Firearms Market - By Product (Handguns, Rifles, Shotguns, Machine Guns, Designated Marksman Rifles, Bullpup Rifles), By Firing System, By End-use & Forecast 2024 - 2032
Published Date: July - 2024 | Publisher: MRA | No of Pages: 240 | Industry: Aerospace | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationFirearms Market - By Product (Handguns, Rifles, Shotguns, Machine Guns, Designated Marksman Rifles, Bullpup Rifles), By Firing System, By End-use & Forecast 2024 - 2032
Firearms Market Size
Firearms Market was valued at USD 41.7 billion in 2023 and is estimated to register a CAGR of over 6% between 2024 and 2032, driven by the changing regulatory environment across several economies. Changes in firearm regulations and legislation can significantly impact the firearms business worldwide
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In January 2024, a federal judge in Florida declared a U.S. law prohibiting individuals from possessing firearms in post offices as unconstitutional. This ruling is part of a series of court decisions challenging gun restrictions on constitutional grounds. The judge referenced the 2022 Supreme Court case "New York State Rifle & Pistol Association v. Bruen," which expanded gun rights by acknowledging an individual's right to carry a handgun in public for self-defense. The judge's decision came within the context of an indictment against Emmanuel Ayala, a U.S. Postal Service truck driver, who was charged with the illegal possession of a firearm in a federal building.
Stricter regulations may lead to increased demand as consumers rush to purchase firearms before new laws take effect. Conversely, more lenient regulations may stimulate sales by making it easier for individuals to acquire firearms, which will further strengthen the firearms industry outlook.
Cultural attitudes towards firearms, often shaped by historical, regional, or societal influences, play a crucial role in driving the firearms market. In some cultures, firearm ownership is deeply ingrained and considered a fundamental right, contributing to a consistent demand for firearms. Additionally, social trends, such as the popularity of shooting sports or the influence of media, can impact the market by shaping public attitudes toward firearms.
Report Attribute | Details |
---|---|
Base Year | 2023 |
Firearms Market Size in 2023 | USD 41.7 Billion |
Forecast Period | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR | 6% |
2032 Value Projection | USD 71.5 Billion |
Historical Data for | 2018 - 2023 |
No. of Pages | 300 |
Tables, Charts & Figures | 320 |
Segments covered | Product, Firing System, End use |
Growth Drivers |
|
Pitfalls & Challenges |
|
What are the growth opportunities in this market?
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Against this backdrop, in January 2024, a new bill, LB1339, was introduced in the Nebraska Legislature, proposes changes to existing state law regarding school security. The bill suggests that schools could implement policies permitting certain staff members to carry firearms on school premises and during school events. This would be at the discretion of the governing bodies of school districts and other educational institutions. Furthermore, LB1339 seeks to eliminate criminal penalties for off-duty and retired law enforcement officials carrying weapons on school grounds, including concealed handguns. Additionally, the bill encourages schools to share mapping data with public safety agencies for more effective emergency response.
However, negative public opinion and perception about firearms, fueled by factors such as high-profile incidents of gun violence or publicized accidents, can lead to increased calls for stricter gun control measures. Such sentiments can create a social climate that discourages firearm ownership and use, affecting market demand. Efforts to address concerns related to gun safety and public health can result in limitations on certain types of firearms or increased scrutiny on the industry.
Firearms Market Trends
The firearms industry has been increasingly incorporating technology into its products. This includes innovations such as smart guns, personalized firearms, and improved optics and sighting systems. Smart gun technology aims to enhance safety features, such as biometric locks or RFID (Radio-Frequency Identification) systems that only allow authorized users to operate the firearm.
In November 2023, the US Marine Corps has initiated a new effort to enhance the combat effectiveness of its Joint Light Tactical Vehicles (JLTV) fleet. A contract was granted to the American technology company BlueHalo to develop a high-energy laser weapon compatible with the JLTVs. BlueHalo's solution, known as the LOCUST laser weapon system, is designed to offer advanced mobile air defense capabilities against drone threats for warfighters. The laser weapon will collaborate with the existing kinetic and electronic warfare systems of the US Marine Corps, contributing to a more potent ground-based air defense strategy.
The LOCUST laser system, acclaimed for its superior target acquisition, tracking, and defeat capabilities, demonstrates versatility across both fixed-site and mobile applications. This adaptability makes it an ideal solution for swift integration into systems like the JLTV, effectively addressing the complex challenges faced by the Marine Corps. As technology continues to advance, we may see further integration of electronic components, connectivity, and advanced materials in firearms.
