Riflescopes Market Size
|Study Period||2018- 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|CAGR||> 2.50 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Riflescopes Market Analysis
The riflescopes market is projected to register a CAGR of more than 2.5% during the forecast period.
- The growth in military spending to support the soldier modernization programs of various countries is propelling investments in the procurement of new riflescopes that offer higher magnification and accuracy of the target.
- The rise in recreational shooting activities, like sporting and hunting, drives the growth of riflescopes. Due to the presence of a higher number of manufacturers (mostly regional) in the market, the market is highly fragmented. Companies are developing new riflescopes integrated with advanced technologies to increase accuracy.
Riflescopes Market Trends
The Military Segment is Expected to Register the Highest Growth During the Forecast Period
- The military segment is expected to witness the highest growth during the forecast period, owing to the modernization programs of various countries and the rise in defense expenditures across all countries. The procurement of new and advanced infantry weaponry, like sniper rifles, light machine guns, and automatic weapon systems, is expected to drive the segment's growth.
- For instance, in April 2022, the US Army awarded a contract to SIG Sauer for two new soldier weapons, the XM5 rifle and the XM250 automatic rifle. In January 2021, the Indian Army received the first consignment of 6,000 Israeli Negev Light Machine Guns out of the 16,000 ordered under the Fast Track Procedure.
- Such robust plans are anticipated to generate demand for new and advanced riflescopes during the forecast period. Also, the procurement of advanced scopes by the armed forces for higher accuracy and effectiveness to hit the target may propel growth during the forecast period.
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Asia-Pacific is Projected to Register the Highest CAGR During the Forecast Period
- Asia-Pacific is projected to register the highest CAGR during the forecast period, owing to the rapid military modernization plans of countries in the Asia-Pacific region, such as China, India, and South Korea, some of the biggest defense spenders in the world. The major emerging economies in the region, like China and India, are aggressively increasing their investments in the defense sector for soldier modernization, owing to territorial issues and geopolitical tensions.
- For instance, in January 2022, India announced rapidly upgrading its defense capabilities with 93 military modernization projects worth USD 18.4 billion. In addition, in December 2021, India and Russia signed a deal to manufacture AK-203 Assault rifles in India. Such initiatives by the countries' governments to increase the capabilities of their frontline troops of armed forces are anticipated to generate demand for new riflescopes during the forecast period.
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Riflescopes Industry Overview
The riflescope market is highly fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the riflescope market are Burris Company, Hawke Optics, Hensoldt, Leupold & Stevens Inc., and Nightforce Optics. Several companies have formed long-term partnerships with the armed forces to upgrade and enhance the battlefield capabilities of infantry soldiers and develop future soldier modernization programs of defense ministries. Companies are investing heavily in R&D to innovate new and advanced products and technologies that may help the soldiers on the frontline have a tactical advantage over the rivals.
Riflescopes Market Leaders
Leupold & Stevens Inc.
*Disclaimer: Major Players sorted in no particular order
Riflescopes Market News
- February 2022: Leupold introduced the new Patrol 6HD riflescope for dealing with mid-range threats and offers a 6:1 zoom ratio with a true 1-6 magnification range.
- June 2022: Hensoldt's business unit Hensoldt Optronics GmbH and Theon Sensors SA established a joint company called Hensoldt Theon NightVision GmbH.
Riflescopes Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Sporting and Hunting
5.1.2 Law Enforcement
5.2 Sight Type
5.3.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Leupold & Stevens Inc.
6.2.2 Bushnell Corporation
6.2.3 Burris Company
6.2.4 Scmidth & Bender GmbH & Co.
6.2.5 Hawke Optics
6.2.6 BSA Optics
6.2.7 Nikon Corp.
6.2.8 Trijicon Inc.
6.2.9 Carl Zeiss AG
6.2.10 Nightforce Optics
6.2.11 Sig Sauer Inc.
6.2.12 FLIR Systems Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Riflescopes Market Research FAQs
What is the current Riflescopes Market size?
The Riflescopes Market is projected to register a CAGR of greater than 2.5% during the forecast period (2023-2028).
Who are the key players in Riflescopes Market?
Hawke Optics, Hensoldt, Leupold & Stevens Inc., Burris Company and Nightforce Optics are the major companies operating in the Riflescopes Market.
Which is the fastest growing region in Riflescopes Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Riflescopes Market?
In 2023, the North America accounts for the largest market share in the Riflescopes Market.
Riflescopes Industry Report
Statistics for the 2023 Riflescopes market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Riflescopes analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.