Firearm Sight Market – Growth, Trends, Opportunities, Regional Analysis and Forecast (2023-2029)

Firearm Sight Market has valued at US$ 1.58 Bn. in 2022 and is estimated to reach a value of US$ 2.26 Bn. in 2029. The Global Firearm Sight Market size is estimated to grow at a CAGR of 5.2% over the forecast period.
Firearm Sight Market Overview:
The development in the various components and the consumption of all the components of firearm sights, rising in the defense sector across the globe, and effective and efficient properties make the market growth of firearm sights. Firearm sights make it easier for a soldier or an individual to hits their target by providing a more accurate aim. The various types of sights in the firearm provide a clear view and help to analyze the distance, and help to aim for firing in the field.

The report explores the Firearm Sight Market's segments (Type, Application, and Region). Data has been provided by market participants and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2022. The report investigates the Firearm Sight Market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Firearm Sight Market's contemporary competitive scenario.To know about the Research Methodology :- Request Free Sample Report
Market Dynamics:
Shooting and gun accessories comprise air rifles, air pistols, magazines & loaders, and targets and accessories such as grips, laser lights, and others are the other elements in which firearm sights are mainly considered and apply to almost 70% of the weapons used in every armed force across the globe. In recent years, increased use of a firearm has been observed by military law enforcement, and commercial applications and firearm manufacturers are developing and launching different types of firearms to attract more customers and generate new revenue products.

Different Accessories in Firearm and Firearm Sights Providing Opportunities for Growth;
Iron, Telescopic, Reflector, Holographic, Infrared, and Thermal are the various types of sights, and long guns, shotguns, rifles, carbines, machine guns, sniper rifles, submachine guns, automatic rifles, assault rifles are the various types of firearms and the combination all sights and firearms according to the requirement as per the circumstances it provides opportunities to various key players to anticipate in the development of new innovative firearm sights to capture the maximum distance which helps the individuals to acquire their target or aim.

Rise in the Territorial Conflicts across the Globe Influence the Firearm Sight Market:

In the recent years, conflicts and wars are witnessing an upward trend across the numerous countries, and the rise in the terrorist attacks and violent conflicts in the country is expected to lead to more unfavorable instances across the neighboring nations in the future. Currently, there are numerous ongoing wars and minor conflicts in several countries globally, most of which are in northwest Asia, Sub-Sahara Africa, and a major ongoing drug war in Mexico. Nations across the globe are buying arms and ammunition to counter-terrorism, block the entry of enemy soldiers, and curb anti-national activities. The misfortunate events that happened in the various countries have resulted in a large number of citizens carrying guns for self-defense purposes. Such factors are anticipated to propel the growth of the global firearms sights market.

Increase in the Demand for Firearms Propel the Growth of Firearm Sight Market:

Sports Gun is referred to as a non-lethal weapon that includes rifles and shotgun, which highly require sights for the proper aiming, and it is always in demand for competitive shooting and recreational purposes. These guns differ from other lethal counterparts according to their technology, projectile, caliber, and others. Firearms sights are lighter and more comfortable to use as compared to others. According to the Economic Times, the US Government is considering a $500 million defense package for India to finance to purchase of US weapons systems. Thus, these are the factors that influence the market for firearm sights.
Firearm Sight Market Trends:
Agreement between Various Countries for the Exchange of their New Innovative Firearms Creates Trend in the Market:

Several developing and developed economies try to increase their defense sector by importing the latest weapons or taking their systems to develop new components in defense. This leads the countries to increase their strength as well as opportunities to various companies which are associated with the defense sector, and it will also promote technological or technical support in the defense industries. According to the OEC, firearms act as the 65th most traded product across the globe, and it also contributes 35% to the total arms industry. In 2022, the Firearms sight recorded a 15% revenue increase and was also expecting to have 3.57% of annual growth in the forecasted period.

As per the reports by Economic Times, India and UK are in the process of finalizing an arrangement for the joint production of advanced defense technology and systems, and this arrangement covers joint research and co-development programs between the two countries, enhancing the bilateral ties in the defense sector.

Tonbo Imaging, a Bangalore-based startup, has bagged a $100 million contract to manufacture and export 'night-vision firearm sights' to be sold to a US company to the Peruvian Arms. The device will be fitted on rifles supplied to Peru by US manufacturers Unified Weapon Systems (UWS). Tonbo and UWS will offer a similar deal to the Indian Army. In addition, the Peruvian government signed a %1.5 billion deal with a US Company to assemble and jointly manufacture 300,000 rifles to modernize the weaponry of the armed forces and its national police. The tender to supply daily optics for the firearm's sights was won by the US-based Browe. These developments in the countries are the influencing factor for the growth of the firearm sight market across the globe.
Segment Analysis:
Based on Type, the Firearm Sight Market is segmented into Full Size, Microdots, and Mini Reflex. Full-size firearm sights segment held the largest market share accounting for 35% in 2022. The segment growth is attributed to increase in the demand for the full size firearm sight across the globe. The other factor attributing to the growth is the properties like it gives the greater capacity to hold the large handgun with the greater capacity of magazines, it can hold up to 15-17 rounds, depending on the magazine usage. It also contains recoil control, which helps to control the weapon effectively and makes it easier to target the aim.

