Industry Trend Analysis
The global Riflescope Market was worth USD 4.78 billion in 2014 and is expected to reach approximately USD 7.03 billion by 2023, while registering itself at a compound annual growth rate CAGR of 4.38% during the forecast period. A riflescope is a scope mounted on the highest point of a rifle that enhances one’s point by amplifying and pinpointing an objective. A riflescope is otherwise called optical sight and gives a positive come back to zero from any elevation modification. It is chiefly used for hunting, and discovers application in Armed Forces and shooting sports. The riflescope market is evaluated to develop significantly in the upcoming years. This development of the market can be credited to the ascent in shooting sports exercises, expanding selection of riflescopes in military, and advancements in technology. The market in Europe is foreseen to witness huge development, attributable to the prevalence of hunting sports.
Sight Type Outlook and Trend Analysis
In applications that require precision such as hunting or sniping, iron sights have been largely opted over telescopic sights. Telescopic sights render enhanced vision and assists shooters aim better at the objective. Precision in attack is anticipated to drive the riflescope market for telescopic sight type.
Technology Outlook and Trend Analysis
Riflescopes with the thermal imaging/infrared innovation are progressively discovering applications in Armed Forces, attributable to their utility in night missions. Animal hunters who hunt around evening time likewise make use of thermal imaging/infrared riflescopes. Inferable from these elements, the warm imaging/infrared portion is assessed to develop at a significant CAGR amid the figure time frame.
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Application Outlook and Trend Analysis
Based on applications, the Armed Forces segment is foreseen to develop at the highest CAGR amid the forecast period; the hunting application segment is anticipated to rule the market during the forecast period.
Regional Outlook and Trend Analysis
Europe is anticipated to rule the riflescope market amid the forecast period, owing to the rising popularity of animal hunting activities, soldier modernization activities, and shooting sports. North America is foreseen to be the second-largest market for riflescopes.
Competitive Insights
The leading players in the market are Burris Optics, Leupold and Stevens Inc, Vortex Optics, Nikon Optics and Bushnell Optics. New contracts and product launches were the major development factors implemented by the organizations in the riflescope market. The strategy of new product launches held share of 82 percent of the total developments registered in the market between 2011 and 2016.
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The Riflescope Market is segmented as follows-
By sight type:
Reflex
Telescope
By Technology:
Thermal Imaging/Infrared
Electro Optic
Laser
By Application:
Shooting Sports
Hunting
Armed Forces
By Region
North America
U.S
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia Pacific
Brazil
South Africa
Saudi Arabia
United Arab Emirates
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Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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