February 22, 2022 08:00 ET | Source: Fortune Business Insights Fortune Business Insights
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:
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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.
On the basis of magnification, the market can be divided:
By sight type, the market can be broken down into:
With respect to end-use, the market can be segmented across:
In terms of geography, the market can be categorized into:
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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.
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.
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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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.
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