According to the Market Statsville Group (MSG), the global laser mounted riflescopes market size is expected to grow at a CAGR of 4.2% from 2022 to 2030. The growing demand for hunting and shooting activities and technological developments in the precise attack will likely propel the laser-mounted riflescopes market during the forecast period. In addition, the military modernization contracts are providing potential growth opportunities to the manufacturers to earn significant market share. However, the high cost of the riflescope is one of the major factors hampering the global market growth.
Over the last decade, military optical technology has advanced, particularly in telescopic sights, empowering militaries to fire precise shots over longer distances, as compared to regular infantry weapons. The increased adoption of riflescopes by the military for various kinds of rifles on various platforms has also expanded opportunities for the laser-mounted riflescopes market. Furthermore, the expanding notion of weapon system integration at the platform level will likely improve the global market for laser-mounted riflescopes.
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The COVID-19 pandemic disrupted the global manufacturing of laser, sensor, and other components and their assembly lines. The main application of these riflescopes is in the military. The components of laser mounted riflescopes needless of any alteration or replacement due to their durability; therefore, a less impact of COVID-19 on laser mounted riflescopes market has been noticed. However, the manufacturing and delivery of riflescopes; were impacted based on the spread of pandemic across countries. Though, the companies resumed taking orders; however, the delivery schedule was disrupted.
Many countries decided to slash their overall defense budgets due to the COVID-19 crisis. Defense agencies decided to focus more on sectors of high relevance to national security, and expenditures for research and non-critical industries were temporarily slashed. However, in contrast to other countries, the United States, China, and certain European countries boosted their planned defense spending throughout the pandemic.
The study categorizes the laser-mounted riflescopes market based on sight type, application, weapon compatibility, function, range, and magnification at the regional and global levels.
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Based on sight type, the global laser mounted riflescopes market is divided into telescopic and reflex. In 2021, the telescopic segment accounted for the largest market share, in terms of revenue, in the global laser-mounted riflescopes market. Telescopic sights are optical telescopes that are equipped with several types of graphic image pattern reticles to provide an exact aiming point. Owing to the existing and growing demand for hunting applications, telescopic riflescopes are likely to have a larger market share than reflex riflescopes in the coming years.
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Asia Pacific accounts for the highest CAGR during the forecast period
Based on the geographic standpoint, the global laser mounted riflescopes market has been segmented across North America, Asia– Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global laser-mounted riflescopes market during the forecast period. The region’s rising defense spending is one of the biggest growth catalysts for the laser-mounted riflescopes market. China’s riflescope market is likely to be driven by its domestic production base and the rising use of assault and sniper rifles by its defense sector.
The global laser mounted riflescopes market is highly competitive, with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
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Major players in the global laser mounted riflescopes market are: