Riflescopes Market Size Worth $10.25 Billion By 2027 | CAGR

4.8%: Grand View Research, Inc.

SAN FRANCISCO, Nov. 25, 2020 /PRNewswire/ -- The global riflescopes market size is expected to reach USD 10.25 billion by 2027, according to a new report by Grand View Research Inc., expanding at a CAGR of 4.8% from 2020 to 2027. Increasing enhancements in military and defense equipment are expected to drive the demand for riflescopes in the projected time. Moreover, the growing demand for target precision in long-range rifles is likely to support the market growth in the estimated time.

 

Key suggestions from the report:

• By sight type, the telescopic segment is expected to expand at the fastest CAGR over the forecast period on account of its adjustable mechanism for varied range targets and easy to mount structure
• By technology, in 2019, the electro-optic riflescopes dominated the market with a share of 59.8% and are likely to grow at a significant rate in the estimated period. Easy aiming and precision offered by this technology is likely to increase its utilization by armed forces
• In North America, the thermal imaging/infrared scopes segment was valued at USD 570.1 million in 2019 and is anticipated to gain greater shares in the upcoming period on account of the rise in demand for target aiming in different light environments
• Asia Pacific is expected to expand at the fastest CAGR in the estimated time on account of military enhancements by China, India, Japan, and Pakistan. Political disruption in the region is likely to increase military activities across its borders, and thus is expected to influence the market growth
• Prominent players in the market are collaborating with rifle manufacturers to keep intact the outflow of the production. Moreover, technical specifications by defense organizations and custom options offered by the players are expected to influence market growth.

Read 100 page research report with ToC on "Riflescopes Market Size, Share & Trends Analysis Report By Sight Type (Telescopic, Reflex), By Technology (Electro Optic, Thermal Imaging, Laser), By Application, By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/riflescopes-market