Technological advancement in terms of precision shooting to bolster demand for Non-military Riflescope; incorporation of thermal infrared imaging for night vision through riflescope to boost the market growth
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Non-military Riflescope Market is expected to reach USD 1,835.9 million by the end of 2026.
Bizlytik analysts forecast the global Non-military Riflescope market to grow at a CAGR of 2.8% during the forecast period, according to their latest market research report.
Non-military riflescopes are used for significant improvement in aim and precision in target acquisition, generally in a non-combative situation such as leisure hunting and shooting competitions. The non-military riflescopes are purchased by amateur and professional athletes participating in shooting events and by the general public engaging in hunting activities.
The technological advancements in the riflescope, leading to the precision shooting and rising growth in the number of hunting and competitive shooting events are the influential primary factors that would improve the growth prospects of the market over the forecast period. The piqued interest among professional and amateur athletes to increase possibilities of winning competitions using premium riflescope products have influenced a rise in product sales. The evolved precision attained using riflescopes often helps in target acquisition in case of competitive sporting events and hunting activities, which in turn would propel the demand for riflescopes. The increasing need for clear clarity and waterproof riflescopes has also provided numerous possibilities of product innovation, with customer preference for fog proof riflescopes ensuring robust sales of refined products. The incorporation of thermal infrared imaging in riflescopes for use at night would offer crucial manufacturers with new opportunities for product sales and business expansion in the coming years.
The closing down of hunting and shooting ranges as a direct consequence of the Covid-19 pandemic has reduced the product sales and new orders for non-military riflescopes, with shooting competitions also likely to take a massive hit in terms of interested participants turning up for events and activities. The restrictions on the movement of goods might also result in a significant delay in product delivery for already-placed orders at retail stores and through online sites. The mandatory regulations concerning the presence of limited staff & employees in production facilities and outlets would cause significant hindrance to the manufacturing line of companies involved, reducing the average production volume of facilities. The protracted vagueness and unpredictability surrounding the supply and demand dynamics of the market would cause short-term losses to the operational capabilities of the top players.
Telescopic Sight, Collimating Optical Sight, and Reflex Sight are covered in the Type segment of the market scope, while the Application segment is categorized into Hunting and Shooting Sports. The report covers the volume of the market by Application, with the volume expressed in K Units. The Type segment is calculated in terms of value and volume.
The volume of the Shooting Sports segment by Application is estimated to garner 921.4 K Units by 2026, growing at a CAGR of 3.2% from 2020 to 2026. The rising participation of the general population in shooting competitions and increasing demand for high-precision riflescopes would propel the growth prospects of the segment.
North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration while arriving at the global volume and value figures. While North America is further categorized into the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, Russia, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
The Non-military Riflescope market is moderately fragmented, with many global and regional companies vying in the market with expansive manufacturing capabilities and extensive distribution networks. The focus on product development in terms of technological advancement and expansion of business opportunities through strategic acquisitions and collaborations are the primary business strategies of the top players.
Burris Optics is one of the most significant companies of the global Non-military Riflescope Market in terms of production volume, with Bushnell Corporation and Nantong Universal Optical Instrument Co., Ltd. among many other vendors to hold substantial market share by volume and value.