Riflescope Market

Riflescope Market by Magnification (1-8X, 8-15X, more than 15X), by Product Type (Telescopic Sights, Reflex Sights), by Technology (Thermal/Infrared, Elector Optic, Laser), by End-Use (Commercial, Armed Forces/Defense) & by Regional - Global insights 2023 to 2033

Analysis of Riflescope Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Riflescope Market Outlook (2023-2033)

The global riflescope market was valued at US$ 5.5 Billion in 2022 and is expected to reach a valuation of US$ 5.74 Billion in 2023. During the forecast period ranging from 2023 to 2033, a CAGR of 4.3% is expected, with a projected market value of US$ 8.74 Billion.

Growth in demand for target precision in hand-held weapons is estimated to increase the utilization of riflescopes. Furthermore, the growing need for targets aiming at short as well as long-distance is likely to offer growth prospects for the market. Commercially, riflescopes are not widely available to everyone owing to the restrictions on weapons in major countries.

However, defense organizations in major states and territories have agreed on the procurement of rifle scopes to improve targeting capabilities. Moreover, enhancements in the military by major economies, including the U.S., India, China, France, and Russia, are anticipated to support market growth in the estimated time.

The U.S. market for riflescopes is projected to expand at a CAGR of 10.05% over the forecast period. Military enhancements in the country, coupled with the adoption of the latest technological war weapons, are likely to offer growth prospects. Moreover, ongoing political conflicts with Iran are anticipated to increase the procurement of rifles and assault guns, thus supporting market growth.

Defence organizations across the globe are focusing on enhancing their respective capabilities by adopting machinery and tools with technological enhancements. Moreover, a rise in the number of military bases by prominent defence organizations across the globe is anticipated to increase the inventory for rifles and other guns, which is expected to support the riflescopes market growth.

Telescopic sights are widely accepted on account of long-range aiming and adjustments in the scopes. The rising need for precision aiming at war locations and critical sites is expected to create opportunities for the market. Moreover, shooting sports activities are gaining popularity on account of global exposure, thus assisting in market growth.

Electro-optic, thermal imaging/infrared, and laser are the technologies used to develop the scopes. Technological developments in the riflescopes have created thermal imaging and laser aiming mechanisms to improve the aiming activities. Also, the growing demand for precision aiming from long distances and in several lighting conditions is anticipated to create opportunities for the players to further develop riflescopes in the market.

Report Attributes


Estimated Base Year Value (2022)

US$ 5.5 Billion

Expected Market Value (2023)

US$ 5.74 Billion

Anticipated Forecast Value (2033)

US$ 8.74 billion

Projected Growth Rate (2023-2033)


Expected CAGR of North America


Anticipated CAGR of China market


Major Riflescope manufacturers

  • Bushnell Inc.
  • Leupold & Stevens Inc.
  • Burris Company Inc.
  • Vortex Optics
  • SAM Electrical Equipments Co. Ltd.
  • Schmidt & Bender GmbH & Co. KG
  • Hawke Optics
  • Other Market Players

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Demand analysis of Riflescope from 2018 to 2022 Compared to Demand Outlook for 2023 to 2033

The sales of riflescopes accounted for US$ 4.2 Billion in 2019, pacing at a CAGR of 2.8%. Due to inventions in defence industry and growth in defence budget of various countries, the demand for riflescope has increased due to increased demand by the armed forces.

Riflescopes are also used extensively in hunting rifles for hunting purposes which further boosts the growth of this industry. After a detailed analysis of different factors, Fact.MR has estimated the sales of riflescopes to reach US$ 8.74 Billion while exhibiting a CAGR of 4.3% during the forecast period.

Which are Some Prominent Drivers of the Riflescope Market?

Growing Demand for Precision Attack Technologies fueling the sales of riflescopes

The global market for riflescopes has increased as the demand for precision attack technology has increased. Riflescopes are expected to benefit from rising technical advances and improvements, which will provide profitable growth prospects for the industry. Other technological advances, such as incorporation of night vision goggles and riflescopes for smart rifles, are expected to spur the development of new and more technologically advanced riflescopes.

The increasing demand for advanced hunting equipment, coupled with the growing popularity of hunting and shooting sports is also augmenting the riflescopes market growth. The growing availability of more technologically advanced riflescopes with thermal imaging will further propel growth in the demand for riflescopes. Increased spending by the government on the defense and military sector will also fuel growth in the demand for riflescopes.

The growth of the riflescopes market can be attributed to rising cross-border conflicts and terrorist activities and increased spending on defense and military equipment. The rising global investments in the procurement of advanced automatic weapons to replace old and conventional weapons is another factor that is anticipated to augment the growth of the riflescope market.

The dominant market players in the rifle scopes sector are constantly striving for developing the next generation of products. For example, in January 2020, Trijicon Inc. announced the launch of six scopes of tactical, hunting, competition, and long-range communities, along with new rifles in their AccuPoint line. Other players are concentrating on launching novel products to maximize revenue.

