Riflescope is a type of telescopic sight that is placed on top of rifles for providing pinpointing and magnifying properties to the end-user. Major factor driving growth of the global riflescope market is growing use in military and law enforcement sectors. Additionally, increasing participation in hunting and shooting sports activities is also factor expected to fuel growth of the global market in the near future. However, high cost of riflescopes may affect growth of the target market.
The global riflescope market has been segmented on the basis of site type, technology, application, and region. On the basis of site type, the market is segmented into reflex and telescopic. Telescopic segment expected dominate the global market in terms of revenue in the near future, due to its increasing use as it provides better aim and vision to the shooter.
On the basis of communication, the market is segmented into laser, electro optic, and thermography. Thermography segment anticipated to witness significant growth over the forecast period, due to its increasing use in defense sector. On the basis of application, the market is segmented into military, law enforcement, sports, and hunting. In terms of revenue, Military segment hold major share and anticipated to witness lucrative growth in the near future.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Market in Europe is dominating the global market in terms of revenue and expected to maintain its position over the forecast period, owing to high number of individual participating in shooting sports. Market in North America is expected to witness high growth in terms of revenue in the near future, followed by Asia Pacific, middle East and Africa, and Latin America. Presence of key manufacturers and lack of gun control laws especially in the US is expected to boost growth of the target market in North America region.
Key players operating in the global riflescope market include Bushnell Inc., Leupold & Stevens, Inc., Burris Company, Inc., Schmidt U. Bender GmbH & Co. KG, Nightforce Optics, Hawke Optics, BSA Optics, Hensoldt Optronics GmbH, Vortex Optics, and Carl Walther GmbH.