Overview and Scope
Firearm sight refers to an optical device attached to a gun that helps with aiming. They are used to line up the muzzle with the shooter's eye.
Sizing and Forecast
The firearm sight market size has grown strongly in recent years. It will grow from $1.59 billion in 2023 to $1.7 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to military and defense sector demand, civilian market expansion, influence of law enforcement needs, development of night vision sights.
The firearm sight market size is expected to see strong growth in the next few years. It will grow to $2.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to rapid development of reflex sights, customization and modular systems, advancements in materials and construction, rise in terrorism. Major trends in the forecast period include smart optical enhancements, customizable and modular systems, user-friendly controls and interfaces, advancement in training functionalities, wireless connectivity and integration.
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Segmentation & Regional Insights
The firearm sight market covered in this report is segmented –
1) By Type: Full Size, Microdots, Mini Reflex
2) By Platform: Ground-Based, Air-Based, Sea-Based
3) By Application: Hunting, Armed Forces, Other Applications
North America was the largest region in the firearm sight market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the firearm sight market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising military expenditure is expected to propel the growth of the firearm sight market going forward. Military expenditure refers to the amount that a country spends on military measures or resources. Military expenditure is spent on new systems, upgrading existing systems, and performing research, development, testing, and evaluation of new systems that can promote the growth of market. For instance, in 2021, according to Stockholm International Peace Research Institute, a Sweden-based independent resource on global security, total global military expenditure increased by 0.7% to reach $2113 billion. Therefore, rising defense expenditure is driving the growth of the firearm sight market.
Key Industry Players
Major companies operating in the firearm sight market report are Nikon Sport Optics, Lucid Optics, SIG Sauer, Swarovski Optik KG., Leupold & Stevens Inc., Burris Company Inc., Vortex Optics, Bushnell Inc., Sellmark Corporation., Trijicon Inc, Meopta USA Inc, EOTech Inc., Meprolight, Crimson Trace Corporation, Primary Arms LLC, Leapers Inc., KAHLES Gesellschaft M.b.H., Steiner EOptics Inc, Holosun Technologies Inc, TruGlo Inc, Athlon Optics, Lightforce USA Incorporated., High Speed Gear, Aimpoint AB, NcSTAR Inc., DI Optical, Swampfox Optics, Delta Optical Thin Film A/S., Command Arms Accessories LLC, Black Spider LLC, Trijicon Electro Optics, Birmingham Small Arms Company Limited., Firefield, Docter Optics SE., Pulsar
The firearm sight market report table of contents includes:
1. Executive Summary
2. Firearm Sight Market Characteristics
3. Firearm Sight Market Trends And Strategies
4. Firearm Sight Market - Macro Economic Scenario
5. Global Firearm Sight Market Size and Growth
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32. Global Firearm Sight Market Competitive Benchmarking
33. Global Firearm Sight Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Firearm Sight Market
35. Firearm Sight Market Future Outlook and Potential Analysis
36. Appendix
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