The riflescopes market size is anticipated to be valued at USD 5,372.5 million in 2021 and is expanded to grow at a significant CAGR of 4.5% over 2022-2028. The growing demand for hunting and shooting activities, as well as technological developments in precision attack, are likely to propel the riflescopes sector forward. However, the market has a barrier in the form of high riflescope costs. Military modernization contracts provide numerous potentials for manufacturers to earn significant market share. The army’s demand for exact strikes is projected to drive the riflescope market forward. Over the last decade, military optical technology has advanced, particularly in telescopic sights. Telescopic sights have allowed militaries to fire precise shots over longer distances than they could with regular infantry weapons. 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. Various new capabilities are being added to riflescopes to make it easier to aim and shoot. The telescopic segment is anticipated to grow at the fastest CAGR from 2022 to 2028, based on sight type. Telescopic sights are optical telescopes that are equipped with several types of graphic image pattern reticles to provide an exact aiming point. Because of the existing and growing demand for hunting applications, telescopic riflescopes are likely to have a larger market share than reflex riflescopes.
Recent Market Developments:
In October 2021, ZEISS Introduces a New Generation of the V8 Riflescope Family With four new V8 models ZEISS helps hunters to achieve success.
In November 2021, World’s First Riflescope NFT was Developed Through Digital Arms & ZeroTech International Licensing Partnership.