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The global rifle scopes market size was USD 750.9 million in 2020. The market is expected to grow from USD 765.9 million in 2021 to USD 1,193.6 million in 2028 at a CAGR of 6.54% in the 2021-2028 period. The global COVID-19 impact has been unprecedented and staggering, with rifles scopes witnessing a moderate demand shock across all regions amid the pandemic. Based on our analysis, the global market will exhibit a stellar growth of 1.53% in 2020. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The rifle scopes are devices with a series of lenses used for magnification and some reticule that indicates where the bullet should impact. The riflescope has various components: the objective, magnifying and ocular lenses, and erector. There are various types of rifle scope mount such as one-piece mount, scope rings, weaver scope mount, integral mount, and others.
Rifles Scopes Market Witnessed Steady Growth Owing to Increasing Procurement of Firearms from Defense Forces During COVID-19 Pandemic
COVID-19 pandemic has harshly impacted the global economy, disruptions in the supply chain, and production halt in manufacturing plants. Due to supply chain disturbance, the defense sector witnessed slower growth due to reduced weapon procurement plans and reduced import/ export of weapons.
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An Increase in Demand for Night Vision Scopes to Augment Sales
In recent years, the demand for rifles and advanced scopes increased due to the growing use of these firearms from the armed forces and hunting. It is difficult to get a clear view in low light conditions. Thus, there is increasing demand for night vision scopes from the armed forces. This type of scope provides a wider field view, more natural image, long battery life, and is highly reliable. Night vision scopes will survive the weather as the internal technological structure is less fragile than other technologies.
In March 2021, the U.S. Army tested a new night vision and optics, the Enhanced Night Vision Goggle-Binocular (ENVG-B), replacing the PAS 13 Thermal Rifle Optic PVS 14 Night Vision Monocular.
Rising Demand for Riflescopes for Shooting Sports and Hunting to Drive Market Growth
Increasing demand for firearms for shooting sports and hunting, especially across the U.S., drives the rifle scopes market growth. USA Shooting is a dedicated organization for developing and promoting Youth Olympic Shooting Sports across the United States. Furthermore, National Shooting Sports Foundation (NSSF) and 4-H Shooting Sports offer various youth programs for world shooting championships, Olympic Games, and other competitions. There are 623 ranges in the U.S., including 183 archery ranges, 285 firearms ranges, and different combined shooting ranges.
Introduction of Advanced Technologies in Rifle Scopes Propels Market Growth
The introduction of advanced scopes such as smart, thermal imaging, night vision, infrared, and others drive the market growth. In January 2020, the U.S. Army tested smart scope, SMASH, developed by Smart Shooter Ltd. SMASH rifle scope incorporates night vision, target detection and tracking, and magnification. Furthermore, NiteVizor developed a 35mm TH-S-35-XTR Extreme thermal imaging rifle scope with VizorView technology and Vox metal-encapsulated thermal sensor. It has a detection range of up to 2400 meters. Thus, increasing next-generation technologies for enhanced performance boosts the growth of the rifles scopes market.
Stringent Government Laws and Ban on Hunting in Some Countries Hinders Market Growth
In most countries, strict government laws regarding hunting and ownership of firearms hamper market growth. In India, hunting is banned under the Wildlife Protection Act 1972. In addition to that, European countries such as Germany, Finland, and Denmark have strict laws for protecting nature and hunting. Some countries have laws related to licenses for hunting, thus hampering the market growth.
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8-15X Segment Dominated the Market in 2020 Due to Increased Use for Long Range Hunting and Military Applications
Based on the riflescope magnification, the market is segmented into 1-8X, 8-15X, and greater than 15X.
Among these, the 8-15X magnification segment held the largest rifle scopes market share in 2020. The growth is due to its feature, such as it provides improved performance in a long-range or field. These scopes are widely used by hunters and military forces for improved accuracy at long range.
The 1-8X segment will showcase a significant growth rate during 2021-2028. The growth is due to its high use in target shooting, hunting, and fast-paced 3-Gun competition. Thus, the rising demand for rifles for shooting sports and short-range hunting drives the segment growth.
