Riflescope Industry Highlights Key Development Factors and Upcoming Trends During forecast 2017-2022
The market is estimated to bring in US$ 5,455.7 million revenue towards the end of 2022. Increasing number of people showing interest in shooting sports and rise in new product development with innovative technology by manufacturers are some of the trends driving the demand for a riflescope.
[UKPRwire, Mon Jul 08 2019] According to the report compiled by Fact.MR, the global Riflescope Market is likely to experience moderate growth. The market is estimated to bring in US$ 5,455.7 million revenue towards the end of 2022. Increasing number of people showing interest in shooting sports and rise in new product development with innovative technology by manufacturers are some of the trends driving the demand for a riflescope.
Riflescope is a telescopic vision usually attached on the top of the rifle. Riflescope helps to enhance vision, improve accuracy, increase rifle range, helps in longer shots, and also helps in scoring better at the shooting competition. There are various types of riflescope available in the market depending on the type of shooting, for instance, riflescope used in hunting will be different from the riflescope used in sports and armed forces. Riflescope also differs in weight, need for riflescope magnification also depends on the target size.
Today, Manufacturers are developing high-quality of riflescope for various applications. With the focus on technology, manufacturers are launching new riflescopes including various features. For instance, a new rifle has been introduced with an in-built laser range finder to ensure accuracy, it also includes a riflescope with the color graphics display. Similarly, more such innovative technologies are being introduced in the riflescope. Manufacturers are also developing smart shooting solutions with increased riflescope magnification, smart rangefinder, GPS geotagging, etc. smart riflescope which can provide direct vision on the user’s smart goggle is also being developed. Automated riflescopes are being focused on to eliminate or minimize the number of adjustments to be made before using.
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Compared to the reflex sights as a riflescope product, telescopic sights is likely to gain popularity in the global market for riflescope. Accounting for more than half of the share in terms of the revenue by 2017 end, telescopic sights is estimated to create more than US$ 600 million incremental opportunity during 2017-2022. Meanwhile, reflex sights will also gain more than one-fourth of the share in terms of the revenue by 2017 end.
Electro optic riflescope technology is likely to gain more than two-third of the revenue share by 2017 end. Electro optic is also estimated to bring in nearly US$ 3,700 million revenue towards 2022 end. However, thermal/infrared technology is also likely to experience growth during 2017-2022.
Riflescope is likely to be used majorly in the hunting activities. Gaining nearly half of the share in terms of the revenue by 2017 end, hunting is estimated to create an incremental opportunity surpassing US$ 300 million during 2017-2022. Meanwhile, armed forces are also likely to emerge as the second-largest users of the riflescope.
The report also offers a detailed profile of all the major companies that are anticipated to stay active in the growth of global riflescope market through 2022, which include Bushnell Inc., Leupold & Stevens, Inc., Burris Company, Inc., Vortex Optics, SAM ELECTRICAL EQUIPMENTS (NANTONG) CO., LTD, BSA Optics, Inc., Schmidt & Bender GmbH & Co. KG, and Hawke Optics.
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