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


Published on: 2024-07-07 | No of Pages : 240 | Industry : Aerospace

Publisher : MRA | Format : PDF&Excel

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

 

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

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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.

Firearms Market Report Attributes
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
  • Self-defense and personal security concerns
  • Military and law enforcement demand for modernization
  • Hunting and outdoor activities generate demand for firearms
  • Cultural attitudes, traditions, and social factors influence regional demand
Pitfalls & Challenges
  • Strict firearms regulations and legislative changes
  • Negative public perception and advocacy for gun control

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

Based on the product, the market is divided into handguns, rifles, shotguns, machine guns, designated marksman rifles, bullpup rifles and others. The handguns segment accounted for around 29% market share in 2023, due to concerns about personal safety and self-defense. Individuals often seek handguns as a means of protection, especially in uncertain or high-crime environments. Cultural and societal influences, along with a perceived need for empowerment, contribute to the popularity of handguns. Additionally, legal considerations, such as concealed carry permits and self-defense laws, influence the demand. Sporting and recreational activities, like competitive shooting and handgun training, further drive the market. Overall, a complex interplay of security concerns, cultural values, and legal frameworks shapes the sustained demand for handguns.

Learn more about the key segments shaping this market

 Download Free Sample

Based on the end use, the market is categorized into personal protection, hunting, sport shooting, law enforcement, military. The military segment accounted for a share of around 39% in 2023, driven by the imperative to maintain strategic superiority and ensure the safety of armed forces. Technological advancements continually enhance firearm capabilities, providing military personnel with more accurate, versatile, and reliable weaponry. Tactical considerations, such as firepower, range, and adaptability, influence the selection and deployment of firearms. Military doctrines and training emphasize the importance of modern firearms for effective defense and offense. The evolution of warfare and the need for precision and efficiency contribute to the ongoing adoption and integration of advanced firearms in military arsenals worldwide.

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

 

 

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.
 

Firearms Market Report Attributes
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
  • Self-defense and personal security concerns
  • Military and law enforcement demand for modernization
  • Hunting and outdoor activities generate demand for firearms
  • Cultural attitudes, traditions, and social factors influence regional demand
Pitfalls & Challenges
  • Strict firearms regulations and legislative changes
  • Negative public perception and advocacy for gun control

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

Based on the product, the market is divided into handguns, rifles, shotguns, machine guns, designated marksman rifles, bullpup rifles and others. The handguns segment accounted for around 29% market share in 2023, due to concerns about personal safety and self-defense. Individuals often seek handguns as a means of protection, especially in uncertain or high-crime environments. Cultural and societal influences, along with a perceived need for empowerment, contribute to the popularity of handguns. Additionally, legal considerations, such as concealed carry permits and self-defense laws, influence the demand. Sporting and recreational activities, like competitive shooting and handgun training, further drive the market. Overall, a complex interplay of security concerns, cultural values, and legal frameworks shapes the sustained demand for handguns.

Learn more about the key segments shaping this market

 Download Free Sample

Based on the end use, the market is categorized into personal protection, hunting, sport shooting, law enforcement, military. The military segment accounted for a share of around 39% in 2023, driven by the imperative to maintain strategic superiority and ensure the safety of armed forces. Technological advancements continually enhance firearm capabilities, providing military personnel with more accurate, versatile, and reliable weaponry. Tactical considerations, such as firepower, range, and adaptability, influence the selection and deployment of firearms. Military doctrines and training emphasize the importance of modern firearms for effective defense and offense. The evolution of warfare and the need for precision and efficiency contribute to the ongoing adoption and integration of advanced firearms in military arsenals worldwide.

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

Table of Content

Will be Available in the sample /Final Report. Please ask our sales Team.
Will be Available in the sample /Final Report. Please ask our sales Team.