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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 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 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:
Based on technology, the market includes:
The leading application of the product includes:
The regional markets for riflescopes industry can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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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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:
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.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Sight Type |
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Breakup by Technology |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global riflescopes market attained a value of nearly USD 6.75 billion.
The market is projected to grow at a CAGR of 5.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 10.70 billion by 2032.
The major market drivers include the surging prevalence of terrorism and terrorist activities, rising demand for advanced hunting equipment, and increasing spending by the government on the defence and military sector.
The rise in demand for riflescopes from the leading armed forces, surging demand for precision attack technology, and technological advancements and innovations are the key trends propelling the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major sight types included in the market report are telescopic and reflex.
Electro optic, thermal imaging, and laser are the various technologies considered in the market report.
Hunting, armed forces, and shooting sports are the different applications of the product.
The major players in the market are Leupold and Stevens, Inc., Bushnell, Burris Company, Nikon Corporation, and Navistar, Inc., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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