Riflescope Market Research Report - Global Forecast till 2030

Riflescope Market Research Report: Information by Sight Type (Telescopic and Reflex), Magnification (Less than 8x, 8‚Äď15x and More than 15x), Technology (EO/IR, Thermal Imaging and Laser), Range (Short Range [Less than 100 Yards], Medium-Range [100‚Äď500 Yards] and Long Range [More than 500 Yards]), Application (Military & Defense, Hunting and Sports) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2030

ID: MRFR/A&D/7146-HCR | 168 Pages | Published By Sejal Akre on March 2023         

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Global Riflescope Market Overview


Riflescope Market Size was valued at USD 0.8 billion in 2022. The riflescope market industry is projected to grow from USD 0.85 Billion in 2023 to USD 1.2 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.87% during the forecast period (2023 - 2030). Rising Interest in Hunting and Shooting Sports, as well as Advances in Riflescope Technology for Precision are the key market drivers enhancing the market growth
Riflescope Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Riflescope Market Trends



  • Growing sales for Precision Attack Technologies are driving the market's growth


Market CAGR for riflescope market is being driven by the rising technological advancements and improvements are predicted to benefit riflescopes and offer profitable growth opportunities for the sector. The development of new and more technologically advanced riflescopes is anticipated to be sparked by other technological developments, such as the incorporation of night vision goggles and riflescopes for smart rifles.


The market for riflescopes is expanding as a result of rising hunting equipment demand as well as the popularity of shooting and hunting sports. The demand for riflescopes will continue to rise as more technologically sophisticated models with thermal imaging become more widely available. Government spending on the military and defence sector will also fuel growth in the market. The leading market competitors in the rifle scopes business are continually developing new products.


Rifle scopes market growth will be aided by factors like rising shooting range usage globally and rising demand for firearms for hunting and shooting sports. The market footprint will also grow as a result of cutting-edge technologies like smart, thermal imaging, and infrared. The market will expand as a result of rising demand for night vision scopes.


For instance,  Trijicon Inc. announced the January 2020 introduction of six tactical, hunting, competition, and long-range scopes, as well as new AccuPoint guns. Some players are working on creating unique items to improve sales. As a result, the riflescope market revenue is increasing.


Riflescope Market Segment Insights


Riflescope Sight Type Insights


The Riflescope Market segmentation, based on sight type includes telescopic and reflex. The telescopic segment has accounted for the majority of Riflescope Market Share. This is owing to its enhanced features, which boost precision, such as accurate aiming and lighting. The reflex section has a quick target engagement, simple operation, and greater visibility. These characteristics improve the reflex segment.


Riflescope Magnification Insights


The Riflescope Market segmentation, based on magnification, includes less than 8x, 8 to 15x, and more than 15x. 8x rifles are short-range rifles used for short-range shooting. The 8x category is driven by hunting and shooting activities. The 8 to 15x category accounts for the majority of the Riflescope Market Share, and qualities such as short-range and accuracy drive this sub-segment. Because of its increased magnification and resolution, the more than 15x magnification portion is primarily utilized by military snipers.


Riflescope Technology Insights


The global Riflescope industry is divided into three technology segments: EO/IR, thermal imaging, and laser. Because of their excellent optic capability, EO/IR riflescopes can hit the target with pinpoint accuracy. Thermal imaging provides greater surveillance, increased visibility, and alerts for false alarms. These qualities are driving the segment forward. Laser riflescopes are extensively utilized in tactical missions due to capabilities such as accurate targeting in low light.


Riflescope Range Insights


In the range category, the Riflescope Market segmentation is divided into short-, medium-, and long-range options. Because to its characteristics including quick target acquisition, wide field of view, and lightweight, the short-range category has been ruling the market for the past few years. The medium-range riflescopes give users improved target acquisition and sharper vision of the distant target. Military forces typically employ extended ranges. Due to an increase in terror incidents, the long-range segment has a notable growth rate during the predicted period.


Figure1: Riflescope Market, by Range, 2022 & 2030 (USD billion)
Riflescope Market, by Range, 2022 & 2030


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Riflescope Application Insights


The Riflescope Market data, based on application, includes military & defense, hunting and sports. During the forecast period, the defence segment is expected to grow significantly. The increase is due to an increase in the defence budget, increased rifle procurement contracts, and military force expansion. Military forces are replacing traditional rifle scopes with advanced scopes, which is driving market growth.


Riflescope Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. North America presently dominates the riflescopes market, and this trend is expected to continue throughout the forecast period of 2021-2030 due to the increased use of new military equipment to reinforce the defense sector. Increased military spending and the deployment of modern war equipment in the country are expected to drive regional market expansion in the anticipated timeframe. Furthermore, the existence of important defense equipment manufacturers in the region, combined with strong demand from domestic consumers, is expected to boost market expansion.


Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure2: RIFLESCOPE MARKET SHARE BY REGION 2022 (%)


RIFLESCOPE MARKET SHARE BY REGION 2022


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe’s riflescope market accounts for the second-largest market share due to the rising demand for highly precise weapons for military forces and hunting. Further, the German riflescope market held the largest market share, and the UK riflescope market was the fastest-growing market in the European region


The Asia-Pacific Riflescope Market is expected to grow at the fastest CAGR from 2023 to 2030. This is 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. . Moreover, China’s riflescope market held the largest market share, and the Indian riflescope market was the fastest-growing market in the Asia-Pacific region.


