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Riflescope Market

Riflescope Market Analysis Report By Magnification (1-8X, 8-15X, More than 15X), By Product Type (Telescopic, Reflex Sights), By Technology (Thermal/Infrared, Elector Optic, Laser), By End-Use, By Region - Global Insights 2022-2032

Analysis of Riflescope market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Global Riflescope Market Outlook

The global riflescope market is estimated at USD 5.5 Billion in 2022 and is forecast to surpass USD 8.4 Billion by 2032, growing at a CAGR of 4.3% from 2022 to 2032.

Report Attributes

Details

Base Year Value (2021A)

USD 5.3 Billion

Estimated Year Value (2022E)

USD 5.5 Billion

Projected Year Value (2032F)

USD 8.4 Billion

Global Growth Rate (2022-2032)

 CAGR 4.3%

North America Market Share in 2021

~25%

North America Growth Rate (2022-2032)

CAGR ~4.5%

Collective Value Share (U.S, China, India) 2022: Top 3 Countries

~42%

Top 5 Companies Market Share in 2021

~21%

Key Companies Profiled

  • 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

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2017-2021 Global Riflescope Market Outlook in Comparison to 2022-2032 Growth Forecast

Riflescope aids in enhancing vision and improves accuracy as this telescopic vision is usually attached on the top of rifle. This not only increases rifle range but also helps in taking longer shots. As riflescope finds its enhanced application in both commercial and armed forces usage along with fulfilling hunting purposes, the escalated demand is likely to provide a gain of 110 BPS to the riflescope market in coming years.

Additionally, manufacturers in the market are focusing on launching high-quality riflescopes with numerous features and multiple applications. They are introducing in-built laser range finder to optimize accuracy. They are also offering smart shooting solutions such as smart rangefinder, magnification, etc. to provide direct vision. This is estimated to support market growth by 1.7X in coming years.

Moreover, the enhanced investments in military markets to provide defense services is encouraging riflescope market. The use of riflescope in sports like hunting and shooting are the chief driving factors in the forecast period.

Fact.MR projects the riflescope market is expected to witness exhibiting growth at 4.3% CAGR during 2022 and 2032 in comparison to a CAGR of 2.8% with which it grew from 2017 and 2021.

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Advancement in Riflescope Technology to Support Market Demand

Precision is of paramount importance in military, wherein soldiers guarding borders or those on missions can easily spot targets with rifles with high precision. The technology has evolved in the market with RAZAR technology or Rapid Adaptive Zoom for Assault Rifles technology enabling toggling between high and low magnifications without removing eyes from the targets or hands from rifles at just a push of a button.

Other technological developments and advancements are expected to support market demand. For instance, the integration of smart rifles with night vision goggles is likely to support market demand for riflescope by 1/4th of current levels in coming forecast years.

Know thy Competitors

Competitive landscape highlights only certain players
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Military Modernization Programs to Provide Lucrative Opportunities

Owing to the increasing soldier and military modernization programs, offers lucrative opportunities in the riflescopes market. The advancements in military optics technology over the last decade have enabled armies to take precise shots over long distances. This is likely to provide opportunities for the manufacturers in the riflescopes market in coming years.

In addition to this, the opportunities in the market have also increased because of the augmented adoption of different variants of riflescopes at different platforms. The integration of weapon systems is estimated to boost the market growth by

Owing to the increasing soldier and military modernization programs, offers lucrative opportunities in the riflescopes market. The advancements in military optics technology over the last decade have enabled armies to take precise shots over long distances. This is likely to provide opportunities for the manufacturers in the riflescopes market in coming years.

In addition to this, the opportunities in the market have also increased because of the augmented adoption of different variants of riflescopes at different platforms. The integration of weapon systems is estimated to boost the market growth by 1.3X over the assessment period of 2022-2032.

High Cost to Present Significant Challenges

The high cost of riflescope is expected to present significant challenge for the growth of the riflescope market. The pricing and cost of riflescope varies according to the diameter objective lens, magnification, other specifications etc. Manufacturers are also offering high magnifying optics for better aim. However, the high cost of riflescope is likely to restrict market growth by 1/6th of current levels in coming years.

Ban on Hunting Restraining Market Growth

Riflescopes are used to hunt animals to control their population in countries like New Zealand and Australia. However, in countries like India, owing to the strict regulations concerning the hunting of species is banned. Other countries like Botswana, Zambia, Africa, Costa Rica have also banned hunting of animals, as numerous animal species are on the verge of extinction or are being declared endangered.

