Dublin, Nov. 21, 2024 (GLOBE NEWSWIRE) -- The "Firearm Sight Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 279 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $1.5 Billion |
| Forecasted Market Value (USD) by 2033 | $2.5 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
Major Market Trends
- Innovative Thermal Rifle Scopes Revolutionize the Firearm Sight Market
- Integration of Augmented Reality in New Weapon Sights Development
- New High-Performance Thermal Sights for Precision Shooters
- Advanced CNC-Machined Fiber Optic Sights for Pistols
Competitive Landscape and Company Profiles
- Bushnell Corporation
- Vortex Optics LLC
- Trijicon Inc.
- Leupold & Stevens, Inc.
- EOTECH, LLC
Other Major and Innovative Companies
- Aimpoint AB
- Leonardo S.p.a.
- Sig Sauer, Inc.
- Lucid Optics
- DI Optical Co., Ltd.
Key Mergers and Acquisitions
- NIOA Group Acquired Barrett Firearms
- PrairieFire Acquired Front Sight
- EOTECH Inc. Acquired Intevac Photonics
- Ceska zbrojovka Group SE Acquired Colt CZ Group
- GSM Outdoors Acquired TRUGLO Inc
For more information about this report visit https://www.researchandmarkets.com/r/lrjg40
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