CHICAGO, Aug. 17, 2020 /PRNewswire/ -- According to the new market research report "Riflescopes Market by sight type (telescopic, reflex), application (armed forces, hunting, shooting sports), technology (EO/IR, thermal imaging, laser), end user, weapon compatibility, function, range and region - Global Forecast to 2025", published by MarketsandMarkets™, the Riflescopes Market size is projected to grow from USD 5.7 billion in 2020 to USD 7.3 billion by 2025, at a CAGR of 5.0% from 2020 to 2025. The advancements in riflescope technology for precision attack and increasing demand for riflescopes for hunting and shooting sports are some of the factors expected to drive the growth of the market.
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"Growing soldier modernization programs and increasing demand for riflescopes for hunting and shooting sports are key factors fueling the growth of the riflescopes market across the globe."
Shooting sports have become popular in various sporting events, such as Olympics and Commonwealth Games. Participants are increasingly willing to pay hefty fees for training in shooting sports. For instance, in India, awareness about shooting sports has tremendously increased ever since the country started winning medals in the Olympics. Rising soldier/military modernization programs also fueling the growth of this market. For instance, in June 2019, the Indian government signed contracts with Fabbrica dArmi Pietro Beretta S.p.A. (Italy) and Barrett (US) for the procurement of 5,719 sniper rifles.
"Based on sight type, the telescopic segment of the riflescopes market is projected to grow at a higher CAGR during the forecast period."
Based on sight type, the telescopic segment of the market is projected to grow at a higher CAGR during the forecast period as compared to the reflex segment. The demand for the new range of telescopic riflescopes is higher in North America and Europe. According to the Small Arms Survey, 2018, the US had 120.5 firearms per 100 residents. This high number is a major demand driver for riflescopes in the US.
"The Asia Pacific riflescopes market is projected to grow at the highest CAGR during the forecast period."
The Asia Pacific riflescopes industry is projected to grow at the highest CAGR from 2020 to 2025. The growth of the market in this region can be attributed to the increasing events of hunting and shooting sports in Australia, Japan, and South Korea. China and India have limited presence in the commercial riflescopes market as compared to other countries in the region. However, an increase in the defense expenditure of India and China has accelerated the demand for riflescopes for land forces in these countries.
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Key players profiled in the riflescopes market include SIG Sauer, Inc., (US) Vortex Optics, (US) and Leupold & Stevens, Inc., (US) Burris Company, Inc., (US) Trijicon, Inc., (US) and Nightforce Optics (US) among others.
This report segments and analyzes the riflescopes market during the forecast period. The market has been classified based on sight type (telescopic and reflex), Technology (EO/IR, thermal imaging, and laser), application (armed forces, hunting and shooting sports), range (short, medium and long), function (day sights, night sights), weapon compatibility (sniper rifles, automatic rifles), end use (defense, commercial) and region (North America, Europe, Asia Pacific, and Rest of the World).
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