Therefore, the ban on hunting activities on animals is likely to impact riflescope market growth negatively. The above factors are expected to restrict or hamper market growth and demand by 0.8X during the forecast years of 2022-2032.

Region-wise Insights

Which region accounts for more enhanced demand for Riflescope Market?

North America riflescope market accounts for the largest market share of 25.3%. The region is projected to register a CAGR of 4.5% during the forecast years. The augmented adoption of riflescope in defense coupled with escalating interest of consumers towards shooting as a sport are some of the factor fueling the growth in riflescope market. Moreover, the introduction of modernization program for soldiers, riflescope incorporated with advanced feature and an increase in hunting activities are likely to support riflescope market growth during the forecast years of 2022-2032.

What is the market scenario in East Asia and South Asia & Oceania Riflescope Market?

The East Asia riflescope market holds 21.4% of the overall market share and is projected to grow at a CAGR of 4.8% during the forecast years. The South Asia & Oceania riflescope market holds 20.5% of the overall market share and is projected to register a CAGR of 5.2% over the assessment years.

The escalating consumption of sniper and assault rifles coupled with high domestic production base in the defense sector is likely to drive the market for riflescopes. Moreover, defense departments focusing more on sectors which are of high importance to national security are escalating their defense spending, which is likely to support market demand in the regions in coming years.

Riflescope market forecast by Fact.MR

Category-wise Insights

Which product type holds dominant market share and is likely to show higher growth in Riflescope Market over the assessment period?

The riflescope under product type is segmented into telescopic sights, and reflex sights. The telescopic sights is the leading segment by holding 64.3% of the riflescope market and is projected to register a CAGR of 4.7%. These sights are loaded with different forms of graphic imaging pattern installed in the optical equipment with patterned reticles to offer accurate point aiming. Thus, the segment is expected to register higher growth than reflex sights. The next segment reflex sights holds 35.7% of the market share and is projected to grow at a CAGR of 3.8% during the forecast years of 2022-2032.

Which end-use segment is estimated to support market growth in the Riflescope Market during the forecast period?

Under the end-use segment, the riflescope market is segmented into commercial and armed forces/defense. The armed forces/defense segment holds 58.7% of the overall market and is projected to witness growth of 4.9% in coming years. The military modernization programs in different countries, especially developing countries replacing conventional rifles with new assault rifles with advanced riflescopes is driving demand for riflescopes under this segment. Whilst the commercial segment holds 41.3% of the market share and is projected to grow at a CAGR of 3.6% over the assessment period.

Competitive Landscape: Top Companies in Riflescope Market

The global riflescope market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.

Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the manufacturing of riflescope.

Fact.MR has provided detailed information about price points of key manufacturers in riflescope market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

  1. The US Army and Barrett Firearms Manufacturing Inc. signed a contract in year 2021 to buy multi-role adaptive sniper rifles, that can be chambered for numerous calibers like 7.62x51 NATO ammunition, 300 Norma Magnum, and 338 Norma Magnum
  2. In the year 2022, SIG SAUER signed a contract with the US Army in order to produce a M4A1 carbine new scope rifles. This development will allow for close-quarter sightings coupled with long-range target along with the ability to immediately switch between magnifications

Global Riflescope Market by Category

  • By Magnification, Global Riflescope Market is segmented as:

    • 1-8X
    • 8-15X
    • More than 15X
  • By Product Type, Global Riflescope Market is segmented as:

    • Telescopic Sights
    • Reflex Sights
  • By Technology, Global Riflescope Market is segmented as:

    • Thermal/Infrared
    • Elector Optic
    • Laser
  • By End-Use, Global Riflescope Market is segmented as:

    • Commercial
    • Armed Forces/Defense
  • By Region, Global Riflescope Market is segmented as:

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- Premium Report Details -

Riflescope Market
  • FACT302MR
  • Apr-2022
  • Sports
  • 170 Pages
  • 140 Tables
  • 114 Figures

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The global value of riflescope market is estimated to be worth over USD 5.5 Billion in 2022.

The demand is anticipated to surpass USD 8.4 Billion by 2032 end.

During 2017-2021, global riflescope market grew at 2.8% CAGR.

Some of the prominent players in riflescope market are Bushnell Inc., Leupold & Stevens Inc., Burris Company Inc., Vortex Optics, Hawke Optics, etc.

North America tops the global riflescope market accounting for 25.3% of global market share in 2022.

Telescopic sights riflescope under the product type contributes 64.3% of market share in global sales of riflescope.

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