Riflescopes Market by Sight Type (Reflex, Telescopic), Technology (Thermal Imaging, Electro-Optic, Laser), Application (Armed Forces, Shooting Sports, Hunting), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028
Newark, NJ, Feb. 16, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global riflescopes market is expected to grow from USD 7.35 billion in 2020 to USD 10.61 billion by 2028, at a CAGR of 4.7% during the forecast period 2021-2028.
Some of the key factors that are fuelling the growth of the global riflescopes market include rising geopolitical tensions, increasing terror attacks, increasing demand for target accuracy in hand-held weapons, increasing requirement for long- & short-range target acquisition, growing popularity of shooting & hunting sports, and rising adoption of hi-tech, advanced riflescopes. Rising geopolitical tensions, especially around the South China Sea region, have led to defense budget expansions in many APAC countries like China, India, Japan, Vietnam, and Taiwan. Some other major nations that are expanding their militaries are the U.S., Russia, and France.
A good riflescope has the following characteristics: lightweight, simple & quick installation mechanism, rigid casing, high accuracy as well as precision, and adjustable range. Armies are the major buyers of riflescopes as they need them to increase the range of their assault rifles. Another key application is in competitive shooting sports. There are special types of riflescopes as well, designed for specific conditions. Night vision scopes allow acquiring the target in the night time or low light conditions. Thermal imaging riflescopes capture the heat signature of living organisms or motorized vehicles. Thermal riflescopes are available in QVGA (Quarter Video Graphics Array) & VGA (Video Graphics Array) formats.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the riflescopes market. With less disposable income and broken supply chains, the market’s growth is expected to slow down. Other market restraints are the rising rate of the ban on hunting animals and the high price of rifle scopes.
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Key players operating in the global riflescopes market include SIG SAUER, Bushnell, Hawke Optics, Burris Company, Inc., Nightforce Optics, Hensoldt, and Leupold & Stevens, Inc., among others. To gain a significant market share in the global riflescopes market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. SIG SAUER and Hawke Optics are some of the biggest manufacturers and suppliers of riflescopes in the global market.
Telescopic segment dominated the market and held the largest market share of 63.52% in the year 2020
The sight type segment consists of reflex and telescopic. The telescopic segment dominated the market and held the largest market share of 63.52% in the year 2020. Telescopic sights offer high accuracy & precision while creating graphical image patterns. They are optimal for target acquisition for short-range and long-range both.
Electro-optic segment dominated the market and held the largest market share of 38.89% in the year 2020
Based on technology, the global market has been divided into thermal imaging, electro-optic, and laser. The electro-optic segment dominated the market and held the largest market share of 38.89% in the year 2020. Electro-optic scopes are highly accurate in long ranges; hence, they are quite favored in military and hunting applications.
Armed forces dominated the market and held the largest market share of 58.41% in the year 2020
On the basis of application, the riflescopes market has been segmented into armed forces, shooting sports, and hunting. The armed forces segment dominated the market and held the largest market share of 58.41% in the year 2020. The large share of this segment can be attributed to factors like rising global tensions, increase in terror attacks, border skirmishes, and increasing demand for advanced, next-generation assault rifles.
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Regional Segment Analysis of the Riflescopes Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global riflescopes market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 41.0% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as rising defense spending by the US Government for military modernization efforts, developments in defense research & development, expanding number of overseas military bases, and increasing civilian gun ownership. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2021-2028. This growth is owing to factors like rising border conflicts, an increase in terrorism, and the increasing prevalence of shooting games in the region. The militarization of countries like Japan, South Korea, India, Australia, Taiwan and many other APAC countries is ever increasing due to the threat of China.
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About the report:
The global riflescopes market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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