Riflescope Key Market Players & Competitive Insights


Leading market players are extensively spending in R&D to increase their product ranges, which will help the riflescope market grow even further. Important market developments include new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other firms. To grow and survive in a more competitive and increasing market environment, the riflescope industry must provide cost-effective products.


Producing locally to reduce operational costs is a key business strategy utilized by manufacturers in the worldwide riflescope industry to benefit clients and expand the market sector. In recent years, the riflescope industry has provided some of the most significant medical benefits. Aimpoint (Sweden), BSA Optics (US), Burris Company (US), Bushnell (US), Carl Zeiss AG (Germany), Nikon Corporation (Japan),  Primary Arms LLC (US). and other major companies in the riflescope industry are increasing their presence across various regions and entering new markets such as China and India to enhance their profits.


The SIG Sauer brand is used by several brother companies that design and manufacture weapons. The original firm, Schweizerische Waggonfabrik (SWF), afterwards Schweizerische Industrie-Gesellschaft (SIG), was sold multiple times, resulting in the SIG Sauer name being dispersed among several companies. The original SIG is now known as SIG Combibloc Group, and it no longer sells firearms. SIG Sauer, Inc. is the American corporation. SIGARMS was created in 1985 in Virginia to import and distribute SIG Sauer weapons in the United States; its headquarters were relocated to New Hampshire in 1990. This company was renamed SIG Sauer, Inc. in 2007 and has been organizationally separate from SIG Sauer GmbH since 2000. In November 2020, SIG SAUER signed a USD 77 million contract with the US Army to develop a new scope for M4A1carbine rifles. The company developed the TANGO6T rifle scope under the contract, which allows for long-range targ st and close-quarter sightings with the ability to instantly switch between one- and six-times magnification.


Hensoldt AG (HENSOLDT) is a German multinational firm that specializes in sensor technology for protection and surveillance operations in the defense, security, and aerospace industries. Radar, optoelectronics, and avionics are the primary product areas. Hensoldt's headquarters are in Taufkirchen, near Munich, Germany. The company arose from the electronics business arm of the Airbus Group's defense division. Airbus sold this business unit to the US financial investor KKR for 1.1 billion euros at the end of February 2017. In June 2022, Hensoldt Theon NightVision GmbH is a joint venture between Hensoldt's business unit Hensoldt Optronics GmbH and Theon Sensors SA.


Key Companies in the riflescope market include



  • 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)

  • Nightforce Optics, Inc. (US)

  • Nikon Corporation (Japan)

  • Primary Arms LLC (US)

  • Schmidt & Bender GmbH & Co. Kg (Germany)


Riflescope Industry Developments


In January 2022 The new Patrol 6HD riflescope from Leupold has a real 1-6 magnification range and a 6:1 zoom ratio to deal with mid-range threats.


In October 2022 New V8 Riflescope Family Generation Unveiled by ZEISS ZEISS aids hunters in their success with four new V8 variants.


In December 2020 The SMASH 2000 Plus fire control systems will be installed on AK-47 and AK 203 rifles, according to a contract the Indian Navy signed with the Israeli company Smart Shooter Ltd.


Riflescope Market Segmentation


Riflescope Market Sight Type Outlook



  • Telescopic

  • Reflex


Riflescope Market Magnification Outlook



  • Less than 8x

  • 8–15x

  • More than 15x


Riflescope Market Technology Outlook



  • EO/IR

  • Thermal Imaging

  • Laser


Riflescope Market Range Outlook



  • Short Range

  • Medium-Range

  • Long Range


 Riflescope Market Application Outlook



  • Military & Defense

  • Hunting

  • Sports


Riflescope Regional Outlook




  • North America



    • US

    • Canada




  • Europe



    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe




  • Asia-Pacific



    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific




  • Rest of the World




    • Middle East




    • Africa




    • Latin America







Report Scope:

Report Attribute/Metric Details
Market Size2022 USD 0.8 billion
Market Size 2023 USD 0.87 billion
Market Size 2030 USD 1.2 billion
Compound Annual Growth Rate (CAGR) 6.87% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
Historical Data 2019- 2021
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Sight Type, Magnification, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled   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, Sig Sauer (US,) Steiner (US),  Trijicon Inc. (US),  US Optics (US),  Vortex Optics (US).
Key Market Opportunities ·       Hunting is subject to strict regulatory regulations.
Key Market Dynamics ·       Interest for hunting and shooting sports is increasing.
 

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Frequently Asked Questions (FAQ) :

The Riflescope Market size was valued at USD 0.8 Billion in 2022.

The global market is projected to grow at a CAGR of 6.87% during the forecast period, 2023-2030.

North America had the largest share of the global market

The key players in the market are Aimpoint (Sweden), BSA Optics (US), Burris Company (US), Bushnell (US), Carl Zeiss AG (Germany), Nikon Corporation (Japan), Primary Arms LLC (US).

The short-range riflescope category dominated the market in 2022.

The telescopic had the largest share of the global market.