Global Riflescopes Market to Reach USD 10.70 Billion by 2032, Aided by the Rising Demand for Precision Attack Technologies

An increasing number of people showing interest in shooting sports and a rise in new product development with innovative technology by manufacturers are some of the trends driving the demand for riflescope. New and technologically advanced riflescopes are projected to emerge as a result of technical advancements, such as integration with night vision goggles and riflescopes for smart firearms. Rising demand for precision attack technologies has resulted in growth in the demand for riflescopes globally. Also, the increased need for precision aiming at long distances and in a variety of lighting conditions is likely to provide chances for market competitors to further enhance riflescopes. Developing countries, in particular, are replacing their armed forces' conventional rifles with new assault rifles equipped with advanced riflescopes. For example, India declared in June 2019 that it plans to produce 650,000 AK-203 assault rifles with new riflescopes, fueling the rise of riflescopes. The expansion of the riflescopes market is projected to be aided by an increase in the number of military facilities established by major defence organisations throughout the world, which is predicted to boost the inventory of rifles and other weaponry. Unstable political relations between large geographies, combined with an increase in terrorist acts, have boosted demand for long-range and short-range weapons to combat the conditions.

To grow the business, key players are using a variety of conventional methods such as collaborations, increased manufacturing capacity, and regional development. These companies are pursuing contracts with the world's biggest military and developing customised scopes for use on custom-made firearms and rifles. For instance, Leupold & Stevens, Inc., in collaboration with Aimpoint, has been granted a USD 42.8 million military optics contract to produce Mark 6 riflescopes and Mark 6 riflescope-integrated mounting systems. This contract will serve as the foundation for the next generation of integrated optical aiming systems for modern small weapons.

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Market Analysis by Sight Type, Technology, Application, and Regions:

• Based on sight type, the market is categorised into telescopic and reflex.

• On the basis of technology, the market is divided into electro optic, thermal imaging, and laser.

• The applications of the product include hunting, armed forces, and shooting sports.

• The regional markets for riflescopes include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Increased spending by the government on the defence and military sector will also propel the demand for riflescopes.

• The rising global investments in the procurement of advanced automatic weapons to replace the old and conventional weapons is another factor that is expected to fuel the growth of the riflescope market.

• The increasing usage of new military weaponry to bolster the defence sector will augment the market growth.

• Increased consumption of assault and sniper rifles by its defence sector are expected to drive the market growth for riflescopes.

Key Offerings of the report:

• The EMR report gives an overview of the global riflescopes market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for sight type, technology, application, and major regions of riflescopes.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

• The major players in the global riflescopes market are Leupold and Stevens, Inc., Bushnell, Burris Company, Nikon Corporation, and Navistar, Inc., among others.

The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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