GCC: Binocular Market 2024

Binocular Market Size in GCC

In 2021, the GCC binocular market decreased by -29.8% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption continues to indicate a abrupt decline. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Binocular Production in GCC

In value terms, binocular production fell to $X in 2021 estimated in export price. In general, production recorded a resilient increase. The pace of growth appeared the most rapid in 2014 when the production volume increased by 63%. The level of production peaked at $X in 2020, and then fell modestly in the following year.

Binocular Exports

Exports in GCC

After two years of decline, shipments abroad of binoculars increased by 185% to X units in 2021. Overall, exports showed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, binocular exports rose significantly to $X in 2021. In general, exports, however, recorded a noticeable contraction. The pace of growth was the most pronounced in 2019 with an increase of 57%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Oman was the main exporter of binoculars in GCC, with the volume of exports finishing at X units, which was near 77% of total exports in 2021. It was distantly followed by the United Arab Emirates (X units), constituting a 23% share of total exports.

Oman was also the fastest-growing in terms of the binoculars exports, with a CAGR of +113.0% from 2012 to 2021. At the same time, the United Arab Emirates (+4.3%) displayed positive paces of growth. From 2012 to 2021, the share of Oman increased by +76 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest binocular supplier in GCC, comprising 70% of total exports. The second position in the ranking was held by Oman ($X), with a 25% share of total exports.

In the United Arab Emirates, binocular exports declined by an average annual rate of -6.6% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per unit, waning by -62.4% against the previous year. Overall, the export price recorded a dramatic decrease. The growth pace was the most rapid in 2019 when the export price increased by 77% against the previous year. The level of export peaked at $X per unit in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while Oman amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-10.5%).

Binocular Imports

Imports in GCC

In 2021, purchases abroad of binoculars decreased by -44.7% to X units for the first time since 2018, thus ending a two-year rising trend. In general, imports faced a deep downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 66%. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, binocular imports fell notably to $X in 2021. Overall, imports recorded a deep contraction. The pace of growth appeared the most rapid in 2013 when imports increased by 300% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates prevails in imports structure, accounting for X units, which was near 90% of total imports in 2021. It was distantly followed by Bahrain (X units), comprising a 4.6% share of total imports. The following importers - Oman (X units) and Kuwait (X units) - each reached a 5.7% share of total imports.

Imports into the United Arab Emirates decreased at an average annual rate of -19.5% from 2012 to 2021. At the same time, Bahrain (+19.9%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +19.9% from 2012-2021. By contrast, Kuwait (-18.1%) and Oman (-23.2%) illustrated a downward trend over the same period. Bahrain (+4.5 p.p.) significantly strengthened its position in terms of the total imports, while Oman and the United Arab Emirates saw its share reduced by -1.7% and -3.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported binoculars in GCC, comprising 48% of total imports. The second position in the ranking was taken by Oman ($X), with a 7.5% share of total imports. It was followed by Bahrain, with a 3.2% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates amounted to -13.2%. In the other countries, the average annual rates were as follows: Oman (-5.8% per year) and Bahrain (+25.1% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2021, falling by -22.7% against the previous year. Over the period under review, the import price, however, saw resilient growth. The growth pace was the most rapid in 2013 when the import price increased by 938%. The level of import peaked at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+22.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform