Northbrook, IL -- (SBWIRE) -- 03/07/2021 -- The global riflescopes market size is projected to grow from USD 5.7 billion in 2020 to USD 7.3 billion by 2025, at a CAGR of 5.0% from 2020 to 2025. The advancements in technology for precision attack and their increasing demand for hunting and shooting sports are some of the factors expected to drive the growth of the riflescopes industry. However, Hight cost of riflescopes is a challenge the market is facing. There are multiple opportunities for manufacturers to gain a substantial market share through military modernization contracts.
Based on sight type, the telescopic segment of the riflescopes market is projected to grow at the highest CAGR during the forecast period.
Based on sight type, the telescopic segment is projected to grow at the highest CAGR from 2020 to 2025. Telescopic sights are optical telescopes loaded with different forms of graphic image pattern reticles installed in the optical equipment to offer an accurate aiming point. Telescopic riflescopes are expected to have greater market share than reflex due to their existing as well as increasing demand for hunting applications.
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The armed forces segment of the riflescopes market is projected to grow at the highest CAGR from 2020 to 2025.
By application, the armed forces market segment is expected to register the highest CAGR during the forecast period due to military modernization programs in various countries. Developing countries, in particular, are replacing conventional rifles used by their armed forces with new assault rifles mounted with advanced riflescopes. For instance, in June 2019, India announced its plan to manufacture 650,000 AK-203 assault rifles loaded with new riflescopes.
"The Asia Pacific riflescopes market is projected to grow at the highest CAGR during the forecast period."
The Asia Pacific riflescopes market is projected to grow at the highest CAGR from 2020 to 2025. Countries such as China, India, Australia, Japan, and South Korea are considered in this regional market analysis. One of the strongest growth factors for the riflescopes industry in China is the increased defense budget of the country. High domestic production base and increased consumption of assault and sniper rifles by its defense sector are expected to drive the market for riflescopes in China.
As a result of the COVID-19 crisis, many countries have decided to cut their overall defense budgets. According to industry experts, defense departments would focus more on sectors of high importance to national security, and the budgets for research and non-critical sectors would be temporarily cut. However, countries like the US, China, and some European countries have increased their planned defense spending during this time, contrary to other countries.
Key Market Players
Key players profiled in this report on the riflescopes market include SIG Sauer, Inc., (US) Vortex Optics, (US) and Leupold & Stevens, Inc., (US) Burris Company, Inc., (US) Trijicon, Inc., (US) and Nightforce Optics (US). Contracts and new product launches were key strategies adopted by the leading players to achieve growth in the riflescopes market.