The riflescopes market size is projected to grow from USD 5.7 billion in 2020 to USD 7.3 billion by 2025, at a CAGR of 5.0% from 2020 to 2025. The increasing need for highly precise strike munition, rising asymmetric warfare and soldier modernization programs, among others, are some of the factors fueling the growth of the market
New product launches and contracts are among the key strategies adopted by the leading market players to strengthen and sustain their position in the riflescopes market. In September 2019, Leupold & Stevens, Inc. along with Aimpoint was awarded a military optics contract worth USD 42.8 million by the US Navy to provide Mark 6 riflescopes along with Mark 6 riflescope-integrated mounting systems. This contract will act as the base for the next generation of integrated optical aiming systems for modern small arms. In October 2019, Nightforce Optics was awarded a contract worth USD 15 million by US SOCOM to provide Squad-Variable Powered Scopes (First Focal Plane) in support of US Special Operations Command.
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Key players in the riflescopes market include SIG Sauer, Inc., (US) Vortex Optics, (US) and Leupold & Stevens, Inc., (US) Burris Company, Inc., (US) Trijicon, Inc., (US) and Nightforce Optics (US) are some of the winners in the market. These players have a high market share and offer technologically advanced riflescopes.
Sig Sauer, Inc. is the leader in the riflescopes market for scopes and sights. The company has one of the broadest product portfolios, offering eight different riflescopes and 33 product series. The company has a strong global online distribution chain with approximately 28 different online retail partners. Its wide geographic spread covers North America, Europe, Asia Pacific, the Middle East, and South America. The company’s products have advanced features such as ballistics calculation and connectivity via Bluetooth. The company offers thermal and digital scopes as well.
Vortex Optics comes in second in the riflescopes market for scopes and sights. The company also has a broad portfolio of riflescopes, offering six different product types and approximately 46 product series. The company has won various awards for its high-quality products, which have various technical specifications that make them superior to others. Its products feature HD lens, glass-etched reticles, illuminated reticles, and multi-coating, among others.
Riflescopes Market by sight type (telescopic, reflex), application (armed forces, hunting, shooting sports), technology (EO/IR, thermal imaging, laser), end user, weapon compatibility, function, range and region - Global Forecast to 2025
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