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“Advancements in riflescopes technology for precision attack and increasing demand for riflescopes for hunting and shooting sports are key factors fueling the growth of the riflescopes market across the globe.”
The riflescopes market size is projected to grow from USD 5.7 billion in 2020 to USD 7.3 billion by 2025, at a CAGR of 5.0% from 2020 to 2025. Increasing demand for highly precise firearms for armed forces, and hunting & shooting sports applications are some of the factors expected to fuel market growth.
“Based on the application, the armed forces segment is projected to lead the riflescopes market from 2020 to 2025.”
Based on application, the armed forces segment estimated to lead the riflescopes industry in 2020 and is expected to continue its dominance till 2025. The armed forces application segment accounted for a significant share of the riflescopes market, which can be attributed to combat regiments worldwide being equipped with riflescopes of various types.Developing countries, in particular, are replacing conventional rifles used by their armed forces with new assault rifles mounted with advanced riflescopes. For instance, in June 2019, India announced its plan to manufacture 650,000 AK-203 assault rifles loaded with new riflescopes.
“Based on technology, the thermal imaging segment is projected to grow at the highest CAGR from 2019 to 2025.”
Based on technology, the thermal imaging segment is expected to grow at the highest CAGR during the forecast period. The thermal sights mounted on a rifle follow the infrared radiation emitted by the target. Modern thermal imagers are low-powered, which reduce battery usage and are light in weight. These modern thermal sights are now integrated with soldiers’ night-vision goggles; this interface shares the imagery from the weapon sight with goggles and displays the target in real-time.
“Asia Pacific riflescopes market is projected to grow at the highest CAGR during the forecast period.”
Asia Pacific is estimated to grow at the highest CAGR in riflescopes industry during the forecast period. Increasing incidences of territorial and armed conflicts in Asia Pacific have led the region’s major economies, such as India and China, to adopt strong military measures to protect their land as well as population. In addition to this, intrastate conflicts involving insurgents and terrorists have resulted in an increased demand for riflescopes in the region.
Break-up of profiles of primary participants of the riflescopes market
- By Company Type - Tier 1 – 35 %, Tier 2 – 45%, and Tier 3 – 20%
- By Designation – C Level – 35%, Director Level – 25%, and Others – 40%
- By Region – North America -20%, Europe – 5%, Asia Pacific – 30%, and the Middle East – 45%
Key players profiled in the riflescopes market include SIG Sauer, Inc., (US) Vortex Optics, (US) and Leupold & Stevens, Inc., (US) Burris Company, Inc., (US) Trijicon, Inc., (US) and Nightforce Optics (US) among others.
The study segments the riflescopes market based on magnification, sight type (telescopic, reflex), application (armed forces, hunting, shooting sports), technology (EO/IR, thermal imaging, laser), end user, weapon compatibility, function, range and region.
It maps these segments and subsegments across four major regions, namely North America, Europe, Asia Pacific, and the Rest of the World (RoW). The report provides in-depth market intelligence regarding the major factors such as drivers, restraints, opportunities, and challenges influencing the growth of the riflescopes market, along with an analysis of micromarkets with respect to individual growth trends, prospects, and their contribution to the overall market.
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From an insight perspective, this research report has focused on various levels of analysis ? industry analysis (industry trends), market ranking analysis of top players, supply chain analysis, and company profiles. These insights together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the riflescopes market, high-growth regions, and market drivers, restraints, challenges, and opportunities.