Firearms Market Analysis
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The firearm market has different types to choose from, like handguns, rifles, shotguns, and more. In particular, handguns made up around 29% of the market in 2023. People often buy handguns to feel safe and protect themselves, especially in areas with high crime rates or when they feel like they need more security. Cultural beliefs about what's cool and the need to feel in charge also play a role in the popularity of handguns. Laws about carrying concealed weapons and self-defense also affect how many people buy handguns. And, of course, there's the fun side of it - handguns are used in sports like competitive shooting and for learning how to use firearms safely. So, it's a mix of wanting to be safe, cultural influences, legal factors, and enjoyment that drives the steady demand for handguns.
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Imagine a world where firearms aren't just tools for self-defense or recreation, but crucial weapons for protecting nations and maintaining peace. In this world, the market for firearms is divided into five main categories- Protecting yourself You need a gun to keep yourself and your loved ones safe. - Going hunting You want a gun to bring home dinner. - Hitting targets for fun You enjoy the thrill of shooting at a range. - Upholding the law You're a police officer or detective who needs a gun to protect the public. - Defending the country You're a soldier who needs a gun to defend your nation and its interests. Out of these, the military uses a whopping 39% of all firearms because they're essential for protecting their soldiers and giving them the edge they need in battle. Technology keeps improving firearms, making them more accurate, reliable, and versatile for soldiers. These features are crucial for military operations because they determine a weapon's firepower, range, and adaptability, which can make a difference between victory and defeat. Military leaders and training programs know that modern firearms are vital for both defense and offense, especially in the ever-changing world of warfare. They're constantly adopting and incorporating new firearms to ensure that their armies are equipped with the best and most efficient weapons available.
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North America is experiencing growth in the firearms market, with a share of around 35% in 2023. A deep-seated cultural attachment to gun ownership, rooted in traditions and individual rights, fosters a consistent demand for firearms. Economic considerations contribute as well, with a robust market for sporting and recreational shooting activities. Legislative frameworks, varying across jurisdictions, impact accessibility and drive sales, particularly during periods of potential regulatory changes. Additionally, a thriving manufacturing sector, technological innovations, and a diverse product range cater to evolving consumer preferences, fostering a resilient and expanding firearms industry in North America.
Firearms Market Share
CZ-USA holds the largest market share in market, has strengthened position in the world's most prestigious firearms industry by handling local distribution and sales in the United States. The subsidiary began its operations in California, later moving to Kansas City, Kansas, where it remains active. Additionally, CZ-USA designs and imports shotguns from Turkey and owns Dan Wesson Firearms, which produces high-quality versions of the 1911 pistol.
Firearms Market Companies
Major players operating in the firearms industry are
- Colt's Manufacturing Company
- CZ-USA
- FN Herstal
- H&K (Heckler & Koch)
- Remington Arms
- Ruger
- Sig Sauer
- Smith & Wesson
- Walther
- Winchester Repeating Arms
Firearms Industry News
- In January 2024, Kimber introduced Kimber K6XS .38 Special Plus P Revolver. The K6XS stands out as a compact and lightweight revolver designed with concealed carry in mind. It operates with .38 Special ammunition and is capable of handling +P loads. Weighing merely 15.9 ounces when unloaded and measuring 6.8 inches in overall length, the K6XS offers remarkable portability. To provide a point of reference, it is approximately seven ounces lighter than Kimber's nearest all-steel counterpart in the revolver lineup.
- In October 2023, Kimber introduced the compact pistol KDS9c, featuring a double-stack design for 9mm ammunition. This new offering from the company incorporates all the beloved features of a 9mm 1911 pistol, with notable enhancements, particularly in terms of increased capacity. The KDS9c presents a platform that enthusiasts will appreciate, blending the favored characteristics of the 9mm 1911 while incorporating substantial upgrades, notably in its ammunition capacity.
The firearms market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipment (units) from 2018 to 2032, for the following segments
Click here to Buy Section of this Report
Market, By Product
- Handguns
- Pistols
- Revolvers
- Rifles
- Shotguns
- Machine Guns
- Designated Marksman Rifles
- Bullpup Rifles
- Others
Market, By Firing System
- Manual
- Semi-Automatic
- Automatic
- Break-action
- Others
Market, By End-Use
- Personal Protection
- Hunting
- Sport Shooting
- Law Enforcement
- Military
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Nordics
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- MEA
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Table of Content
Firearms Market Size
Firearms Market was valued at USD 41.7 billion in 2023 and is estimated to register a CAGR of over 6% between 2024 and 2032, driven by the changing regulatory environment across several economies. Changes in firearm regulations and legislation can significantly impact the firearms business worldwide.