Telescopic Segment Will Witness Highest Growth During Forecast Period as it Provides Higher Accuracy
Based on the sight type, the market is divided into telescopic and reflective.
The telescopic segment held the highest market shares and continued its domination during 2021-2028. These scopes are loaded with various graphic image pattern reticules in the optical instrument to offer an accurate aiming point. The rising demand for telescopic sights rifle scopes for hunting applications propels the market growth.
The reflective segment will showcase significant growth during the forecast period. The increase is attributed to the increasing use of these rifle scopes for quick sighting over short and medium distances.
Defense Segment Will Grow with Highest CAGR Due to Increasing Defense Expenditure and Rifle Procurement Contracts
By end-use, the market is classified into commercial and defense.
The defense segment is anticipated to show remarkable growth during the forecast period. The growth is due to increasing defense budget, rising rifles procurement contracts, and expansion of military forces. Military forces replace conventional rifles scopes with advanced scopes, thus driving the market's growth.
The commercial segment is projected to show significant growth during 2021-2028 due to the rising demand for rifles for commercial applications such as hunting and sports shooting.
North America Rifle Scopes Market Size, 2020 (USD Million)
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The market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
North America dominated the market in 2020 and is valued at USD 306.3 million. The growth is due to the highest defense expenditure, military modernization programs, a large number of shooting ranges, and growing procurement of advanced rifles from the U.S. Army. Furthermore, key players such as LEUPOLD & STEVENS, INC., Trijicon, Inc., U.S. Optics, Hawke Optics, and others propels the market growth across the region.
The Asia Pacific is projected to show remarkable growth during 2021-2028. The growth is due to the increasing defense expenditure from emerging economies such as China and India. The rising procurement of advanced firearms and increasing number of shooting ranges is expected to boost the market growth. In 2019, the Indian Army signed a contract worth Rs 700 Crores with Sig Sauer Inc. to procure 72,400 rifles.
Europe will showcase significant growth due to increasing defense expenditure from the U.K., Germany, Russia, and other European countries. France has the highest number of hunters in Europe. In 2019, there were 2,90,000 national hunting licenses requested in France. Thus, the rising demand for high precision weapons for hunting and military forces drives the market growth across Europe.
The rest of the world will showcase moderate growth from 2021 to 2028. This growth is due to increased spending on the procurement of next-generation weapons from Saudi Arabia, Israel, and others. The rising defense budget and growing programs for shooting sports in the Middle Eastern and Latin American countries propel the market growth.
Development of Advanced Rifle Scopes from Key Players to Drive Market Growth
Riflescopes manufacturers are focusing on introducing next-generation technologies to develop rifle scopes. In November 2021, Zeiss launched its latest V8 rifle scopes, which provide excellent optical performance and the world’s finest illuminated rifle scope with a red dot covering less than 3.5mm on a target at 100m. Furthermore, in February 2021, Leupold & Stevens, Inc., launched its new Mark 3HD line of tactical rifle scopes. The new riflescope has HD lenses, rifle scope adjustments, a low-profile power selector ring, and an exposed elevation adjustment dial.
An Infographic Representation of Riflescopes Market
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The global market report provides a detailed analysis of this market and focuses on key aspects such as top companies, sight types, and leading applications. Moreover, the report includes key market trends, competitive landscape analysis, investment plan, business strategy, growth opportunities, and regional development status. In addition to the factors mentioned above, the market report encompasses several direct and indirect factors that have contributed to the market's growth over recent years.
Value (USD million)
Magnification; Sight Type; Application; End Use, and Geography
By Sight Type
Fortune Business Insights says that the global market size was USD 750.9 million in 2020 and is projected to reach USD 1,193.6 million by 2028.
The market is projected to grow at a CAGR of 6.54% during the forecast period (2021-2028).
The defense segment is expected to be the leading segment in this market during the forecast period.
SIG SAUER is the leading player in the global market.
North America held the highest market share in 2020.
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