Rifle Scopes Market to Hit USD 1,193.6 Million by [2021-2028] | Rifle Scopes Industry Exhibit a CAGR of 6.54% During the Forecast Period

Pune, India, Feb. 22, 2022 (GLOBE NEWSWIRE) -- The rifle scopes market size was USD 750.9 million in 2020. The market is projected to grow from USD 765.9 million in 2021 to USD 1,193.6 million in 2028 at a CAGR of 6.54% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, "Rifle Scopes Market, 2021-2028." Factors such as critical control over magnification and the ability to predict where the bullet might impact will increase the footprint of the market during the forecast period. Additionally, a wider field view and a more natural image will boost the market's growth.

List of Key Players Present in the Rifle Scopes Market:

  • Aim point (Sweden)
  • ATN Corporation (U.S.)
  • Burris Company (U.S.)
  • Bushnell (U.S.)
  • EUPOLD & STEVENS, INC. (U.S.)
  • HENSOLDT AG (Germany)
  • NIGHTFORCE OPTICS (U.S.)
  • Schmidt & Bender GmbH & Co. KG (Italy)
  • SIG SAUER (U.S.)
  • Trijicon, Inc. (U.S.)
  • Vortex Optics (U.S.)
  • ZEISS Group (Germany)

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COVID-19 to have an Unchanged Effect on the Rifle Scopes Market

The COVID-19 impact severely impacted the rifle scopes industry by causing hindrances in supply chains, delaying production activities, and forcing dominant players to operate at less than an optimal workforce. Decreased weapon procurement was observed during the pandemic era to subvert funds towards the healthcare sector. Additionally, reduced import and export activities will negatively impact the market.

Market Segments: 

On the basis of magnification, the market can be divided:

  • into 1-8X
  • 8-15X
  • greater than 15X

By sight type, the market can be broken down into:

  • Telescopic
  • Reflective

With respect to end-use, the market can be segmented across:

  • Commercial
  • Defense

In terms of geography, the market can be categorized into:

  • North America
  • Europe
  • Asia-Pacific,
  • and the rest of the World.

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https://www.fortunebusinessinsights.com/riflescopes-market-105869

Report Coverage

The market report for rifle scopes contains a comprehensive analysis by focusing on critical aspects of prominent rifle scope companies, sight types, and leading applications. The report also focuses on critical factors such as market trends, competitive landscape, growth opportunities, and regional developments. The report also encompasses various factors that are responsible for affecting the market in a negative/positive manner during the forecast period.

Drivers & Restraints

Increasing Demand for Riflescopes in for Shooting Sports and Hunting to Increase Sales

Factors such as rising demand for firearms for shooting sports and hunting and rising shooting ranges worldwide will boost the rifle scopes market growth during the forecast period. Additionally, advanced technologies such as smart, thermal imaging, and infrared will increase the footprint of the market. Also, rising demand for night vision scopes will fuel the market's growth.

However, stringent government laws on banning rifles for hunting will limit the growth of the market during the forecast period.

Regional Insights

North America to Hold Significant Market Share due to Rising Military Expenditure

North America will occupy a considerable rifle scopes market share during the forecast period due to the region witnessing the highest military expenditure and rising number of military modernization programs. Additionally, the region is also home to a large number of shooting ranges. Increasing procurement of advanced rifles for the U.S. army will further fuel the market growth.

The Asia Pacific will witness significant growth due to rising defense expenditure from emerging economies such as China and India. The rising number of shooting ranges and increased procurement of advanced firearms will further boost the market's growth.

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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Industry Developments –Mergers, Acquisitions and Partnerships
    • Latest technological Advancements
    • Porters Five Forces Analysis
    • Supply Chain Analysis
  • Quantitative Insights- Impact of COVID-19 Pandemic on Rifle Scopes Market
  • Global Rifle Scopes Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Magnification
      • 1-8X
      • 8-15X
      • Greater than 15X
    • Market Analysis, Insights and Forecast – By Sight Type
      • Telescopic
      • Reflective
    • Market Analysis, Insights and Forecast – By End Use
      • Commercial
      • Defense
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia pacific
      • Rest of the world
    • Impact of COVID-19 on Global Rifle Scopes Market
    • Steps Taken by Industry/Companies/Governments to Overcome the Impact
    • Potential Opportunities Due to COVID-19 Outbreak

TOC Continued…!

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Competitive Landscape

Development of Advanced Rifle Scopes to Bolster Market Growth

The dominant market players in the rifle scopes sector are constantly striving for developing the next generation of products. For example, in January 2020, Trijicon Inc. announced the launch of six scopes tactical, hunting, competition, and long-range communities, along with new rifles in their AccuPoint line. Other players are focused on launching novel products to maximize revenue. Strategic approaches such as mergers & acquisitions along with collaborations are expected to raise the market's boundary towards a new horizon.

Key Industry Development

  • December 2020: The Indian Navy signed a contract with Israeli Firm Smart Shooter Ltd. for supplying SMASH 2000 Plus fire control systems, which will be installed on AK-47 and AK 203 rifles. 

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