(MENAFN- GlobeNewsWire - Nasdaq) The Global Riflescope market Size was Valued at USD 6.89 Billion in 2023 and the Worldwide Riflescope Market Size is Expected to Reach USD 11.02 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: Hensoldt, Hawke Optics, Nightforce Optics, Leupold & Stevens, Inc., Bushnell, SIG SAUER, and Others
New York, United States , Aug. 08, 2024 (GLOBE NEWSWIRE) -- The Global Riflescope Market Size Expected to Grow from USD 6.89 Billion in 2023 to USD 11.02 Billion by 2033, at a CAGR of 4.81% during the forecast period 2023-2033.
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Telescopic sights known as riflescopes are installed atop firearms to help with target acquisition by pointing and magnifying an object. Its primary usage is in the military and in hunting and shooting sports. Companies are providing riflescopes with a range of cutting-edge features to make shooting and aiming easier. Due to modern technologies, shooting in real life is starting to resemble computer games more and more. Since riflescopes now come equipped with digital technologies like infrared and night vision, they can be employed in more situations. They are therefore necessary for both military and civilian applications. These technological developments have not only increased riflescope efficacy but also increased user base and market expansion. However, to invest in legal expertise and stringent compliance standards, businesses might have to divert time and resources from other business priorities.
Browse key industry insights spread across 267 pages with 123 Market data tables and figures & charts from the report on the " Global Riflescope Market Size, Share, and COVID-19 Impact Analysis, By Type (Telescopic, Reflex), By Technology (Electro Optic, Thermal Imaging, Laser), By Application (Armed Forces, Hunting, and Shooting Sports), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The telescopic segment is expected to hold the largest share of the global riflescope market during the anticipation timeframe.
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 anticipation timeframe. It is anticipated that telescopic riflescopes will have a higher market share than reflex because they are already more popular for hunting than reflex.
The electro optic segment is expected to grow at the fastest CAGR during the anticipation timeframe.
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 anticipation timeframe. The availability of long-range targets and improved targeting precision will make electro-optic scopes more useful for hunting. These electro-optic riflescopes are also used by the military for long-range target practice.
The armed forces segment is expected to hold a significant share of the global riflescope market during the anticipation timeframe.
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 anticipation timeframe. A rise in terrorist acts and shaky political ties connecting strategic locations have made both short- and long-range weapons necessary to counter the threat.
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North America is projected to hold the largest share of the global riflescope market over the anticipation timeframe.
North America is projected to hold the largest share of the global riflescope market over the anticipation timeframe. The popularity of outdoor recreation and the abundance of shooting events in North America are major factors driving sales of riflescopes. The area's extensive hunting grounds and well-established hunting seasons contribute to the continued need for these very accurate instruments.
Asia Pacific is expected to grow at the fastest CAGR growth of the global riflescope market during the anticipation timeframe. This regional market analysis includes China, India, Japan, Australia, South Korea, and China. One of the primary factors propelling the rise of China's riflescope sector is the nation's increasing defense budget.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global 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. Major vendors in the global riflescope market are Hensoldt, Hawke Optics, Nightforce Optics, Leupold & Stevens, Inc., Bushnell, SIG SAUER, and others.
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Recent Developments
In May 2024, The US market saw the debut of Vortex Optics' most recent Viper HD riflescopes. There were several variations with different magnification settings and reticle placements on the first or second focus plane. These riflescopes were designed to meet the needs of hunters and long-range shooters who were seeking improved performance and competitive benefits.
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
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 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
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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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