Market Trends of Riflescopes Industry
The Military Segment is Expected to Register the Highest Growth During the Forecast Period
- The military segment is expected to witness the highest growth during the forecast period, owing to the modernization programs of various countries and the rise in defense expenditures across all countries. The procurement of new and advanced infantry weaponry, like sniper rifles, light machine guns, and automatic weapon systems, is expected to drive the segment's growth.
- For instance, in April 2022, the US Army awarded a contract to SIG Sauer for two new soldier weapons, the XM5 rifle and the XM250 automatic rifle. In January 2021, the Indian Army received the first consignment of 6,000 Israeli Negev Light Machine Guns out of the 16,000 ordered under the Fast Track Procedure.
- Such robust plans are anticipated to generate demand for new and advanced riflescopes during the forecast period. Also, the procurement of advanced scopes by the armed forces for higher accuracy and effectiveness to hit the target may propel growth during the forecast period.
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Asia-Pacific is Projected to Register the Highest CAGR During the Forecast Period
- Asia-Pacific is projected to register the highest CAGR during the forecast period, owing to the rapid military modernization plans of countries in the Asia-Pacific region, such as China, India, and South Korea, some of the biggest defense spenders in the world. The major emerging economies in the region, like China and India, are aggressively increasing their investments in the defense sector for soldier modernization, owing to territorial issues and geopolitical tensions.
- For instance, in January 2022, India announced rapidly upgrading its defense capabilities with 93 military modernization projects worth USD 18.4 billion. In addition, in December 2021, India and Russia signed a deal to manufacture AK-203 Assault rifles in India. Such initiatives by the countries' governments to increase the capabilities of their frontline troops of armed forces are anticipated to generate demand for new riflescopes during the forecast period.
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