Global Binocular Market 2022

Binocular Market Size

The global binocular market expanded markedly to $X in 2021, growing by 7.9% against the previous year. The market value increased at an average annual rate of +3.8% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market reached the maximum level in 2021 and is likely to see steady growth in the immediate term.

Binocular Production

In value terms, binocular production reduced modestly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +79.3% against 2013 indices. The most prominent rate of growth was recorded in 2018 with an increase of 23%. Over the period under review, global production reached the peak level at $X in 2020, and then reduced in the following year.

Binocular Exports

Exports

In 2021, approx. X units of binoculars were exported worldwide; jumping by 22% on 2020 figures. In general, exports, however, saw a perceptible decrease. Over the period under review, the global exports reached the maximum at X units in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, binocular exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.4% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China dominates exports structure, amounting to X units, which was near 71% of total exports in 2021. It was distantly followed by Germany (X units) and Hong Kong SAR (X units), together comprising an 11% share of total exports. The following exporters - the Netherlands (X units), the United States (X units), Austria (X units) and the Philippines (X units) - each reached an 8.5% share of total exports.

Exports from China decreased at an average annual rate of -5.4% from 2012 to 2021. At the same time, the Philippines (+20.5%), Austria (+5.3%), the United States (+3.6%) and Germany (+1.1%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in the world, with a CAGR of +20.5% from 2012-2021. By contrast, the Netherlands (-1.7%) and Hong Kong SAR (-6.9%) illustrated a downward trend over the same period. While the share of Germany (+2.2 p.p.) increased significantly in terms of the global exports from 2012-2021, the share of China (-9.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest binocular supplier worldwide, comprising 30% of global exports. The second position in the ranking was taken by the United States ($X), with a 13% share of global exports. It was followed by Austria, with an 11% share.

In China, binocular exports expanded at an average annual rate of +3.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United States (+8.6% per year) and Austria (+6.8% per year).

Export Prices by Country

The average binocular export price stood at $X per unit in 2021, picking up by 9.4% against the previous year. Overall, export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, binocular export price increased by +11.8% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by 29%. Over the period under review, the average export prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+9.3%), while the other global leaders experienced more modest paces of growth.

Binocular Imports

Imports

In 2021, purchases abroad of binoculars was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, recorded a relatively flat trend pattern. Global imports peaked at X units in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, binocular imports soared to $X in 2021. The total import value increased at an average annual rate of +3.3% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X units), distantly followed by Germany (X units) and the Netherlands (X units) were the main importers of binoculars, together constituting 38% of total imports. France (X units), India (X units), Japan (X units), Spain (X units), Hong Kong SAR (X units), Belgium (X units), the UK (X units), Poland (X units), Indonesia (X units) and Canada (X units) followed a long way behind the leaders.

Imports into the United States decreased at an average annual rate of -3.4% from 2012 to 2021. At the same time, India (+23.6%), Poland (+20.9%), Indonesia (+18.7%), Belgium (+11.1%), Spain (+10.5%), the Netherlands (+3.1%), France (+2.8%) and Germany (+1.6%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in the world, with a CAGR of +23.6% from 2012-2021. By contrast, Canada (-2.1%), the UK (-3.6%), Hong Kong SAR (-4.5%) and Japan (-9.2%) illustrated a downward trend over the same period. India (+3.7 p.p.), Poland (+2.9 p.p.), Indonesia (+2.8 p.p.), Spain (+2.4 p.p.), Belgium (+2.3 p.p.) and Germany (+1.6 p.p.) significantly strengthened its position in terms of the global imports, while Hong Kong SAR, Japan and the United States saw its share reduced by -1.8%, -5.3% and -7.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported binoculars worldwide, comprising 29% of global imports. The second position in the ranking was held by Germany ($X), with a 9.9% share of global imports. It was followed by Hong Kong SAR, with a 6.7% share.

In the United States, binocular imports expanded at an average annual rate of +3.8% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+4.0% per year) and Hong Kong SAR (+12.6% per year).

Import Prices by Country

In 2021, the average binocular import price amounted to $X per unit, dropping by -1.7% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.6%. The pace of growth was the most pronounced in 2017 when the average import price increased by 16%. Global import price peaked at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Hong Kong SAR ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+17.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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