Firearms Market Size & Share, By Product (Handguns, Rifles, Shotguns, Machine Guns, Designated Marksman Rifles, Bullpup Rifles), Firing System End-use, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Firearms Market was over USD 42.95 Billion in 2023 and is estimated to surpass USD 73.65 Billion by end of the year 2032, growing at over 6.2% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 42.95 Billion
• CAGR (2024-2032): 6.2%
• Forecast Year Value (2032): USD 73.65 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

One major growth driver for the firearms market is the increasing demand for personal safety and security. With rising crime rates and security concerns, consumers are turning to firearms as a means of self-defense. This trend is driving the sales of firearms, ammunition, and related accessories, contributing to the overall growth of the market. Additionally, the growing popularity of recreational shooting sports and hunting activities is also fueling the demand for firearms, providing a significant opportunity for market expansion.

Another significant growth driver for the firearms market is the surge in firearm ownership among first-time buyers. The COVID-19 pandemic and civil unrest in several regions have prompted many individuals to purchase firearms for protection and peace of mind. This influx of new gun owners has created a spike in sales, particularly for handguns and shotguns. As a result, manufacturers and retailers are witnessing a surge in demand, leading to revenue growth and market expansion.

Report Scope

Report Coverage	Details
Segments Covered	Product, Firing System, End Use
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Fabbrica d'Armi Pietro Beretta S.p.A., Browning Arms Company, Colt's Manufacturing Company LLC, Colt CZ Group, Fabrique Nationale Herstal, Carl Walther, Glock Ges.m.b.H., Heckler & Koch, Kel-Tec CNC Industries, Kimber Manufacturing, Maverick Arms, Inc, O.F. Mossberg & Sons, Remington Arms Company, LLC, Savage Arms Company, SIG SAUER & Co., Smith & Wesson Brands, Springfield Armory, Sturm, Ruger & Co., Taurus International Manufacturing, Winchester Repeating Arms Company

Industry Restraints:

Despite the promising growth prospects, the firearms market also faces some significant restraints that could impact its long-term sustainability. One major restraint is the stringent regulatory environment surrounding firearms ownership and sales. In many countries, including the United States, regulations governing the purchase and possession of firearms are subject to constant scrutiny and potential changes. This regulatory uncertainty can create challenges for manufacturers and retailers in terms of compliance and operational costs, potentially limiting market growth.

Another key restraint for the firearms market is the increasing competition from alternative self-defense products and technologies. As advancements in non-lethal self-defense solutions, such as pepper sprays, tasers, and personal alarms, continue to evolve, consumers are exploring options beyond traditional firearms. This shift in consumer preferences presents a challenge for the firearms industry, as it must innovate and differentiate its products to remain competitive. Failure to address this changing landscape could hinder market growth and profitability in the long run.

Regional Forecast:

North America

The North America region, consisting of the United States and Canada, is a significant market for firearms. The United States, in particular, is one of the largest markets for firearms in the world, with a high rate of gun ownership among its citizens. The demand for firearms in North America is driven by factors such as personal protection, hunting, and sports shooting.

The United States is home to a large number of firearms manufacturers, including iconic brands such as Smith & Wesson, Ruger, and Remington. The country also has a thriving gun culture, with millions of Americans participating in recreational shooting sports and hunting each year.

Canada, while having stricter gun control regulations compared to the United States, also has a significant market for firearms. The country has a strong hunting tradition, with many Canadians owning firearms for recreational purposes.

Asia Pacific

In the Asia Pacific region, countries such as China, Japan, and South Korea have varying levels of demand for firearms. China has a large market for firearms, driven primarily by its military and law enforcement agencies. The country also has a growing civilian market for firearms, fueled by increasing interest in recreational shooting sports.

Japan, on the other hand, has strict gun control laws, resulting in a much smaller market for firearms compared to other countries in the region. The country has low rates of gun ownership and places heavy restrictions on civilian access to firearms.

South Korea also has strict gun control regulations, but there is a small market for firearms among civilians for sporting purposes. The country's gun laws are designed to prevent gun violence and ensure public safety.

