Global Riflescopes Market Report and Forecast 2024-2032

Global Riflescopes Market Outlook

The global riflescopes market reached a value of about USD 6.75 billion in 2023. The industry is further expected to grow at a CAGR of about 5.3% in the forecast period of 2024-2032 to reach a value of around USD 10.70 billion by 2032.

North America and Asia Pacific to be Significant Regional Markets for Riflescopes

North America currently dominates the riflescopes market, and this trend is likely to continue during the forecast period of 2024-2032 due to the increasing usage of new military weaponry to bolster the defence sector. In the forecasted timeframe, increased expenditure by the United States military and the deployment of contemporary battle equipment in the country are likely to promote regional market growth. Also, the presence of significant defence equipment manufacturers in the region, combined with strong demand from domestic consumers, is projected to fuel the market expansion.

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On the other hand, the Asia Pacific region is expected to dominate the market during the forecast period due to the increasing prevalence of terrorism and terrorist activities and the rise in demand from the leading armed forces of China, India, Japan, and North Korea. One of the strongest growth factors for the riflescopes industry in the Asia Pacific is China's increased defence budget. A high domestic production base and increased consumption of assault and sniper rifles by its defence sector are expected to drive the market growth for riflescopes in China.

Riflescopes Market Segmentation

Riflescopes are telescopic vision devices installed on the rifle's top. The primary purpose of using riflescopes is to improve one's aim and precision. Riflescopes are employed because of their magnification ability, which allows the human eye to see a clearer image. Riflescopes increase public safety by displaying precise aim to the naked eye. Riflescopes vary in weight depending on their modality and are typically used for long ranges.

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By sight type, the market is divided into:

• Telescopic
• Reflex

Based on technology, the market includes:

• Electro Optic
• Thermal Imaging
• Laser

The leading application of the product includes:

• Hunting
• Armed Forces
• Shooting Sports

The regional markets for riflescopes industry can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Demand for Precision Attack Technologies Boosting the Market Growth

The global market for riflescopes has increased as the demand for precision attack technology has increased. Riflescopes is expected to benefit from rising technical advances and improvements, which will provide profitable growth prospects for the industry. Other technological advances, such as integration with night vision goggles and riflescopes for smart rifles, are expected to spur the development of new and more technologically advanced riflescopes. The rising demand for advanced hunting equipment, coupled with the increased popularity of hunting and shooting sports is also augmenting the riflescopes market growth. The growing availability of more technologically advanced riflescope with thermal imaging will further induce growth in the demand for riflescopes. Increased spending by the government on the defence and military sector will also propel growth in the demand for riflescopes. The growth of the riflescopes market can be attributed to rising cross-border conflicts and terrorist activities, and increased spending on defence and military equipment. 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.

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Key Industry Players in the Global Riflescopes Market

The report gives a detailed analysis of the following key players in the global riflescopes market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Leupold and Stevens, Inc.
• Bushnell
• Burris Company
• Nikon Corporation
• Navistar, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report