Firearms Market Forecasts to 2030 – Global Analysis By Product (Handguns, Bullpup rifles and Other Products), Firing System (Manual, Semi-automatic and Other Firing Systems), End User and By Geography

Firearms Market Forecasts to 2030 – Global Analysis By Product (Handguns, Bullpup rifles and Other Products), Firing System (Manual, Semi-automatic and Other Firing Systems), End User and By Geography

According to Stratistics MRC, the Global Firearms Market is accounted for $42.00 billion in 2023 and is expected to reach $67.44 billion by 2030 growing at a CAGR of 7.0% during the forecast period. Firearms are weapons designed to expel a projectile through the controlled combustion of propellant. They have played a significant role in human history, evolving from early gunpowder weapons to the sophisticated firearms of today. Firearms are categorized based on their mechanism of operation, including handguns, rifles, shotguns, and automatic weapons.

According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure witnessed a 2.6 percent year-on-year growth and reached USD 1,981 billion in 2020. Furthermore, in 2021, SIPRI reported the total global military expenditure for 2021 to be around USD 2,113 billion, an increase of 0.7 percent from 2020. According to small arms survey data, India and China have 71 million and 49 million civilian weapons, respectively.

Market Dynamics:

Driver:

Global events

Global events such as political instability, conflicts, and terrorist threats significantly drive the firearms market. Heightened concerns for personal safety and national security prompt individuals and governments to procure firearms for self-defense and defense purposes. Instances like mass shootings or geopolitical tensions can lead to increased demand for firearms as people seek means of protection. Additionally, changes in gun control regulations or international arms trade agreements can influence market dynamics.

Restraint:

Restricted sales

Restricted sales restraints in the firearms market typically involve regulations that limit or control who can purchase firearms and under what conditions. These restraints often include background checks, waiting periods, and age restrictions to prevent certain individuals, such as convicted felons or those with a history of mental illness, from obtaining firearms. Valid data from the United States, which tells that as of 2020, 90% of Americans supported background checks for all gun buyers. Moreover, states with stricter gun control laws tend to have lower rates of gun-related deaths. These statistics underscore the potential effectiveness of restricted sales restraints in curbing gun violence.

Opportunity:

Technological innovation

The firearms market presents a significant technological innovation opportunity in several areas. Firstly, advancements in materials science can lead to lighter yet stronger firearm components, improving portability and durability. Secondly, smart technology integration, such as biometric locks or RFID tracking, enhances safety and security features. Thirdly, advancements in ammunition design, including non-lethal options or improved ballistics, can offer more versatile solutions. Virtual reality and simulation technologies can revolutionize training methods, providing more realistic and cost-effective alternatives.

Threat:

Social and cultural shifts

Social and cultural shifts can significantly impact the firearms market in various ways. For instance, increased awareness and activism surrounding gun violence can lead to stricter regulations and public scrutiny, potentially dampening demand. Conversely, shifts towards a more individualistic or self-defense-oriented society might spur greater firearm purchases. Moreover, changes in societal attitudes towards recreational shooting or hunting can influence market trends. Cultural shifts towards sustainability and ethical consumption may also affect preferences for firearm materials and manufacturing processes.

Covid-19 Impact:

The COVID-19 pandemic has had a notable impact on the firearms market, driven by a combination of factors. Firstly, fears of social unrest and uncertainty have spurred increased demand for firearms for personal protection. This surge in demand has led to supply chain disruptions, causing shortages of firearms and ammunition. Additionally, lockdown measures and economic hardships have influenced individuals to seek firearms for recreational purposes such as hunting and target shooting, further straining supply.

The machine guns segment is expected to be the largest during the forecast period

The growth of machine guns in the firearms market can be attributed to advancements in technology, which have led to more efficient and reliable machine gun designs, making them increasingly attractive to military, law enforcement, and civilian users alike. Growing concerns about security and defense have prompted increased demand for firearms with higher rates of fire and firepower, where machine guns excel. Geopolitical tensions and the rise of asymmetric warfare have fueled demand for weapons capable of suppressing enemy forces effectively.

The military segment is expected to have the highest CAGR during the forecast period

The military segment's growth in the firearms market can be attributed to ongoing geopolitical tensions and conflicts around the world, driving governments to invest heavily in their military forces, including upgrading weaponry. Advancements in technology have led to the development of more sophisticated and effective firearms, prompting militaries to procure newer models to maintain their competitive edge. Increasing defense budgets in various countries allocate significant funds towards the purchase of firearms for military use. Moreover, the need for modernization and replacement of outdated firearms in existing military arsenals further fuels this growth.

Region with largest share:

The growth in the firearms market in North America can be attributed to a deeply ingrained cultural affinity for firearms, bolstered by traditions like hunting and shooting sports. Concerns about personal safety and a desire for self-defense have driven demand, particularly in uncertain times. Political factors such as debates over gun control legislation often stimulate firearm purchases as consumers fear potential restrictions. The rise of recreational shooting as a hobby and the increasing popularity of gun-related media have also contributed to market expansion. Moreover, advancements in technology, such as improved firearm designs and accessories, have made guns more appealing to a wider demographic.

Region with highest CAGR:

The Asia-Pacific region has witnessed notable growth due to increasing concerns about national security and rising geopolitical tensions among governments and security agencies. A surge in organized crime and terrorism threats has prompted civilians to seek personal protection, driving up civilian firearm purchases. Moreover, economic growth and rising disposable incomes in several countries have enabled more individuals to afford firearms for recreational purposes such as hunting and shooting sports.

Key players in the market

Some of the key players in Firearms market include Browning Arms Company , Carl Walther GmbH, Colt CZ Group, Colt's Manufacturing Company LLC, Fabrique Nationale Herstal , Glock Ges.m.b.H., Heckler & Koch GmbH , Kel-Tec CNC Industries Inc. , Kimber Manufacturing Inc., O.F. Mossberg & Sons, Inc., Remington Arms Company, LLC, Savage Arms Company, SIG SAUER GmbH & Co., Smith & Wesson Brands, Inc. , Springfield Armory, Inc., Sturm, Ruger & Co., Inc., Taurus International Manufacturing Inc. and Winchester Repeating Arms Company.

Key Developments:

In November 2023, Springfield Armory has announced that Firstline, which supports those who serve both our nation and its citizens through discounts on a select line of products, has added several new firearms to the program. New to Firstline are the TRP series of pistols, as well as the bolt-action Model 2020 Waypoint and Redline rifles. Along with these newest additions, the Firstline program also offers a wide range of firearms from the Saint, Hellion, M1A, Echelon, Hellcat, 1911, 1911 DS Prodigy and XD families.

In October 2023, Smith & Wesson Brands, Inc., a leader in firearm manufacturing and design, announces the release of its new pistol caliber carbine, the S&W® Response™. This exciting new offering is Smith & Wesson’s first MSR-style PCC, which makes it easily compatible with many existing MSR parts and accessories. Chambered in 9mm, the Response has a 23+1 capacity out of the box and ships with two 23-round M&P double-stack magazines.

Products Covered:
• Handguns
• Bullpup Rifles
• Shotguns
• Designated Marksman Rifles
• Machine Guns
• Rifles
• Other Products

Firing Systems Covered:
• Manual
• Semi-automatic
• Automatic
• Break-action
• Other Firing Systems

End Users Covered:
• Sport Shooting
• Hunting
• Personal Protection
• Military
• Law Enforcement
• Animal Nutrition
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances