Are Rifle Optics Where You Want Your Company To Be? It sure a heck is, as you can see by reading the excerpt from ASD Reports Riflescope Market – Global Forecast to 2022 below. Analysts are forecasting an annual growth rate of 4.24% through 2022, which combined with the typical margins available to manufacturers and retailers in optics, should prove to be very interesting. Driving the growth is increasing shooting sports activities including hunting. In 2015 major firearms manufacturers produced 2,796,873 rifles accounting for 43% of total firearms produced by major manufacturers in the United States, and there’s every reason to believe that production of rifles will be even higher in 2016.
“The riflescope market is estimated to grow from USD 5.36 billion in 2016 to USD 6.87 billion in 2022, at a CAGR of 4.24% during the forecast period. Increase in the popularity of hunting activities and shooting games is expected to drive the riflescope market. The riflescope market is expected to witness technological advancements for application in the military. The advent of night vision scopes has led to an increase in the use of riflescopes in military, by law enforcement agencies and Special Forces. However, high cost of riflescopes and ban on hunting in some countries of the Asia-Pacific region are the major restraints in the growth for the riflescope market.”
”On the basis of application, the hunting segment accounted for the largest share of the riflescope market in 2016. Hunting is popular in North America and Europe. Governments in these regions issue hunting licenses for different seasons. The growth of the population of certain animal species have driven governments to encourage animal hunting to control their population. However, countries in the Asia-Pacific region such as India and China prohibit animal hunting.”