Gun and Accessories Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Gun and Accessories Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Guns and Accessories Market

The Guns and Accessories market was valued at USD 6.13 billion in 2023, and the market is now projected to grow to USD 12.42 billion by 2032, exhibiting a CAGR of 5.50% during the forecast period of 2024-2032.

The COVID-19 widespread is likely to alter the at first anticipated flow of the guns and accessories market growth for the coming years. It is anticipated that within the post-pandemic period, there will be exceptional defense budget cuts over the world. These are anticipated from the driving defense investing nations such as the U.S., the U.K, France, Germany, Australia, and others. Subsequently, companies are looking forward to expanding their businesses within the commercial weapons and adornments space.

The utilize of carbon strands in weapon manufacturing empowers the diminishment of weapon weight, progressed toughness, and empowers legitimate warm scattering. Driving weapon producer, Browning Company has an alluring extend of smart fiber-fusion stock and ultra-cool crossover rifles that utilize both barrel and carbon fiber stock. Besides, OEMs are centering on presenting new durable surface coating that moves forward weapon life because it ensures from rust or erosion. Essentially, the US-based Benelli recently presented a new Benelli Surface Treatment (BE.S.T.) coating that empowers survival of the gun in saltwater without oxidation for a few months.

Developing request for guns and accessories market share for applications such as chasing, sports shooting, self-defense, and others will drive showcase development. Furthermore, an expanding number of shooting ranges, shooting sports programs, and individual security concerns impel market development. Organizations such as the USA Shooting, 4-H Shooting Sports, and Civilian Marksmanship Programs are training young hopefuls for worldwide occasions such as the Olympics, the World Shooting Championships, and other worldwide competitions.

Comprehensive Analysis of Guns and Accessories Market

On the sort of analysis, the marketplace is sectioned into guns and accessories. The guns section is advance separated into handguns, shotguns, rifles, and machine weapons. The accessories section is assist classified into barrels, packs and parts, magazines, optics, lasers, and lights, grasps, and others. The guns portion is anticipated to exhibit the speediest development rate. It was assessed to be the biggest fragment due to the rising request for handguns and rifles for respectful applications such as chasing, self-defense, and others. Based on application, the advertise is portioned into defense, law requirement, and gracious. The civil portion is assisted isolated into chasing, sports shooting, self-defense, and others. The defense fragment accounted for the biggest market share due to developing defense budgets and expanding uses on the acquirement of progressed weapons and adornments.

The market measures in the North American territory stood at USD 3.24 billion in 2019. The dominance of this region within the market share is inferable to the enormous defense consumptions by the US. The nation exclusively accounted for more than 60% share within the worldwide weapon showcase. Developing individual security concerns due to the expanding number of mass shooting occurrences within the U.S. will drive the development of the market over North America.

The market for the Guns and Accessories is majorly comprised of the prominent players that are operating dedicatedly in the market, proving their existence and profitable revenues with the extensive research and innovative practices and product development. The market players enlisted are as: AMERICAN OUTDOOR BRANDS INC. (the U.S.), Fabbrica d'Armi Pietro Beretta S.p.A. (Italy), FN HERSTAL (Belgium), General Dynamics Corporation (U.S.), Heckler & Koch GmbH (Germany), Lockheed Martin Corporation (U.S.), Northrop Grumman Corporation (U.S.), REMINGTON OUTDOOR COMPANY (U.S.), Savage (U.S.), Sturm, Ruger & Co., Inc. (U.S.) and TAURUS INTERNATIONAL MANUFACTURING, INC. (U.S.)

Within the month of September 2020, the U.S. Division of Defense (DoD) marked a contract worth USD 42 million with Colt Fabricating to create M4 and M4A1 carbines. The delivered carbines will be provided to 13 nations.

SEGMENTATION TABLE

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD Billion)

By Segmentation By Type

Guns

Handgun

Shotgun

Rifles

Machine Gun

Accessories

Barrels

Grips

Magazines

Kits and Parts

Optics, Lasers, and Lights

Others

By Application

Defense

Law Enforcement

Civil

Hunting

Sports Shooting

Self-Defense

Others

By Geography

North America (the U.S. and Canada)

Europe (Germany, the U.K, France, Russia, and Rest of Europe)

Asia Pacific (China, Japan, South Korea, India, and Rest of Asia Pacific)

Rest of the World (The Middle East & Africa and Latin America)