To get key market trends
Download Free Sample
In January 2024, a federal judge in Florida declared a U.S. law prohibiting individuals from possessing firearms in post offices as unconstitutional. This ruling is part of a series of court decisions challenging gun restrictions on constitutional grounds. The judge referenced the 2022 Supreme Court case "New York State Rifle & Pistol Association v. Bruen," which expanded gun rights by acknowledging an individual's right to carry a handgun in public for self-defense. The judge's decision came within the context of an indictment against Emmanuel Ayala, a U.S. Postal Service truck driver, who was charged with the illegal possession of a firearm in a federal building.
Stricter regulations may lead to increased demand as consumers rush to purchase firearms before new laws take effect. Conversely, more lenient regulations may stimulate sales by making it easier for individuals to acquire firearms, which will further strengthen the firearms industry outlook.
Cultural attitudes towards firearms, often shaped by historical, regional, or societal influences, play a crucial role in driving the firearms market. In some cultures, firearm ownership is deeply ingrained and considered a fundamental right, contributing to a consistent demand for firearms. Additionally, social trends, such as the popularity of shooting sports or the influence of media, can impact the market by shaping public attitudes toward firearms.
Report Attribute | Details |
---|---|
Base Year | 2023 |
Firearms Market Size in 2023 | USD 41.7 Billion |
Forecast Period | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR | 6% |
2032 Value Projection | USD 71.5 Billion |
Historical Data for | 2018 - 2023 |
No. of Pages | 300 |
Tables, Charts & Figures | 320 |
Segments covered | Product, Firing System, End use |
Growth Drivers |
|
Pitfalls & Challenges |
|
What are the growth opportunities in this market?
Download Free Sample
Against this backdrop, in January 2024, a new bill, LB1339, was introduced in the Nebraska Legislature, proposes changes to existing state law regarding school security. The bill suggests that schools could implement policies permitting certain staff members to carry firearms on school premises and during school events. This would be at the discretion of the governing bodies of school districts and other educational institutions. Furthermore, LB1339 seeks to eliminate criminal penalties for off-duty and retired law enforcement officials carrying weapons on school grounds, including concealed handguns. Additionally, the bill encourages schools to share mapping data with public safety agencies for more effective emergency response.
However, negative public opinion and perception about firearms, fueled by factors such as high-profile incidents of gun violence or publicized accidents, can lead to increased calls for stricter gun control measures. Such sentiments can create a social climate that discourages firearm ownership and use, affecting market demand. Efforts to address concerns related to gun safety and public health can result in limitations on certain types of firearms or increased scrutiny on the industry.
Firearms Market Trends
The firearms industry has been increasingly incorporating technology into its products. This includes innovations such as smart guns, personalized firearms, and improved optics and sighting systems. Smart gun technology aims to enhance safety features, such as biometric locks or RFID (Radio-Frequency Identification) systems that only allow authorized users to operate the firearm.
In November 2023, the US Marine Corps has initiated a new effort to enhance the combat effectiveness of its Joint Light Tactical Vehicles (JLTV) fleet. A contract was granted to the American technology company BlueHalo to develop a high-energy laser weapon compatible with the JLTVs. BlueHalo's solution, known as the LOCUST laser weapon system, is designed to offer advanced mobile air defense capabilities against drone threats for warfighters. The laser weapon will collaborate with the existing kinetic and electronic warfare systems of the US Marine Corps, contributing to a more potent ground-based air defense strategy.
The LOCUST laser system, acclaimed for its superior target acquisition, tracking, and defeat capabilities, demonstrates versatility across both fixed-site and mobile applications. This adaptability makes it an ideal solution for swift integration into systems like the JLTV, effectively addressing the complex challenges faced by the Marine Corps. As technology continues to advance, we may see further integration of electronic components, connectivity, and advanced materials in firearms.