Europe

The European firearms market is diverse, with countries such as the United Kingdom, Germany, and France having unique regulations and demand for firearms. The United Kingdom has some of the strictest gun control laws in the world, resulting in a relatively small market for firearms compared to other European countries. The country's gun laws are designed to prevent gun violence and ensure public safety.

Germany, on the other hand, has a strong firearms industry, with renowned manufacturers such as Heckler & Koch and Walther producing a wide range of firearms for military, law enforcement, and civilian use. The country also has a vibrant shooting sports culture, with millions of Germans participating in shooting sports each year.

France has a moderate market for firearms, with a strong hunting tradition and a growing interest in shooting sports. The country has regulations in place to ensure that firearms are used responsibly and safely by civilians.

Segmentation Analysis:

In terms of segmentation, the global firearms market is analyzed on the basis of Product, Firing System, End Use

Firearms Market Size & Share:

Handguns:

The handguns segment dominates the firearms market in terms of product type, accounting for a significant share of the overall market size. Handguns are a popular choice for personal defense and concealed carry due to their compact size and ease of use. The increasing demand for handguns for self-defense and recreational shooting activities is driving the growth of this segment in the firearms market.

Rifles:

Rifles are another key product segment in the firearms market, catering to a diverse range of end-users including hunters, sports shooters, and military personnel. The rifles segment includes a variety of types such as bolt-action rifles, semi-automatic rifles, and lever-action rifles, offering different levels of accuracy and firepower for various applications. The growing popularity of shooting sports and hunting activities is fueling the demand for rifles, contributing to the market size and share of this segment.

Shotguns:

Shotguns are widely used in hunting, sports shooting, and military applications, making them a significant segment in the firearms market. Shotguns are known for their versatility and effectiveness in close-range shooting, making them a popular choice for home defense and hunting game birds. The demand for shotguns is expected to remain steady in the firearms market, driven by the increasing interest in outdoor recreational activities and the need for self-defense weapons.

Machine Guns:

Machine guns are specialized firearms that are capable of firing a large volume of bullets in a short period, making them a valuable asset in military and law enforcement operations. The machine guns segment holds a smaller market share compared to other product types due to their restricted legal status and high cost of ownership. However, the demand for machine guns remains steady in defense and security applications, contributing to the overall market size and share of this segment.

Designated Marksman Rifles:

Designated marksman rifles are precision rifles designed for long-range shooting and accuracy, making them popular among military snipers, law enforcement sharpshooters, and competitive shooters. The designated marksman rifles segment is a niche market within the firearms industry, catering to specialized end-users who require exceptional precision and performance in their firearms. The growing emphasis on marksmanship and long-range shooting skills is driving the demand for designated marksman rifles, influencing their market size and share in the firearms industry.

Bullpup Rifles:

Bullpup rifles are compact firearms with the action located behind the trigger, allowing for a shorter overall length while maintaining a full-length barrel for improved accuracy and ballistics. The bullpup rifles segment is a niche market within the firearms industry, appealing to shooters who value maneuverability and ergonomic design in their firearms. Despite their smaller market share compared to other product types, bullpup rifles are gaining traction among military and civilian end-users looking for a versatile and modern rifle platform. The demand for bullpup rifles is expected to grow in the firearms market as more shooters seek compact and efficient firearms for various applications.

Competitive Landscape:

The competitive landscape in the Firearms Market is highly fragmented with a large number of manufacturers and suppliers operating across the globe. Some of the key players are constantly working towards developing innovative products that cater to the specific needs of different customer segments. The market is witnessing intense competition as companies are focusing on expanding their product portfolios, improving distribution channels, and upgrading their technological capabilities to stay ahead in the market. The increasing demand for firearms for personal safety, sporting events, and military applications is driving the growth of the market, further intensifying the competition.

Top Market Players:

1. Smith & Wesson

2. Sturm, Ruger & Co.

3. Glock

4. Colt's Manufacturing Company

5. Remington Arms Company

6. Beretta

7. Sig Sauer

8. Heckler & Koch

9. Savage Arms

10. Mossberg & Sons