According to the Market Statsville Group (MSG), the global laser mounted riflescopes market size is expected to grow at a CAGR of 4.2% from 2022 to 2030. The growing demand for hunting and shooting activities and technological developments in the precise attack will likely propel the laser-mounted riflescopes market during the forecast period. In addition, the military modernization contracts are providing potential growth opportunities to the manufacturers to earn significant market share. However, the high cost of the riflescope is one of the major factors hampering the global market growth.
Over the last decade, military optical technology has advanced, particularly in telescopic sights, empowering militaries to fire precise shots over longer distances, as compared to regular infantry weapons. The increased adoption of riflescopes by the military for various kinds of rifles on various platforms has also expanded opportunities for the laser-mounted riflescopes market. Furthermore, the expanding notion of weapon system integration at the platform level will likely improve the global market for laser-mounted riflescopes.
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COVID-19 Impact on the Global Laser Mounted Riflescopes Market
The COVID-19 pandemic disrupted the global manufacturing of laser, sensor, and other components and their assembly lines. The main application of these riflescopes is in the military. The components of laser mounted riflescopes needless of any alteration or replacement due to their durability; therefore, a less impact of COVID-19 on laser mounted riflescopes market has been noticed. However, the manufacturing and delivery of riflescopes; were impacted based on the spread of pandemic across countries. Though, the companies resumed taking orders; however, the delivery schedule was disrupted.
Many countries decided to slash their overall defense budgets due to the COVID-19 crisis. Defense agencies decided to focus more on sectors of high relevance to national security, and expenditures for research and non-critical industries were temporarily slashed. However, in contrast to other countries, the United States, China, and certain European countries boosted their planned defense spending throughout the pandemic.
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Scope of the Global Laser Mounted Riflescopes Market
The study categorizes the laser-mounted riflescopes market based on sight type, application, weapon compatibility, function, range, and magnification at the regional and global levels.
By Sight Type (Sales, USD Million, 2017-2030)
By Application (Sales, USD Million, 2017-2030)
- Armed Forces
- Shooting Sports
By Weapon Compatibility (Sales, USD Million, 2017-2030)
- Sniper Rifles
- Automatic Rifles
By Function (Sales, USD Million, 2017-2030)
- Day Sights
- Night Sights
By Range (Sales, USD Million, 2017-2030)
- Short (50 to 100 yards)
- Medium (100 to 500 yards)
- Long ( 500 Yards)
By Magnification (Sales, USD Million, 2017-2030)
By Region (Sales, USD Million, 2017-2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
The telescopic segment is projected to account for the largest market share, by sight type
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Based on sight type, the global laser mounted riflescopes market is divided into telescopic and reflex. In 2021, the telescopic segment accounted for the largest market share, in terms of revenue, in the global laser-mounted riflescopes market. Telescopic sights are optical telescopes that are equipped with several types of graphic image pattern reticles to provide an exact aiming point. Owing to the existing and growing demand for hunting applications, telescopic riflescopes are likely to have a larger market share than reflex riflescopes in the coming years.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the geographic standpoint, the global laser mounted riflescopes market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global laser-mounted riflescopes market during the forecast period. The region's rising defense spending is one of the biggest growth catalysts for the laser-mounted riflescopes market. China's riflescope market is likely to be driven by its domestic production base and the rising use of assault and sniper rifles by its defense sector.
Key Market Players in the Global Laser Mounted Riflescopes Market
The global laser mounted riflescopes market is highly competitive, with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
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Major players in the global laser mounted riflescopes market are:
- SIG Sauer, Inc.
- Vortex Optics
- Leupold Stevens, Inc.
- Burris Company, Inc.
- Trijicon, Inc.
- Nightforce Optics
- Aimpoint AB
- BSA Optics
- Bushnell Corporation
- FLIR Systems