Global Riflescope Market Insights Forecasts to 2033

• The Global Riflescope Market Size was Valued at USD 6.89 Billion in 2023
• The Market Size is Growing at a CAGR of 4.81% from 2023 to 2033
• The Worldwide Riflescope Market Size is Expected to Reach USD 11.02 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Riflescope Market Size is Anticipated to Exceed USD 11.02 Billion by 2033, Growing at a CAGR of 4.81% from 2023 to 2033.  

Market Overview

Riflescopes are telescopic sights that are mounted on top of weapons to help with aim improvement by pointing and magnifying a target. The military, as well as hunting and shooting sports, are the main uses for it. To make it easier to aim and shoot, companies are offering a variety of cutting-edge capabilities in riflescopes. Real-world shooting is becoming more and more like a computer game thanks to new technologies. Additionally, manufacturers are incorporating thermal imaging optics and night vision technology into riflescopes. Riflescopes come in a multitude of varieties on the market. These vary depending on the kind of shooting; for example, a riflescope used for hunting will not be the same as one used for sports or the military. Additionally, the weight and necessity of riflescopes vary depends on the target size. Rifles and advanced optics have become more in demand recently as a result of the military's and hunters' increasing use of these weapons. Dim lighting makes it challenging to see clearly. As a result, the military is requesting more night vision scopes. This kind of scope has a longer battery life, a more realistic image, a larger field of view, and is very dependable. Since the internal technological structure of night vision scopes is less delicate than that of other technologies, they will withstand weather conditions.

Report Coverage

This research report categorizes the market for the global riflescope market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global riflescope market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global riflescope market.

Driving Factors

Better and more precise seeing is ensured by advanced lens coatings that lessen glare and increase light transmission. Riflescopes may now be used in a wider range of environments thanks to the inclusion of digital technologies like thermal and night vision. This makes them essential for both military and civilian purposes. Along with increasing riflescope efficacy, these technological advancements have also led to a rise in user base and market expansion.

Restraining Factors

Businesses may need to take time and resources away from other business priorities in order to invest in legal expertise and strict compliance practices. Keeping up with this regulatory environment is a constant struggle that calls for flexibility and smart planning.

Market Segmentation

The global riflescope market share is classified into type, technology, and application.

• The telescopic segment is expected to hold the largest share of the global riflescope market during the forecast period.   

Based on the type, the global riflescope market is categorized into telescopic, and reflex. Among these, the telescopic segment is expected to hold the largest share of the global riflescope market during the forecast period. To provide an exact aiming point, telescopic sights are optical telescopes equipped with several types of graphic image pattern reticles. Because telescopic riflescopes are already in more demand for hunting purposes than reflex, they are predicted to have a larger market share than reflex.  

• The electro optic segment is expected to grow at the fastest CAGR during the forecast period.   

Based on the technology, the global riflescope market is categorized into electro optic, thermal imaging, and laser. Among these, the electro optic segment is expected to grow at the fastest CAGR during the forecast period. It is expected that the increased use of electro-optic scopes in hunting activities will be facilitated by increased targeting precision and the availability of long-range targets. In addition, the military uses these electro-optic riflescopes for long-range target practice.

• The armed forces segment is expected to hold a significant share of the global riflescope market during the forecast period.

Based on the application, the global riflescope market is categorized into armed forces, hunting, and shooting sports. Among these, the armed forces segment is expected to hold a significant share of the global riflescope market during the forecast period. The market for rifle scopes is anticipated to increase in the near future due to the growing requirement for sophisticated rifles and other firearms among elite military groups worldwide. An increase in terrorist attacks and unstable political connections between key geographic areas have led to a need for both short- and long-range weapons to combat the situation.

Regional Segment Analysis of the Global Riflescope Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is projected to hold the largest share of the global riflescope market over the forecast period.

North America is projected to hold the largest share of the global riflescope market over the forecast period. The main reason for this is its long history of shooting and hunting. Many hunters and recreational shooters, especially in the United States, spend a lot of money on excellent riflescopes to improve their accuracy and overall shooting experience. This cultural fondness for hunting and shooting sports fueled the enduring need for cutting-edge optical equipment. Riflescope sales are further fueled by the popularity of outdoor leisure and a plethora of shooting events in North America. The region's vast hunting areas and well-established hunting seasons also support the ongoing need for these high-precision tools.

Asia Pacific is expected to grow at the fastest CAGR growth of the global riflescope market during the forecast period. This regional market research takes into account nations including South Korea, Japan, Australia, China, and India. China's growing defense budget is one of the main drivers of the country's riflescope industry's expansion. The Chinese market for riflescopes is anticipated to be driven by a high level of domestic manufacture as well as increased use of assault and sniper rifles by the country's defense industry.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global riflescope market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Hensoldt
• Hawke Optics
• Nightforce Optics
• Leupold & Stevens, Inc.
• Bushnell
• SIG SAUER
• Others

Key Market Developments

• In May 2024, the most recent Viper HD riflescopes from Vortex Optics were released in the US market. A range of versions were available, featuring reticle locations on the first or second focal plane and various magnification settings. The purpose of these riflescopes was to cater to the demands of long-range shooters and hunters who were looking for competitive advantages and better performance.  

• In April 2023, A new MOA-XT Reticle was released by Nightforce Optics to provide discipline shooting. Faster long-range shooting is possible with this reticle. 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global riflescope market based on the below-mentioned segments: 

Global Riflescope Market, By Type

• Telescopic
• Reflex

Global Riflescope Market, By Technology

• Electro Optic
• Thermal Imaging
• Laser

Global Riflescope Market, By Application

• Armed Forces
• Hunting
• Shooting Sports

Global Riflescope Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa