Firearm Sight Global Market Report 2024

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 observed in the historical period can be attributed to factors such as demand from the military and defense sector, expansion in the civilian market, addressing law enforcement needs, and the 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 anticipated growth in the forecast period can be attributed to factors such as the rapid development of reflex sights, the emphasis on customization and modular systems, advancements in materials and construction of optical devices, and the ongoing challenges related to terrorism. Major trends expected in the forecast period include the incorporation of smart optical enhancements, the availability of customizable and modular systems, user-friendly controls and interfaces in optical devices, advancements in training functionalities, and the integration of wireless connectivity features in optical devices.

The anticipated growth in military expenditure is poised to propel the expansion of the firearm sight market in the coming years. Military expenditure refers to the financial resources that a country allocates to military measures and resources. This spending encompasses investments in new systems, upgrades to existing systems, and research, development, testing, and evaluation of new systems, all of which contribute to the growth of the market. For example, in 2021, data from the Stockholm International Peace Research Institute revealed a 0.7% increase in total global military expenditure, reaching $2,113 billion. This surge in defense expenditure stands as a key driver behind the growth of the firearm sight market.

The projected increase in demand for firearms is expected to drive the growth of the firearm sight market in the future. Firearms, as portable barreled weapons designed to expel projectiles, have seen a surge in demand. Firearm sights, serving as aiming devices, play a crucial role in assisting shooters to align their firearm with precision for enhanced accuracy. For example, in January 2022, data from The Trace, a US-based non-profit journalism outlet focused on gun-related news, indicated a significant increase in firearm purchases. Americans acquired 18.9 million guns in 2021, with the year-end figure reaching 21.8 million firearms. This uptick in firearm demand is a key factor propelling the growth of the firearm sight market.

Major companies in the firearm sight market are actively concentrating on the development of new technological solutions to enhance their positions. As an illustration, in October 2021, Meprolight, an Israel-based manufacturer specializing in optics, thermal technology, and handgun sights, introduced the 'Tigon Sight.' This innovative sight adheres to military standards and combines uncooled thermal imaging technology with red-dot optics. The Tigon Sight is designed to facilitate engagement and spotting capabilities by projecting thermal images in complete darkness, as well as in challenging conditions such as smoke and dust. This example showcases the industry's commitment to advancing technology in firearm sights to provide enhanced functionality and performance.

Major companies in the firearm sight market are actively engaged in the development of innovative products to solidify their positions. As an example, in July 2023, American Technologies Network, Corp. (ATN), a US-based leader in the tech optics industry and a manufacturer of high-end night vision devices, introduced the Next Generation ThOR 5 XD and 5 XD LRF Series Smart HD Thermal Rifle Scopes. These advanced thermal rifle scopes feature a first-to-market 1280x1024, 60Hz 12-micron ultra-sensitive HD thermal sensor, enhancing the experience for hunting enthusiasts in the field. The ThOR 5 boasts a faster quad-core processor, enabling users to record and stream video simultaneously, and its more compact design contributes to a more convenient usage experience. Additionally, ATN provides customers with the ability to create personalized reticles using their online reticle editor, allowing customization of colors, intensities, and shapes in the fifth-generation product line. This exemplifies the industry's commitment to introducing cutting-edge products to meet the evolving needs of users.

In January 2022, EOTech Inc., a US-based company specializing in the manufacturing of electro-optic and night vision products and solutions, successfully acquired Intevac Photonics for an undisclosed amount. This strategic acquisition brought together the combined resources of both companies, enhancing their ability to serve the US military. The collaboration aimed to facilitate the development of new product lines and access to broader markets. Intevac Photonics, the acquired company, is a leader in the field of night vision optic technologies designed for military applications.

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.

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. The countries covered in the firearm sight market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of firearm sights include full-size, microdots, and mini reflexes. A full-size firearm sight is characterized by the visibility of the entire front of the gun in the rear sight. These sights find applications in ground-based, air-based, and sea-based platforms, serving diverse purposes such as hunting and military use.

The firearm sight market research report is one of a series of new reports that provides firearm sight market statistics, including firearm sights industry global market size, regional shares, competitors with a firearm sight market share, detailed firearm sight market segments, market trends, and opportunities, and any further data you may need to thrive in the firearm sights industry. This firearm sight market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The firearm sight market consists of sales of reflector sight, iron sight, globe sight, and telescopic sight. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. This market is segmented into reflector sight, iron sight, globe sight, and other sights.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.