Riflescope Market Analysis, Share, Industry & Revenue [2031]

Report Description

Riflescope Market Outlook 2031 

The Riflescope Market was USD 6.28 Billion in 2022 and is likely to reach USD 9.74 Billion by 2031, expanding at a CAGR of 5 % during 2023 – 2031. Riflescopes are telescopic vision devices that are typically fitted to the top of a rifle. Riflescopes improve vision and accuracy, extend rifle range, and allow for longer shots. Numerous varieties of riflescopes are available in the market depending on the type of shooting; for example, a riflescope used for hunting is different from a riflescope used for sports or the military services.

The weight of a riflescope varies as well, and the necessity for riflescope magnification is determined by the size of the target. Riflescopes provide advantages such anti-reflective coatings, efficient light transmission, and night vision capabilities for improved targeting.

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Riflescope Market Trends, Drivers, Restraints, and Opportunities:

• Increasing adoption for riflescopes in shooting sports and hunting is likely to boost the riflescope market during the forecast period.
• Increasing military expenditure to support many countries’ army modernization programs is driving investments in the acquisition of new riflescopes with increased magnification and target precision is estimated to drive the market growth.
• The expansion in recreational shooting activities such as sporting and hunting is anticipated to propel the growth of the riflescopes market.
• The government's strict prohibitions on hunting can present a significant impediment to the expansion of the riflescopes market.
• High cost of riflescopes can impede the growth of the market.
• Technological improvements and upgrades are expected to generate attractive growth prospects for the riflescopes market.

Scope of Riflescope Market report:

The report on the global riflescope market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Global Riflescope Market Segment Insights:

Telescopic segment held a significant market share in 2019

Based on sight types, the riflescope market can be bifurcated into telescopic and reflex. The telescopic segment accounted for around 70% of the market share in 2019 and is estimated to expand at a significant CAGR during the forecast period. Telescopic sight mechanisms provide optical accuracy and generate graphical picture patterns in the products, making them suited for both long-range and short-range target targeting. Telescopic riflescopes are projected to have a significant market share than reflex riflescopes due to existing and developing demand for hunting applications.

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Electro-optics segment to dominate the market

On the basis of technology, the riflescope market can be segmented into electro-optics, thermal imaging, and laser. The electro-optics segment held a significant market share of more than 55% in 2019 and is expected to lead during the forecast period. Improved targeting precision and aided by the availability of long-range targets is estimated to enhance the use of electro-optic scopes in hunting activities.

Additionally, these electro-optic riflescopes are employed for long-range shooting in the defense forces. Thermal imaging riflescopes are used to detect objects in low illumination circumstances. These are generally equipped with an electronic mechanism that allows them to readily concentrate on targets. Laser technology for riflescopes are increasing market dominance due to their precision in targeting objects. Red or green laser beam devices are typically included along with optic scopes for target preparation.

Armed forces segment to dominate the global market

In terms of applications, the riflescope market can be segregated into hunting, armed forces, and shooting sports. In 2019, the armed forces segment had a major proportion of approximately 80%. Increasing requirement for improved rifles and other weaponry among major military groups across the world is projected to drive demand for rifle scopes in the near future.

Uncertain political connections between prominent geographies, combined with an increase in terrorist acts, have raised the demand for long- and short-range weapons to deal with the scenarios. The armed forces segment is estimated to grow at a healthy rate owing to many countries' modernization plans. The acquisition of new and improved infantry equipment, such as sniper rifles, light machine guns, and automatic weapon systems, can propel the segment expansion.

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North America expected to dominate the global market

Based on regions, the market can be fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market during the forecast period. This is due to an increase in the usage of sophisticated military weaponry to bolster the defense capabilities. The market in Asia Pacific, on the other hand, is expected to expand at a significant CAGR during the forecasted period due to the increased prevalence of terrorism and terrorist operations.

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