The global riflescopes market size is anticipated to value USD 10.25 billion until 2027. It is also expected to register a CAGR of 4.8% over the forecasted period, 2020 to 2027. The rising need for target precision weapons for ensuring border security is expected to augment the market growth.
The telescopic sight type segment held the dominant share of 72.9% across the global market owing to its feature of providing enhanced optical clarity. The reflex segment is anticipated to gain substantial growth in the upcoming years due to their red dot scope of the feature that works similar to the mirror.
The segment of armed forces dominated the global market with an 80.2% share in 2019 on account of the surge in the demand for defense rifles. On the other hand, the shooting sports application segment accounted for substantial growth across the global market from 2020 to 2027 due to the rising number of outdoor sporting events.
In 2019, North America held the largest share of 33.0% across the global market owing to the increase in military spending across the U.S. While, the Asia Pacific is expected to account for the highest CAGR of 6.2% over the forecasted period, 2020 to 2027 due to the emergence of leading armed forces across India, China, North Korea and Japan coupled with an increasing number of border-related conflicts in countries like India and Afghanistan.
The riflescope market across the globe includes key players such as Hensoldt, Hawke Optics, Nightforce Optics, Leupold & Stevens, Inc, and Bushnell. Product innovation and development is carried out by the key players to widen their geographical reach and product portfolio.
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Further key findings from the report suggest:
• In 2019, the electro-optic technology segment held the dominant share of 59.8% across the global market.
• The shooting sports application segment accounted for substantial growth across the global market from 2020 to 2027.
• North America accounted for the highest share of 33.0% across the global market in 2019.
• The key players operating in this market are Hensoldt, Hawke Optics, Nightforce Optics, Leupold & Stevens, Inc, and Bushnell.
Million Insights has segmented the global riflescopes market on the basis of sight type, technology, application and region:
Riflescopes Sight Type Outlook (Revenue, USD Million, 2016 - 2027)
Riflescopes Technology Outlook (Revenue, USD Million, 2016 - 2027)
• Thermal Imaging
Riflescopes Application Outlook (Revenue, USD Million, 2016 - 2027)
• Armed Forces
• Shooting Sports
Riflescopes Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)
• Saudi Arabia