Firearms Market - By Product (Handguns, Rifles, Shotguns, Machine Guns, Designated Marksman Rifles, Bullpup Rifles), By Firing System, By End-use & Forecast 2024 - 2032

Firearms Market - By Product (Handguns, Rifles, Shotguns, Machine Guns, Designated Marksman Rifles, Bullpup Rifles), By Firing System, By End-use & Forecast 2024 - 2032

Global Firearms Market size will record a 6% CAGR from 2024 to 2032, attributed to technological advancements and escalating military expenditures. Innovations in firearm design, materials, and manufacturing processes enhance performance and reliability, attracting both civilian and military buyers. Additionally, increased defense budgets worldwide lead to higher procurement of firearms and related equipment. As nations modernize their armed forces and invest in cutting-edge weaponry, the demand for firearms is poised to rise. This convergence of technological progress and military spending will drive a significant expansion of the firearms industry.

For instance, in January 2024, the DRDO (Defense Research and Development Organization) unveiled 'Ugram,' a domestically produced 7.62x51mm assault rifle developed in partnership with a private entity. With a weight of less than four kilograms and a range of 500 meters, the rifle is designed to fulfill the operational needs of the armed forces, paramilitary units, and state police forces. This marks a significant step towards bolstering the firearms market by introducing indigenous, high-performance weaponry catering to diverse security needs.

The firearms market is divided based on product, firing system, and region.

The rifles segment will garner considerable gains through 2032, fueled by several factors, including the versatility and widespread use of rifles for various purposes such as hunting, sport shooting, and self-defense. Moreover, technological advancements continue to enhance rifle performance, making them increasingly attractive to consumers seeking precision, reliability, and customization options. With a combination of tradition and innovation, the rifle segment will remain a cornerstone of the firearms industry, ensuring its continued prominence in the market.

The semi-automatic firing system segment will achieve a noteworthy firearms market share by 2032 due to the widespread popularity and versatility of semi-automatic firing systems. Offering rapid and efficient firepower, semi-automatic firearms appeal to a broad range of users, including civilians, law enforcement, and military personnel. Technological advancements continuously improve the performance and reliability of semi-automatic weapons, further driving their demand. With their ability to adapt to various needs and preferences, the semi-automatic firing system segment will remain a central force in the firearms market forecasts.

Asia Pacific firearms industry will demonstrate a notable CAGR from 2024 to 2032, driven by a confluence of factors. Rising concerns regarding personal safety, coupled with increasing participation in shooting sports and recreational hunting, are propelling the demand for firearms across various countries in the region. Additionally, robust economic growth and expanding military budgets in key nations contribute to the region's prominence in the market. With its growing population and diverse market dynamics, the Asia Pacific region will stand as a key contributor to the global firearms industry outlook.