This report describes and explains the firearm sight market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global firearm sight market reached a value of nearly $1.54 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.03% since 2018. The market is expected to grow from $1.54 billion in 2023 to $1.94 billion in 2028 at a rate of 4.68%. The market is then expected to grow at a CAGR of 5.30% from 2028 and reach $2.51 billion in 2033.
Growth in the historic period resulted from the increase in defense spending, rising demand for firearms and rise in hunting activities. Factors that negatively affected growth in the historic period include economic uncertainties or downturns and strict gun control laws.
Going forward, the rising crime rates and security concerns, rising urbanization, rise in terrorism, increasing military expenditure, government initiatives and increased participation in shooting sports will drive the market. Factors that could hinder the growth of the firearm sight market in the future include supply chain disruptions and import or export restrictions.
The firearm sight market is segmented by type into full size, microdots and mini reflex. The full-size market was the largest segment of the firearm sight market segmented by type, accounting for 39.26% or $606.19 million of the total in 2023. Going forward, the microdots segment is expected to be the fastest growing segment in the firearm sight market segmented by type, at a CAGR of 5.23% during 2023-2028.
The firearm sight market is segmented by platform into ground-based, air-based and sea-based. The ground-based market was the largest segment of the firearm sight market segmented by platform, accounting for 85.52% or $1.32 billion of the total in 2023. Going forward, the sea-based segment is expected to be the fastest growing segment in the firearm sight market segmented by platform, at a CAGR of 5.24% during 2023-2028.
The firearm sight market is segmented by application into hunting, armed forces and other applications. The armed forces market was the largest segment of the firearm sight market segmented by application, accounting for 58.78% or $907.57 million of the total in 2023. Going forward, the armed forces segment is expected to be the fastest growing segment in the firearm sight market segmented by application, at a CAGR of 5.28% during 2023-2028.
North America was the largest region in the firearm sight market, accounting for 40.49% or $625.24 million of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the firearm sight market will be Asia-Pacific and South America, where growth will be at CAGRs of 6.99% and 6.76% respectively. These will be followed by Africa and Eastern Europe, where the markets are expected to grow at CAGRs of 6.20% and 5.71% respectively.
The global firearm sight market is fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 6.54% of the total market in 2023. Bushnell Corporation was the largest competitor with a 1.21% share of the market, followed by Vortex Optics LLC with 0.97%, Trijicon Inc. with 0.92%, Leupold & Stevens, Inc. with 0.87%, EOTECH with 0.75%, Aimpoint AB with 0.62%, Leonardo S.p.A. with 0.53%, Sig Sauer, Inc. with 0.33%, Lucid Optics with 0.19% and DI Optical Co., Ltd. with 0.13%.
The top opportunities in the firearm sight market segmented by type will arise in the full size segment, which will gain $138.33 million of global annual sales by 2028. The top opportunities in the firearm sight market segmented by platform will arise in the ground-based segment, which will gain $334.35 million of global annual sales by 2028. The top opportunities in the firearm sight market segmented by application will arise in the armed forces segment, which will gain $266.02 million of global annual sales by 2028. The firearm sight market size will gain the most in the USA at $77.11 million.
Market-trend-based strategies for the firearm sight include focus on developing new innovative products, such as thermal rifle scopes, developing new weapon sights with augmented reality technology, deploying new high-performance thermal sights for precision shooters, offering users enhanced stability and discretion during engagements and focus on developing advanced CNC (computer numerical control)-machined rear sights for pistols.
Player-adopted strategies in the firearm sight market include focus on strengthening business operations through the launch of new products and solutions and focus on enhancing operational capabilities through strategic acquisitions.
To take advantage of the opportunities, the analyst recommends the firearm sight companies to focus on developing innovative thermal rifle scopes, focus on augmented reality technology in weapon sights, focus on high-performance thermal sights for precision shooters, focus on advanced CNC-machined rear sights for pistols, focus on the microdots segment, focus on the sea-based segment, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on the hunting segment.
The global firearm sight market reached a value of nearly $1.54 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.03% since 2018. The market is expected to grow from $1.54 billion in 2023 to $1.94 billion in 2028 at a rate of 4.68%. The market is then expected to grow at a CAGR of 5.30% from 2028 and reach $2.51 billion in 2033.
Growth in the historic period resulted from the increase in defense spending, rising demand for firearms and rise in hunting activities. Factors that negatively affected growth in the historic period include economic uncertainties or downturns and strict gun control laws.
Going forward, the rising crime rates and security concerns, rising urbanization, rise in terrorism, increasing military expenditure, government initiatives and increased participation in shooting sports will drive the market. Factors that could hinder the growth of the firearm sight market in the future include supply chain disruptions and import or export restrictions.
The firearm sight market is segmented by type into full size, microdots and mini reflex. The full-size market was the largest segment of the firearm sight market segmented by type, accounting for 39.26% or $606.19 million of the total in 2023. Going forward, the microdots segment is expected to be the fastest growing segment in the firearm sight market segmented by type, at a CAGR of 5.23% during 2023-2028.
The firearm sight market is segmented by platform into ground-based, air-based and sea-based. The ground-based market was the largest segment of the firearm sight market segmented by platform, accounting for 85.52% or $1.32 billion of the total in 2023. Going forward, the sea-based segment is expected to be the fastest growing segment in the firearm sight market segmented by platform, at a CAGR of 5.24% during 2023-2028.
The firearm sight market is segmented by application into hunting, armed forces and other applications. The armed forces market was the largest segment of the firearm sight market segmented by application, accounting for 58.78% or $907.57 million of the total in 2023. Going forward, the armed forces segment is expected to be the fastest growing segment in the firearm sight market segmented by application, at a CAGR of 5.28% during 2023-2028.