Mini reflex is the second largest segment in the firearm sight because of the factors like it is ideal for quick sighting over short and medium distances, as both eyes can be open depending on the distance. For instance- in combination with a magnifier, it forms a noticeably inexpensive alternative to classic rifle scopes.

Based on Application, the Firearm Sight Market is segmented into Armed Forces, Hunting, and Others. Armed forces segment held the largest market share accounting for 47% in 2022. The factors influencing the segment growth is the factors like global military expenditure, has been seen exponential growth in recent years. According to Stockholm International Peace Research Institute (SIPRI), the global military expenditure reached $1981 billion in 2022, with a 2.6% year-on-year increase. To modernize the defense forces to tackle the rise in the threats of war and other conflicts, many nations are continuously increasing their defense spending to purchase and manufacture guns, ammunition, and accessories.

The military expenditure accounted for 2.5% of the global gross domestic product in 2022. Thus, an increase in the global military has augmented the adoption of modern guns like firearms sights influencing the Armed forces segments as well as the Firearm Sight Market across the globe. The other segments like hunting and others are not expanding their market but are expected to rise in their segment because of the terrorism factors, self-defense in the areas of wars, etc.
Firearm Sight Market Regional Insights:
North American held the largest market share accounting for 36% in 2022. The region growth is attributed to the factors like major countries like the US and Mexico are increasing their military power, innovating their armed products for the exports, and also giving their systems to operate and improve their region as the most powerful region in terms of defense. The market for firearms sight is increased by 4.5% in Germany in 2022 and is expected to reach an annual growth of 5.2% in the forecasted period. The government in these regions is also contributing their major investment in this market for the innovation and growth of sales in the firearms sight market. The major arrangements with countries like India and the U.K also support the consumption of rifles as well as guns and protect their boundaries from unwanted enemies.

Asia-Pacific is the second-largest segment and expected to witness a significant growth at a CAGR of 4.5% through the forecast period. The region growth is attributed to the growth of developing countries like India, Indonesia, and others are accelerating their defense system by the major government arrangement with other developed countries which have the new-improved product and systems to strengthen their defense system. This leads the armed forces of all the countries and for this government also contributing their capitals to expanding their systems as well as to upgrade their firearm sights. Thus, these factors witness the growth as well as influence the region's growth in the Firearm Sight Market.

The objective of the report is to present a comprehensive analysis of the global Firearm Sight Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear, futuristic view of the industry to the decision-makers.

The reports also help in understanding the Firearm Sight Market dynamic and structure by analyzing the market segments and projecting the Firearm Sight Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Firearm Sight Market make the report investor’s guide.
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Global Firearm Sight Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 1.58 Bn.


Forecast Period 2023 to 2029 CAGR:
5.2%
Market Size in 2029:
US $ 2.26 Bn.


 Segments Covered:
by Type
Full Size
Microdots
Mini Reflex


by Application
Armed Forces
Hunting
Others



Firearm Sight Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Firearm Sight Market Key Players:
1. Bushnell
2. Aim Point
3. Black Spider LLC
4. Burris Optics
5. Vortex Optics
6. Command Arms
7. DI Optical
8. Sight Mark
9. EOTech
10.High-Speed Gear
11.Holosun Leapers
12.Leupold
13.Lucid
14.NcSTAR
15.Primary Arms
16.Sig Sauer

Frequently Asked Questions:

Q.1 What is the market size of the Firearms Sight Market in 2022?
Ans. The Firearm Sight Market has valued at US$ 1.58 Bn. in 2022.

Q.2 What is the forecasted period for Firearms Sight Market?
Ans. The forecasted period for Firearms Sight Market is 2023-2029.

Q.3 What is the CAGR of the Firearm Sight Market?
Ans. The Global Firearm Sight Market size is estimated to grow at a CAGR of 5.2% over the forecast period.

Q.4 What is the growth factor of the Firearm Sight Market?
Ans. The misfortunate events that happened in the various countries have resulted in a large number of citizens carrying guns for self-defense purposes. Such factors are anticipated to propel the growth of the global firearms sights market.

Q.5 Which region covers the most market share of the Firearm Sight Market?
Ans. The Firearm Sight region held the largest market share accounting for 36% in 2022 in North America.