by -3.6% compared with 2021. Overall, production recorded a slight decline. The most prominent rate of growth was recorded in 2018 when the production volume increased by 14%. Over the period under review, global production reached the peak volume at 40M units in 2013; however, from 2014 to 2022, production failed to regain momentum.

In value terms, binocular production dropped modestly to $2.4B in 2022 estimated in export price. In general, production, however, continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2015 when the production volume increased by 35%. Global production peaked at $2.5B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

China (22M units) remains the largest binocular producing country worldwide, comprising approx. 64% of total volume. Moreover, binocular production in China exceeded the figures recorded by the second-largest producer, Pakistan (1.4M units), more than tenfold. The third position in this ranking was taken by Japan (972K units), with a 2.8% share.

In China, binocular production contracted by an average annual rate of -4.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Pakistan (+6.9% per year) and Japan (+5.1% per year).

Imports

World Imports of Binoculars

In 2022, supplies from abroad of binoculars increased by 39% to 23M units, rising for the second consecutive year after two years of decline. Over the period under review, imports, however, recorded a relatively flat trend pattern. Global imports peaked at 24M units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, binocular imports rose significantly to $867M in 2022. The total import value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 19%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, the United States (5.5M units), distantly followed by Kazakhstan (3.6M units), India (1.3M units), the UK (1.2M units) and Germany (1.1M units) were the major importers of binoculars, together comprising 55% of total imports. The following importers - the Netherlands (934K units), the United Arab Emirates (816K units), Hong Kong SAR (809K units), Japan (748K units), France (491K units), Canada (444K units), Belgium (419K units) and Poland (351K units) - together made up 22% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Kazakhstan (with a CAGR of +52.8%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($232M) constitutes the largest market for imported binoculars worldwide, comprising 27% of global imports. The second position in the ranking was held by Germany ($82M), with a 9.4% share of global imports. It was followed by Hong Kong SAR, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States stood at +3.9%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+4.3% per year) and Hong Kong SAR (-4.0% per year).

Import Prices By Country

In 2022, the average binocular import price amounted to $38 per unit, falling by -18.5% against the previous year. In general, import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, binocular import price decreased by -23.2% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 28%. Over the period under review, average import prices reached the peak figure at $49 per unit in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($77 per unit), while Kazakhstan ($2.4 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Binoculars

In 2022, overseas shipments of binoculars increased by 7.2% to 24M units, rising for the second year in a row after two years of decline. In general, exports, however, showed a pronounced decline. The growth pace was the most rapid in 2021 with an increase of 20%. Over the period under review, the global exports reached the peak figure at 35M units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, binocular exports reached $892M in 2022. The total export value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 29% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

China prevails in exports structure, resulting at 19M units, which was near 81% of total exports in 2022. Hong Kong SAR (886K units), the United States (619K units), Germany (603K units) and the Netherlands (356K units) took a minor share of total exports.

Exports from China decreased at an average annual rate of -4.0% from 2012 to 2022. At the same time, the United States (+3.9%) displayed positive paces of growth. Moreover, the United States emerged as the fastest-growing exporter exported in the world, with a CAGR of +3.9% from 2012-2022. Germany experienced a relatively flat trend pattern. By contrast, the Netherlands (-6.6%) and Hong Kong SAR (-8.7%) illustrated a downward trend over the same period. While the share of Hong Kong SAR (-2.7 p.p.) and China (-3.2 p.p.) decreased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($278M), the United States ($150M) and Germany ($87M) appeared to be the countries with the highest levels of exports in 2022, with a combined 58% share of global exports.

Among the main exporting countries, the United States, with a CAGR of +10.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average binocular export price amounted to $38 per unit, dropping by -2.5% against the previous year. Over the period under review, export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, binocular export price increased by +79.1% against 2012 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by 28%. The global export price peaked at $39 per unit in 2021, and then declined modestly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($242 per unit), while China ($15 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+10.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform