Riflescopes Market Size, Share & Trends Analysis Report By Sight Type (Telescopic, Reflex), By Technology (Electro Optic, Thermal Imaging, Laser), By Application, By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global riflescopes market size was valued at USD 7.02 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.8% from 2020 to 2027. The rise in demand for target precision in hand-held weapons is expected to increase the utilization of riflescopes. Furthermore, the growing need for target aiming at short as well as long-distance is likely to offer growth prospects for the market. Commercially, riflescopes are not widely available to everyone owing to the restrictions on weapons in major geographies. However, defense organizations in major states and territories have agreed on the procurement of riflescopes to enhance the targeting capabilities. Moreover, enhancements in the military by major economies, including the U.S., India, China, France, and Russia, are expected to support the market growth in the estimated time.

In the U.S., the market for riflescopes is expected to expand at a CAGR of 5.2% over the forecast period. Military enhancements in the country, coupled with the adoption of the latest technological war weapons, are likely to offer growth opportunities. Moreover, ongoing political conflicts with Iran are expected to increase the procurement of rifles and assault guns, thus supporting the market growth.

Defense organizations across the globe are focusing on the improvements in their respective capabilities by adopting machinery and tools with technological enhancements. Moreover, a rise in the number of military bases by prominent defense organizations across the globe is expected to increase the inventory for rifles and other guns, which is anticipated to support the riflescopes market growth.

Telescopic sights are widely accepted on account of long-range aiming and adjustments in the scopes. The growing need for precision aiming at war locations and critical sites is expected to create opportunities for the market. Moreover, shooting sports activities are gaining popularity on account of global exposure, thus supporting the market growth.

Electro-optic, thermal imaging/infrared, and laser are the technologies used to develop the scopes. Technological developments in the riflescopes have created thermal imaging and laser aiming mechanisms to enhance the aiming activities. Also, the growing demand for precision aiming from long distances and in several lighting conditions is expected to create opportunities for the players to further develop the riflescopes in the market.

Sight Type Insights

In 2019, the telescopic sight type segment accounted for the largest share of 72.9% and is expected to expand at the fastest CAGR over the forecast period. Telescopic sight mechanism offers optical accuracy and creates graphical image patterns in the products, thus are suitable for target aiming for long-range as well as short-range.

These riflescopes are widely accepted on account of precise accuracy, rigid casing, lightweight, adjustable range, and easy to install mechanism. Armies and defense organizations across the globe are the major consumers of these products owing to their suitable characteristics and easy mechanics. Moreover, a notable share of these products is consumed in shooting sports applications.

Reflex sight scopes are majorly categorized as red dot scope that functions as a mirror. It is installed with a transparent mirror that reflects the targeted image and allows the user to catch it through the red dot. The growing need for target aiming at a short distance from rifles and assault guns is expected to augment the segment growth in the upcoming period.

These riflescopes are available in two forms: clear window type and tube-shaped type. However, these riflescopes fail to perform the zoom-in and zoom-out functions, thus are losing popularity in rifles and other war weapons. However, shooting sports applications of these products are expected to provide growth opportunities for the segment.

Technology Insights

The electro-optic technology segment accounted for the largest share of 59.8% in 2019 and is anticipated to maintain its lead in the projected time. Improved precision in aiming supported by the provision of long-range targets is expected to increase the penetration of electro-optic scopes in hunting activities. Moreover, these electro-optic riflescopes are used in the armed forces for long-range shooting.

Thermal imaging riflescopes are used in low light conditions to detect targets easily. These majorly have an electronic mechanism installed that can focus on the targets easily. Thermal riflescopes are commercially available in VGA and QVGA formats that can produce a high-quality image of the targets. Therefore, these scopes are gaining popularity in armed forces and hunting applications.

Laser technologies for riflescopes are gaining notable share in the market owing to their precision in targeting the objects. Majorly, red or green laser beam mechanisms are installed along with the optical scopes for target setting. Long-range, high intensity, and lightweight mechanisms of the laser generator are expected to increase its utility in rifles for long and short-range targets.

