The scope provides accuracy, increases the range of the rifle and provides a better view. It is used extensively by the armed forces, the shooting sports community and hunting. Most of the big companies already provide various features like HD micro display, night vision scope.
However, manufacturers are also focused on providing next-generation riflescopes with innovative technology, such as: B. an advanced zoom that increases the view by 1.5 times. With wireless technology, it has become easy to link images from a scope camera to the soldier’s night vision goggles.
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Linking these two allows soldiers to aim the weapon without having to raise it to the eye. In the meantime, military rearmament programs are also leading to an increased demand for technologically advanced riflescopes.
However, various factors such as hunting bans in different regions and high cost of riflescopes act as restraining factors in the riflescopes market.
According to the latest report by Fact.MR, the global Riflescopes market is expected to witness moderate growth. The market is forecast to register a CAGR of 4.0% during the forecast period 2017-2022. Advances in technology and increase in shooting as a sport activity are some of the factors that are leading to the growth of the rifle scope market.
Large market players are also beginning to sign contracts with the military and are also introducing new products. The following insights show how the global rifle scope market will develop in the coming years.
5 Forecast Highlights in the Global Riflescopes Market
- North America is expected to remain dominant in the global riflescope market. The North American riflescope market is expected to exceed $2,200 million in revenue by the end of 2022. Rising interest in shooting as a sport and increasing acceptance of rifle scopes in defense are some of the factors driving the growth of the rifle scope market in North America.
- Growth is also expected for Europe in the forecast period. Due to the increase in animal hunting activities and the introduction of the modernization program for soldiers, the demand for riflescopes with advanced features is increasing, which leads to a growth of the European riflescope market.
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- Rifle scopes are expected to be one of the most preferred rifle scope products. By the end of 2022, riflescope sales are expected to exceed $3,700 million. It’s also expected to account for nearly three-quarters of its revenue share by the end of 2017.
- Electro-optical technology in riflescopes is expected to account for the highest share of sales. Electro-optical technology is projected to create an additional opportunity of over $600 million between 2017 and 2022. Meanwhile, thermal imaging/infrared riflescope technology is also expected to show moderate growth over the forecast period.
- The scope is expected to be widely used in hunting. The hunt is expected to reach nearly $2,500 million in sales by the end of 2022. However, telescopic sights will also be used by armed forces. By the end of 2017, the armed forces are expected to account for almost two-fifths of sales.
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The report has also profiled leading market players in the global Riflescopes market that will remain active into 2022. These include companies such as Leupold & Stevens, Inc., Bushnell Inc., Burris Company, Inc., Hawke Optics, Vortex Optics, BSA Optics, Inc., SAM ELECTRICAL EQUIPMENTS (NANTONG) CO., LTD and Schmidt & Bender GmbH & Co .KG.
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