A riflescope, also known as optical sight, is widely used for hunting and in shooting sports in the Armed Forces. It is a telescopic vision that is mounted on the top of a rifle for enhancing the aim by magnifying and pinpointing a target. It allows for accuracy and precision over distances beyond what the shooters can see with an iron sight.
The worldwide riflescope market which was valued at USD 5.36 Billion in 2016 is projected to reach a value of USD 6.87 Billion in 2022, at a CAGR of 4.24% during the forecast period from 2016 to 2022.
Based on technology, the electro optic segment held a major share of about 68% of the total market share in 2016, whereas the thermal imaging/infrared technology is expected to witness the highest growth during the forecast period, mainly due to the increased adoption, especially in the military sector. On the basis of sight type, the telescopic segment is expected to be the largest market over the forecast period; however, the reflex segment is projected to grow at the highest CAGR.
Among applications, the hunting application is expected to be the leading market during the projected period, whereas the Armed Forces segment is estimated to grow at the highest CAGR in the coming years.
Regional growth scenario of the market
Among regions, Europe was the largest market for riflescopes in 2016, followed by North America and Asia-Pacific. It is also expected to witness the highest growth over the forecast period, owing to the rising popularity of precision sports such hunting and shooting sports in this region and soldier modernization programs. North America is predicted to be the second-largest market for riflescopes after Europe.
Drivers and restraints impacting the market growth
The steady growth of the global market for riflescopes is being primarily influenced by the following factors:
- Rising usage of riflescopes in hunting and shooting sports activities
- Growing adoption of riflescopes in military
- Technological advancements in riflescope technology for precision attack
Moreover, upgradation of military programs is expected to further increase the demand for advanced riflescopes, thereby driving the global market towards good growth ahead.
On the flip side, although a welcome step, the ban on hunting is likely to hinder the market growth in the years to come. Furthermore, high cost of riflescopes is a major challenge to be tackled by the manufacturers so as to cater to the needs of the market.
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Key players and strategies implemented for sustenance
Some of the major players operating in the global riflescope market include Bushnell (U.S.), Leupold (U.S.), BSA Optics (U.S), and Burris Optics (U.S.), among others. These companies are primarily adopting new product launches and contracts as their key strategies to achieve sustained growth as well as maintain their product portfolio. The strategy of new product launches held a major share of about 82% of the total market share between 2011 and 2016. Contracts were mainly signed with the U.S. military.
