Global Riflescope Market to Surge to USD 6,000 Million by 2026

Findings from Facts and Factors report "Riflescope Market By Type (Telescopic Sight, Reflex Sight) By Technology (Electro-Optic/IR, Thermal Imaging, Laser) and By Application (Hunting, Armed Forces, Shooting Sports): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020-2026" states that the global riflescope market in 2019 was approximately USD 4,000 million. The market is expected to grow at a CAGR of 3% and is anticipated to reach around USD 6,000million by 2026.

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A riflescope is used to improve visibility by enlarging and recognizing the target. It is a telescopic device fixed at the uppermost portion of the rifle. Riflescope is used for several purposes like sporting such as commonwealth games and Olympics, for hunting and in the defense sector. Riflescopes have a variety of knobs such as elevation adjustment knob, windage adjustment knob, and parallax focus knob that serve diverse tasks. Riflescope is different in weight, and riflescope magnification need depends upon the target size.

Technological innovations and the need for hunting applications is the aspect to drive the riflescope market. The essentiality of smart weapons, modernization programs for the soldiers is driving the market growth. Manufacturers are developing superior riflescope with numerous applications. With the emerging technology, manufacturers are introducing advanced riflescope that contains various features such as rifles with an in-built laser range finder with accuracy. The advance riflescope also includes a color graphics display, geotagging. Similarly, more such innovations in technology are being introduced in the riflescope may lead as a driver for the growth of the riflescope market. Smart riflescope which is arranged to provide direct vision on the smart goggle of the user is also being developed which may lead as a market driver. Riseconsumer interests in shooting sports and growth in new product development with ground-breaking skills by manufacturers are some of the trends generating the demand for a riflescope. The requirement of high investment in riflescope production may create restraints in market evolution. Increasing demand for a smart riflescope, the need for advanced riflescope in the defense sector is generating attractive opportunities in the industry.

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Riflescope type is divided into telescopic sight, reflex sight. By comparing the reflex sights and telescopic sight, telescopic sight is gaining popularity in the riflescope globally. Telescopic sight recorded the highest sales, with over 10,000 units sold in 2019. Meanwhile, the reflex sight segment is also expected to bolster the market growth in the future years.

By application, the riflescope is bifurcated into hunting, armed forces and shooting sports. In 2019, The hunting category headed the market with more than USD 2,000 million and combined with its growing use in hunting activities is anticipated to increase the demand for rifle scopes in the near future.

By technology, the electro-optic/IR riflescope segment has shown huge sales in 2019, it was more than 7,900 units. Moreover, thermal imaging technology is also likely to experience growth during 2020-2026. Application-wise, the riflescope is majorly used for hunting activities. Hunting application is estimated to increase the market consumption over CAGR 3% in the forecast period.

By geography, North America held the largest market share in the global riflescope industry. In 2019, the North America region was valued more than USD 1,700 million. North America was followed by Asia-Pacific and Europe in 2019. Technological innovations and increasing the adoption of riflescopes in the defense sector are some of the factors boosting the market in these regions.

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Some key players holding the top position in the riflescope market are Holosun Technologies, Bushnell, Leupold, Burris, Hensoldt, Leapers, Tasco, Nikon, Schmidt & Bender, WALTHER, Nightforce, Vortex Optics, Barska, BSA Optics, Swarovski Optik, Meopta, Carl Zeiss AG (ZEISS), Sightron, Inc., Sightmark, Carl Zeiss AG (ZEISS), Simmons, Aimpoint AB, Gamo Outdoor S.L.U., SAM ELECTRICAL EQUIPMENTS (NANTONG) CO., LTD., Nantong Universal Optical Instrument, SIG SAUER, and other.

This report segments the riflescope market as follows:

Global Riflescope Market: By Type Segment Analysis

Telescopic Sight
Reflex Sight

Global Riflescope Market: By Technology Segment Analysis

Electro-Optic/IR
Thermal Imaging
Laser

Global Riflescope Market: By Application Segment Analysis

Hunting
Armed Forces
Shooting Sports

Global riflescope Market: Regional Segmentation Analysis

North America
The U.S.
Canada
Europe
Germany
The UK
France
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa

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