Increasing Demand for Riflescopes in Shooting Sports and Hunting to Increase Sales

Factors such as increasing demand for firearms for shooting sports and hunting and rising shooting ranges worldwide will boost the rifle scopes market growth during the forecast period. Additionally, advanced technologies such as smart, thermal imaging, and infrared will increase the market footprint. Also, rising demand for night vision scopes will drive the market’s growth.

The growth in military spending to support the soldier modernization programs of various countries is propelling investments in the procurement of new riflescopes that offer higher magnification and accuracy of the target. Rising recreational shooting activities, like sporting and hunting, are fuelling the growth of riflescopes.

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What are the Challenges Faced by the Riflescope market?

High cost of Riflescopes Hindering Sales

The high cost of riflescopes is anticipated to present a significant challenge to the growth of riflescope market. The pricing and cost of riflescopes vary according to the diameter objective lens, magnification, other specifications, etc.

Manufacturers are also offering high magnifying optics for an improved aim. However, the high cost of riflescopes is likely to restrain market growth by 1/6th of current levels in the forthcoming years. Stringent government laws banning rifles for hunting will also limit growth of market during the forecast period.

Comparative View of Adjacent Riflescope Markets

Riflescope Market :


Riflescope Market

CAGR (2023-2033)


Market Value (2033)

US$ 8.74 Billion

Growth Factor

Growth in military spending in various countries and demand for precision attack technology is propelling the sales of riflescopes.


Companies are developing new riflescopes integrated with advanced technologies to increase accuracy which is creating lucrative prospects for the industry expansion of riflescopes.

Ammunition Market :


Ammunition Market

CAGR (2023-2033)


Market Value (2033)

US$ 25 Billion

Growth Factor

Rising number of terrorist activities and hostilities across the globe is likely to increase the procurement of defense equipment by prominent militaries across the globe, which will further drive the market for ammunition over the forecast period


Technological breakthroughs in the market have introduced lightweight bullets made from polymer-based cases and thus are projected present several opportunities for the manufacturers.

Sniper Rifle Market :


Sniper Rifle Market

CAGR (2023-2033)


Market Value (2033)

US$ 3.5 Billion

Growth Factor

An increasing number of sniper squadrons, engagement profiles, and availability of technology are projected to spur market growth in the projected timeline.


The rising development of self-steering bullets, bullet loading, and cutting-edge sniper rifle accessories are expected to create opportunities for market expansion during the forecast period.

Which Region is Projected to Offer the biggest Opportunity for Riflescope Suppliers?

South-east Asia is projected to provide biggest opportunities by registering highest CAGR of 4.25% during the forecast period, due to the rapid military modernization plans of countries in the Asia-Pacific region, such as China, India, and South Korea, which are some of the biggest defence spenders in the world.

The major emerging economies in the region, like China and India, are rapidly increasing their investments in the defence sector for soldier modernization, owing to territorial issues and geopolitical tensions.

For instance, in 2018, the Defence Acquisition Council of India received approval from the government to procure 745,000 assault rifles (including 5,719 sniper rifles) for the armed forces of India. Similarly, the Philippine Army received around 800 assault rifles from the US government under the Military Assistance Program, in March 2019.

Such initiatives by the governments of the countries to increase the capabilities of their frontline troops of armed forces are expected to generate demand for new riflescopes, during the forecast period.

Country-wise Analysis

North America dominating the Riflescopes Market

North America currently dominates the riflescopes market with a market share of 33.1% and it will retain its dominance during the forecast period of 2023-2033 due to the increasing usage of new military weaponry to strengthen the defence sector. The United States Riflescopes Market size was estimated at US$ 1.01 Billion in 2020, and reached US$ 1.18 Billion in 2022. A CAGR of 4.6% is expected for the North American market.

In the forecasted timeframe, increased expenditure by the United States military and the deployment of contemporary battle equipment in the country is likely to promote regional market growth. Also, the presence of significant defence equipment manufacturers in the region, coupled with strong demand from domestic consumers, is anticipated to fuel the market expansion. Increasing investment by the U.S. military and the adoption of modern war equipment in the country are expected to support regional market growth in the estimated timeframe.

In 2020, the U.S. was the largest consumer of products in North America. Developments in defence research operations and an increasing number of military bases across the globe are anticipated to increase the demand for rifles and guns, thus expected to have a positive impact on market growth.

Rising Prevalence of Terrorism augmenting sales of riflescopes in South Asia

South Asia is expected to witness impressive growth in sales of riflescopes with a CAGR of 4.2% during the forecast period due to the rising prevalence of terrorism and terrorist activities and the growth in demand from the leading armed forces of China, India, Japan, and North Korea.

China's increased defence budget is one of the strongest growth factors for the riflescopes industry in the region. A high domestic production base and increased consumption of assault and sniper rifles by its defence sector are expected to drive market growth for riflescopes in China.

Category-wise Insights

Defence segment to dominate the riflescope market by End-Use

The military segment is anticipated to witness the highest growth during the forecast period, due to the modernization programs of various countries. The procurement of new and advanced infantry weaponry, like sniper rifles, light machine guns, and automatic weapon systems, may fuel the growth of the segment. For instance, in the coming years, the US Army plans to procure over 120,000 new light machine guns and rifles to replace M4 carbine and M249 squad automatic weapons.