Technological developments in weapons, such as rifles, semi machine guns, assault rifles, and sniper rifles, are likely to create growth opportunities for the segment. The adoption of modern technologies and optical products in aiming devices is anticipated to increase the demand for riflescopes in the projected time.

Application Insights

The armed forces application segment accounted for the largest share of 80.2% in 2019 on account of high demand from defense rifles. The rising need for advanced rifles and other guns among leading military organizations across the globe is expected to create demand for rifle scopes in the upcoming period.

Unstable political relations between major geographies, coupled with a rise in terrorist attacks, have increased the demand for long-range and short-range weapons to tackle the situations. Prominent defense systems in North America and the Asia Pacific are enhancing their military capabilities, thus are procuring advanced guns and rifles, which is expected to support the segment growth on a positive note.

The shooting sports application segment is expected to gain a notable share in the market in the years to come owing to the rise in outdoor sporting events and the increasing popularity of shooting games. Furthermore, international events including the Olympics and Commonwealth Games are expected to increase the popularity of shooting sports, thus positively affecting the segment growth.

The hunting application segment is likely to lose some share to its counter applications of the products owing to the rise in concerns over the protection of wildlife. Stringent regulations and animal protection act across the globe are likely to decrease hunting activities, which is anticipated to hamper the segment growth.

Regional Insights

North America dominated the global market in 2019 with a share of more than 33.0% and is expected to witness significant growth in the projected time. Increasing investment by the U.S. military and the adoption of modern war equipment in the country is expected to support the regional market growth in the estimated timeframe.

In 2019, the U.S. was the largest consumer of the products in North America. Developments in defense research operations and an increasing number of military bases across the globe are expected to increase the demand for rifles and guns, thus expected to have a positive impact on market growth.

Europe emerged as the second-largest consumer of the products owing to the high acceptance of technologically advanced equipment by the armed forces. Prominent forces in the region are inclusive of the U.K., Germany, France, and Russia among others. The presence of leading defense equipment manufacturers in the region, coupled with high demand from domestic consumers, is expected to support the market growth.

Asia Pacific is expected to expand at the fastest CAGR of 6.2% over the forecast period on account of the rise in demand from the leading armed forces of China, India, Japan, and North Korea. Moreover, the rise in terrorist activities along the Indian and Afghanistan borders and the growing popularity of shooting games in the region are likely to support the market growth positively.

Key Companies & Market Share Insights

Key players adopt several conventional strategies, including collaborations, expanding production capacities, and regional expansion, to enhance their business. The market for riflescopes is mature, and thus witnesses the presence of global players operating in the international market. These players are engaged in acquiring contracts from the leading militaries and developing customized scopes that can be installed on custom made guns and rifles. Some of the prominent players in the riflescopes market include:

• Hensoldt

•  Hawke Optics

•  Nightforce Optics

•  Leupold & Stevens, Inc.

•  Bushnell

•  SIG SAUER

Recent Developments

• In April 2023, Nightforce Optics introduced a new MOA-XT Reticle to deliver a discipline shooting. The reticle features faster long-range shooting experience.  

• In February 2021, Leupold & Stevens, Inc. launched the New-For-2021 Mark 3HD line of riflescopes. The product delivers everything a shooter demands such as an HD lens, elevation adjustment dial, and a power selector ring.

Riflescopes Market Report Scope 

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global riflescopes market report on the basis of sight type, technology, application, and region:

• Sight Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Telescopic

  • Reflex

• Technology Outlook (Revenue, USD Million, 2016 - 2027)

  • Electro-Optic

  • Thermal Imaging

  • Laser

• Application Outlook (Revenue, USD Million, 2016 - 2027)

  • Hunting

  • Armed Forces

  • Shooting Sports

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • The U.K.

    • Germany

    • France

    • Russia

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa (MEA)

    • Saudi Arabia

    • Iran