North America was the largest region in the firearm sight market, accounting for 40.49% or $625.24 million of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the firearm sight market will be Asia-Pacific and South America, where growth will be at CAGRs of 6.99% and 6.76% respectively. These will be followed by Africa and Eastern Europe, where the markets are expected to grow at CAGRs of 6.20% and 5.71% respectively.
The global firearm sight market is fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 6.54% of the total market in 2023. Bushnell Corporation was the largest competitor with a 1.21% share of the market, followed by Vortex Optics LLC with 0.97%, Trijicon Inc. with 0.92%, Leupold & Stevens, Inc. with 0.87%, EOTECH with 0.75%, Aimpoint AB with 0.62%, Leonardo S.p.A. with 0.53%, Sig Sauer, Inc. with 0.33%, Lucid Optics with 0.19% and DI Optical Co., Ltd. with 0.13%.
The top opportunities in the firearm sight market segmented by type will arise in the full size segment, which will gain $138.33 million of global annual sales by 2028. The top opportunities in the firearm sight market segmented by platform will arise in the ground-based segment, which will gain $334.35 million of global annual sales by 2028. The top opportunities in the firearm sight market segmented by application will arise in the armed forces segment, which will gain $266.02 million of global annual sales by 2028. The firearm sight market size will gain the most in the USA at $77.11 million.
Market-trend-based strategies for the firearm sight include focus on developing new innovative products, such as thermal rifle scopes, developing new weapon sights with augmented reality technology, deploying new high-performance thermal sights for precision shooters, offering users enhanced stability and discretion during engagements and focus on developing advanced CNC (computer numerical control)-machined rear sights for pistols.
Player-adopted strategies in the firearm sight market include focus on strengthening business operations through the launch of new products and solutions and focus on enhancing operational capabilities through strategic acquisitions.
To take advantage of the opportunities, the analyst recommends the firearm sight companies to focus on developing innovative thermal rifle scopes, focus on augmented reality technology in weapon sights, focus on high-performance thermal sights for precision shooters, focus on advanced CNC-machined rear sights for pistols, focus on the microdots segment, focus on the sea-based segment, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on the hunting segment.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Firearm Sights Market - Macro-Economic Scenario
9 Global Market Size and Growth
10 Global Firearm Sight Market Segmentation
11 Firearm Sight Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
20 Other Major and Innovative Companies
23 Key Mergers and Acquisitions
24 Opportunities and Strategies
25 Firearm Sight Market, Conclusions and Recommendations
26 Appendix
Executive Summary
Firearm Sight Global Market Opportunities And Strategies To 2033 provides the strategists; marketers and senior management with the critical information they need to assess the global firearm sight market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for firearm sight? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The firearm sight market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider firearm sight market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by platform and by application.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the firearm sight market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by platform and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies Details on the company profiles of other major and innovative companies
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for firearm sight providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) By Type: Full Size; Microdots; Mini Reflex2) By Platform: Ground-Based; Air-Based; Sea-Based
3) By Application: Hunting; Armed Forces; Other Applications
Key Companies Mentioned: Bushnell Corporation; Vortex Optics LLC.; Trijicon Inc.; Leupold & Stevens, Inc.; EOTECH
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; firearm sight indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- Bushnell Corporation
- Vortex Optics LLC.
- Trijicon Inc.
- Leupold & Stevens, Inc.
- EOTECH
- Aimpoint AB
- Leonardo S.p.A.
- Sig Sauer, Inc.
- Lucid Optics
- DI Optical Co., Ltd.
- Vector Optics
- ShenZhen Laser Win Technology Ltd.
- Wuhan Cono Technology Co., Ltd.
- Chongqing Dontop Optics Co., Ltd.
- Ningbo Barride Optics Co., Ltd.
- Nikon Sport Optics
- Thales Group
- FN Herstal
- Heckler & Koch
- Feinwerkbau GmbH
- Česká zbrojovka Group SE
- Colt CZ Group
- Kalashnikov Concern
- PGZ
- TAG Precision
- PrairieFire
- ZeroEyes Inc.
- Barrett Firearms Manufacturing
- Burris Company, Inc.
- Teledyne FLIR LLC.
- Sellmark Corporation
- Meopta USA Inc.
- Intevac Photonics, Inc.
- Crimson Trace
- Leapers, Inc.
- Steiner EOptics Inc.
- TRUGLO
- NcSTAR Inc.
- Swampfox Optics Inc.
- AEL Sistemas S.A.
- Bersa S.A.
- Taurus Armas S.A.
- Companhia Brasileira de Cartuchos
- FAMAE (Chilean Army Factories and Workshops)
- Indumil Colombia
- Ammoterra
- Meprolight
- CARACAL
- Elbit Systems Ltd.
- F.A.B. Defense
- Aselsan
- Sarsılmaz
- Tawazun Council
- International Golden Group (IGG)
- Horus Vision
- Nigerian Defense Industries Corporation (DIC)
- Aero Contractors Company of Nigeria Limited
- Truvelo Specialised Manufacturing
- Rheinmetall Denel Munition (Pty) Ltd.
- Hawke Sport Optics
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 279 |
Published | September 2024 |
Forecast Period | 2023 - 2033 |
Estimated Market Value ( USD | $ 1.5 Billion |
Forecasted Market Value ( USD | $ 2.5 Billion |
Compound Annual Growth Rate | 5.0% |
Regions Covered | Global |
No. of Companies Mentioned | 60 |