Global Riflescope Market is projected to reach USD 6.29 Billion by 2025 at a CAGR of approximately 3.41% from 2019 to 2025. A riflescope is a telescopic device attached to the top of a rifle ti increase shot range and improve accuracy. The rising demand for riflescopes in shooting sports and hunting is expected to drive the growth of the riflescope market during the review period. Furthermore, technological advancements in the field of optics for enhanced precision are projected to fuel market growth. Riflescopes offer benefits such as anti-reflective, efficient light transmission, and night vision capabilities for enhanced targeting.
Riflescopes are widely used in the military by snipers. The need for enhanced targeting capabilities by military personnel is expected to positively impact market growth during the forecast period. The riflescope industry is fragmented with players ranging from multinational companies to small businesses. Players such as Zeiss and Nikon are innovators in the market as they have developed high-quality lenses for riflescopes.
Innovations in the field of optics
- Increasing Demand in Hunting and Shooting Sports
- Advancements in Riflescope Technology for Precision
- Stringent government regulations for hunting
By Sight Type
- Telescopic: The telescopic segment accounted for the larger market share in 2018. Telescopic sights allow for accurate aiming and offer high illumination, which improves precision.
- Reflex: As the target is represented as a red or green dot, it offers benefits such as rapid target engagement, increased visibility, and easy operability.
- Less than 8x: These riflescopes are used for short-range shooting. They are typically used in hunting and shooting sports.
- 8–15x: The 8–15x magnification segment led the market in 2018. Lenses with 8–15x magnification offer a balance of shot range and accuracy, which is expected to drive the growth of the segment during the forecast period.
- More than 15x: These scopes are primarily used by snipers in the military as it offers high magnification and resolution. Therefore, they are used to shoot targets that are at a distance of over 500 yards.
- EO/IR: EO/IR riflescopes have advanced optics capabilities that enable the user to shoot targets with enhanced accuracy.
- Thermal Imaging: Thermal imaging offers benefits such as enhanced surveillance capabilities, high visibility, and limited false alarms, which are driving the growth of the segment.
- Laser: Laser-enabled riflescopes are used in tactical missions as they offer enhanced targeting capabilities in low light, accuracy, and reliability.
- Short Range (Less than 100 Yards): The short-range segment dominated the market in 2018. Short-range riflescopes assist in rapid target acquisition, offer a wide field view, and are lightweight, leading to their use in hunting.
- Medium Range (100–500 Yards): These riflescopes enable users to experience enhanced target acquisition as they offer low magnification for clear vision of targets at long distances.
- Long Range (More than 500 Yards): Long-range scopes are mainly used by the military and special protection forces. Increasing terrorism across the world is expected to drive the growth of the segment during the review period.
- North America: North America dominated the riflescope market in 2018 and is projected to remain the largest regional market during the forecast period due to large-scale investments, especially by the US military, in the modernization of military equipment. Furthermore, the presence of key players in the region is expected to drive the regional market growth.
- Europe: The widespread use of riflescopes for hunting in European countries such as the Czech Republic, Slovakia, and Hungary is expected to drive market growth in the region.
- Asia-Pacific: The regional market is expected to register the highest CAGR during the forecast period. This growth can be attributed to the increasing popularity of shooting sports and hunting in Japan, Australia, and South Korea.
- Middle East & Africa: The use of riflescopes for security purposes is expected to drive market growth in the region.
- Latin America: The use of rifles in the military in Latin America is expected to positively impact market growth.
- Aimpoint (Sweden)
- BSA Optics (US)
- Burris Company (US)
- Bushnell (US)
- Carl Zeiss AG (Germany)
- Eotech (US)
- FLIR Systems (US)
- Hawke Optics (UK)
- Hensoldt (Germany)
- Leica Camera (Germany)
Other companies profiled in the report:
- Leupold & Stevens, Inc. (US)
- Nightforce Optics, Inc. (US)
- Nikon Corporation (Japan)
- Primary Arms LLC (US)
- Schmidt & Bender GmbH & Co. Kg (Germany)
- Sig Sauer (US)
- Steiner (US)
- Trijicon, Inc. (US)
- US Optics (US)
- Vortex Optics (US)