Firearms Market Analysis
Learn more about the key segments shaping this market
Download Free Sample
When it comes to firearms, the market can be broken down into different types like handguns, rifles, shotguns, and so on. Handguns, which are designed for ease of carrying and close-range use, made up about 29% of the market in 2023. People are worried about their safety and want to protect themselves, so handguns are becoming more popular. Especially in places where crime rates are high or people don't feel safe, people want to have a way to defend themselves. Culture and society also play a role, making handguns seem like a good way for people to feel empowered. Laws about self-defense and carrying concealed weapons also affect how many handguns are sold. People are more likely to buy handguns if they can legally carry them hidden or use them to defend themselves. Plus, people like to use handguns for target practice and training, which also helps the market grow. In the end, people want handguns because they feel unsafe, want to protect themselves, and are influenced by culture and the law. This is what keeps the demand for handguns strong.
Learn more about the key segments shaping this market
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Imagine a world where firearms are used for various reasons, like safeguarding ourselves, hunting for food, engaging in sports shooting, and even protecting our nation. Out of all these uses, the military has been a significant user, accounting for a large chunk - about 39% in 2023. Why? Because armies need to stay strong and keep their soldiers safe. Over the years, new technologies have made firearms even better, giving soldiers weapons that are more accurate, adaptable, and zuverlässig. Think about it this waythey can hit targets with precision, switch between different modes easily, and trust their firearms to work flawlessly. In the military, they put a lot of thought into what kind of firearms they need. They consider things like firepower (how much damage they can do), how far they can shoot, and how well they can handle different situations. Training and military strategies emphasize the importance of having these modern firearms. They allow soldiers to defend themselves and attack effectively. As warfare changes and the need for precision and efficiency grows, advanced firearms are becoming more and more common in military arsenals around the world.
Looking for region specific data?
Download Free Sample
North America is experiencing growth in the firearms market, with a share of around 35% in 2023. A deep-seated cultural attachment to gun ownership, rooted in traditions and individual rights, fosters a consistent demand for firearms. Economic considerations contribute as well, with a robust market for sporting and recreational shooting activities. Legislative frameworks, varying across jurisdictions, impact accessibility and drive sales, particularly during periods of potential regulatory changes. Additionally, a thriving manufacturing sector, technological innovations, and a diverse product range cater to evolving consumer preferences, fostering a resilient and expanding firearms industry in North America.
Firearms Market Share
CZ-USA holds the largest market share in market, has strengthened position in the world's most prestigious firearms industry by handling local distribution and sales in the United States. The subsidiary began its operations in California, later moving to Kansas City, Kansas, where it remains active. Additionally, CZ-USA designs and imports shotguns from Turkey and owns Dan Wesson Firearms, which produces high-quality versions of the 1911 pistol.
Firearms Market Companies
Major players operating in the firearms industry are
- Colt's Manufacturing Company
- CZ-USA
- FN Herstal
- H&K (Heckler & Koch)
- Remington Arms
- Ruger
- Sig Sauer
- Smith & Wesson
- Walther
- Winchester Repeating Arms
Firearms Industry News
- In January 2024, Kimber introduced Kimber K6XS .38 Special Plus P Revolver. The K6XS stands out as a compact and lightweight revolver designed with concealed carry in mind. It operates with .38 Special ammunition and is capable of handling +P loads. Weighing merely 15.9 ounces when unloaded and measuring 6.8 inches in overall length, the K6XS offers remarkable portability. To provide a point of reference, it is approximately seven ounces lighter than Kimber's nearest all-steel counterpart in the revolver lineup.
- In October 2023, Kimber introduced the compact pistol KDS9c, featuring a double-stack design for 9mm ammunition. This new offering from the company incorporates all the beloved features of a 9mm 1911 pistol, with notable enhancements, particularly in terms of increased capacity. The KDS9c presents a platform that enthusiasts will appreciate, blending the favored characteristics of the 9mm 1911 while incorporating substantial upgrades, notably in its ammunition capacity.
The firearms market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipment (units) from 2018 to 2032, for the following segments
Click here to Buy Section of this Report
Market, By Product
- Handguns
- Pistols
- Revolvers
- Rifles
- Shotguns
- Machine Guns
- Designated Marksman Rifles
- Bullpup Rifles
- Others
Market, By Firing System
- Manual
- Semi-Automatic
- Automatic
- Break-action
- Others
Market, By End-Use
- Personal Protection
- Hunting
- Sport Shooting
- Law Enforcement
- Military
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Nordics
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- MEA
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
"
- Colt's Manufacturing Company
- CZ-USA
- FN Herstal
- H&K (Heckler & Koch)
- Remington Arms
- Ruger
- Sig Sauer
- Smith & Wesson
- Walther
- Winchester Repeating Arms
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