Such robust plans are expected to generate demand for new and advanced riflescopes during the forecast period. Also, the incorporation of advanced scopes by the armed forces for higher accuracy and effectiveness to hit the target may propel growth during the forecast period. In February 2020, the US Marine Corps awarded a USD 64 million contract to Michigan-based Trijicon to supply squad common optic (SCO) riflescopes.

These scopes can be mounted on the M27 infantry automatic rifle and the M4 rifles and have a continuously adjustable magnification range moving from 1X to 8X magnification. Similarly, many developing countries are spending heavily on army warfare modernization. These trends are expected to augment growth during the forecast period.

With a segment share of 68.1%, telescopic sights are recording highest sales

In 2021, the telescopic sight type segment accounted for the largest share of 68.1% and is expected to expand at a 4.9% CAGR over the forecast period. Telescopic sight mechanism offers optical accuracy and creates graphical image patterns in the products, thus are suitable for target aiming for long-range as well as short-range.

These riflescopes are widely accepted on account of precise accuracy, rigid casing, lightweight, adjustable range, and easy-to-install mechanism. Armies and defence organizations across the globe are the major consumers of these products owing to their suitable characteristics and easy mechanics. Moreover, a notable share of these products is consumed in shooting sports applications.

Improved precision in aiming drives the sales of Electro-Optic Riflescopes

The electro-optic technology segment accounted for the largest share of 59.8% in 2022 and is anticipated to maintain its lead during the forecast period. Improved precision in aiming supported by the provision of long-range targets is expected to increase the penetration of electro-optic scopes in hunting activities. Moreover, these electro-optic riflescopes are used in the armed forces for long-range shooting.

Start-Ups for the Riflescope Market

  • Founded in 2015, ‘Peak Nano’ is a US-based Developer of nanolayered polymer-based gradient refractive index lenses. It partners with the companies working in nanotechnology research and innovation and acquires, licenses, develops, and builds the Intellectual Property portfolio. The product has application in the military (night vision, riflescopes, UAV optics), medical (surgical optics, microscopy spectroscopy, endoscopy), and commercial (cameras, augmented reality, drones) industries. It received funding of USD 50 million from ‘Squadron capital’ and ‘L3 technologies.’
  • Founded in 2017, the SSS Defence is an Indian start-up focused on manufacturing small arms, ammunition, high-end optics & accessories related to firearms. Working on the philosophy of Innovation & Smartness, the company pledged to make “a new future of defense technology that incorporates deep design thinking, precision engineering, and operational excellence”.
  • Founded in 2009, TNVC is a USA-based company that provides tactical night vision cameras for the defence industry. Its detailed product portfolio includes night vision goggles, night vision scopes, and monoculars. It also offers hand-held lasers, long gun lasers, pistol lasers, weapon accessories, helmet accessories, batteries, video recordings, weapon optics, magnifier adapters, camera adapters, bridge mounts, and counterweights.

Market Competition

The riflescope market is competitive, with the presence of various regional and global players. To achieve a competitive advantage in the market, firms compete on a variety of variables such as product offerings, price, material quality, and marketing efforts. Companies are utilizing digital and social media marketing to notify people about new product launches. Some of the key companies manufacturing Riflescope are- Bushnell Inc., Leupold & Stevens Inc., Burris Company Inc., Vortex Optics, SAM Electrical Equipments Co. Ltd., Schmidt & Bender GmbH & Co. KG, Hawke Optics, Other Market Players

Some recent developments in Riflescope market are -

  • In October 2021, ZEISS Introduceds a New Generation of the V8 Riflescope Family with four new V8 models ZEISS helps hunters to achieve success.
  • In November 2021, the world’s first riflescope NFT was developed through Digital Arms & ZeroTech International Licensing Partnership.
  • In December 2020: The Indian Navy signed a contract with Israeli Firm Smart Shooter Ltd. for supplying SMASH 2000 Plus fire control systems, which will be installed on AK-47 and AK 203 rifles.

Key Segments Profiled in the Riflescope Industry Survey

  • By Magnification :

    • 1-8X
    • 8-15X
    • More than 15X
  • By Product Type :

    • Telescopic Sights
    • Reflex Sights
  • By Technology :

    • Thermal/Infrared
    • Electro Optic
    • Laser
  • By End-use :

    • Commercial
    • Armed Forces/Defense
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

- FAQs -

What was the market worth for Riflescope in 2022?

As of 2022, the Riflescope market was worth US$ 5.5 Billion.

At what value is the Riflescope industry likely to close by 2023?

Fact.MR foresees Riflescope demand to reach US$ 5.74 Billion by 2023.

At what percentage will the market for Riflescope rise until 2033?

From 2023-2033, Fact.MR expects Riflescope revenue to flourish at a 4.3% CAGR.

What is the expected market value for Riflescope in 2033?

In 2033, the Riflescope market worth is poised to reach USD 8.74 Billion.

How do growth prospects for Riflescope appear in North America?

Sales of riflescopes in North America are expected to grow at a CAGR of 4.6% during the forecast period.

Riflescope Market

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