Riflescopes Market Analysis Report By Sight Type, By Technology, By Application, By Region And Segment Forecasts From 2020 To 2027

Industry Insights

The global riflescopes market generated a revenue of USD 7.02 billion in 2019. It is also estimated to register a 4.8% CAGR from 2020 to 2027. The rising preference for in-hand target weapons for precise shooting coupled with increasing cases of kidnapping, robberies, crimes, human trafficking, and terrorist activities is expected to drive the demand for riflescopes.

These riflescopes are not commercially available to individuals residing across various geographical areas owing to the imposition of strict laws and regulations being imposed by governing authorities to curb the number of crimes. They are only being used by the armed forces for precisely shooting their targets and for enhancing their shooting capabilities. Thus, huge military investments undertaken across countries like the U.S., China, India, Russia, and France are projected to trigger market growth in the upcoming years.

The U.S. market is expected to hold a CAGR of around 5.2% from 2020 to 2027. Huge investments to carry out R&D activities across the military and aerospace sectors are estimated to trigger this growth. Also, an increasing number of political tensions among countries like Iran and China are projected to propel market growth.

Rapid technological advances like the adoption of electro-optic, laser, and thermal imaging/infrared mechanisms are undertaken by the key manufacturers to widen their product portfolio. These factors along with the increasing popularity of shooting games are expected to boost the demand for riflescopes.

Sight Type Insights

In 2019 the telescopic segment held the dominant share of around 72.9% across the global riflescope market. It is also expected to account for the highest CAGR in the upcoming years. This can be attributed to the enhanced optical clarity provided by them coupled with the feature of the creation of a graphical pattern in the image for locating short-range and long-range targets.

The reflex sight segment is expected to account for notable market growth in the upcoming years. This can be attributed to their red dot scope of the feature that works similar to the mirror. These riflescopes are installed with transparent mirrors that can reflect the image of the target and permit the user to catch the targets with the help of a red dot. The rising prevalence of assault guns and rifles is estimated to augment the demand for this segment.

Technology Insights

The technology segment of the electro-optic held the dominant share of around 59.8% across the global market in 2019. It is also projected to continue its dominance in the upcoming years. This can be attributed to the enhanced precision for longer-range targets to carry out hunting activities.

The segment of thermal imaging technology is also expected to gain substantial share across the global market in 2019. This can be attributed to the increasing usage in the conditions of low light. These riflescopes are available in QVGA and VGA formats and can produce good and high-quality target images.

Application Insights

The application segment of armed forces accounted for the highest share of around 80.2% across the global riflescope market in 2019. This can be associated with the increase in demand for defense rifles. Moreover, shifting inclination towards the adoption of advanced rifles has further fueled up the market growth.

The segment of shooting sports is also anticipated to account for substantial market share across the global market in the upcoming years. This can be associated with the increasing number of outdoor sporting events and rising preference towards outdoor shooting games. Moreover, the emergence of shooting sports events in the Commonwealth Games and Olympics is anticipated to propel the demand for riflescopes.

Regional Insights

North America held the dominant share of around 33.0% across the global market in 2019. This growth can be associated with the surge in military spending across countries like the U.S. and Canada coupled with an increase in the adoption of modern warfare equipment.

Asia Pacific is projected to register the fastest growth with a 6.2% CAGR from 2020 to 2027. This can be attributed to the emergence of leading armed forces across India, China, North Korea, and Japan. Further, the increasing number of terrorist activities across the borders of Afghanistan and India and the surging popularity of shooting games are expected to augment the market growth for riflescopes.

COVID-19 Impact Analysis

The riflescopes market has been positively impacted due to the COVID-19 pandemic. Restrictions over national and international traveling have increased the number of local crimes. Further, rising unemployment due to economic instability has led to an increase in human trafficking and terrorist activities. Moreover, arising international tensions among several countries due to border and trade conflicts has urged the armed and military forces to increase the adoption of military weapons. Thus, the demand for riflescopes is largely being foreseen to stop the enemies from entering the national borders. But, hindrance in the supply chain due to delay in cargo movements and lack in the availability of skilled laborers is expected to hamper the market growth for riflescopes to some extent over the post-pandemic period. 

Riflescopes Market Share Insights

The key players operating in the market are Hawke Optics, Hensoldt, Nightforce Optics, Bushnell, Leupold & Stevens, Inc., and SIG SAUER. Constant product innovation and product developments are undertaken by the key players to gain a cutting edge over other players.

Strategies like the expansion of production facilities and collaborations are being undertaken by these players to widen their product portfolio and product reach. Long-term agreements and contracts are being targeted by these players with the key military and weapon manufacturing companies for providing customized riflescopes for the guns and rifles.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2016 to 2027 in each of the sub-segments. For this study, Million Insights has segmented the global riflescopes market based on sight type, technology, application, and region:

• Sight Type Outlook (Revenue, USD Million, 2016 - 2027)
    • Telescopic
    • Reflex

• Technology Outlook (Revenue, USD Million, 2016 - 2027)
    • Electro-Optic
    • Thermal Imaging
    • Laser

• Application Outlook (Revenue, USD Million, 2016 - 2027)
    • Hunting
    • Armed Forces
    • Shooting Sports

• Regional Outlook (Revenue, USD Million, 2016 - 2027)
    • North America
        • The U.S.
        • Canada
        • Mexico
    • Europe
        • The U.K.
        • Germany
        • France
        • Russia
    • The Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa (MEA)
        • Saudi Arabia
        • Iran