March 25, 2025 12:35 AM PDT
MARKET OVERVIEW:
The global firearms market, valued at USD 39.3 billion in 2023, is projected to grow to USD 67.5 billion by 2032, with a compound annual growth rate (CAGR) of 5.9% during 2024-2032. This growth is driven by increased concerns about personal safety and self-defense, as well as rising demand in the defense sector. Additionally, recreational and sporting activities involving firearms are gaining popularity, contributing to overall market expansion. Advancements in technology also enhance firearm safety and operational efficiency.
STUDY ASSUMPTION YEARS:
- BASE YEAR: 2023
- HISTORICAL YEAR: 2018-2023
- FORECAST YEAR: 2024-2032
FIREARMS MARKET KEY TAKEAWAYS:
- Market size in 2023: USD 39.3 billion, projected to reach USD 67.5 billion by 2032.
- Key drivers include concerns over personal safety, increased defense sector demand, and a rise in recreational firearm activities.
- North America leads the market, driven by strong gun ownership culture and robust legal frameworks.
- Technological innovations, including IoT and RFID, enhance product safety and efficiency.
- Recreational shooting and hunting activities are gaining momentum, driving market demand.
- The defense sector’s modernization efforts globally fuel the market.
MARKET GROWTH FACTORS:
Personal Safety and Self-Defense:
As safety concerns rise, so does the demand for firearms. Crime in urban areas and sensational media coverage of personal attacks have encouraged many potential buyers to consider purchasing firearms for self-defense purposes. The new trend is magnified in areas where firearm ownership has long been accepted as a societal norm. The United States is a case in point, where statistics indicate a high correlation between increased safety concerns and the susceptibility of rural areas to gun ownership. The rise in the violent crime rates, especially property crimes and violent crimes, clearly shows that the rising need for personal security is an added advantage to firearms sales.
Defense Sector Demand:
The global defense industry is nevertheless one of the biggest consumers of firearms, commanding huge budgetary allocations for national security. Countries like India and EU nations procure asses amount of firearms during the modernization of their armed forces in order to keep their troops combat-ready and operationally effective. Increased geopolitical tensions compounded by the desire for next-generation weaponry in defense strategies have substantially augmented the demand for high-quality firearms. Specifically, budgets for defense procurement such as those in the Indian sector will ensure that the market is continuously flooded, guaranteeing a steady inflow to propel the market forward.
Recreational and Sporting Firearms:
The growth of shooting sports and recreational activities like hunting and target shooting has spurred the demand for firearms. With an increasing level of public interest in such sports comes an increased market for those firearms designated for recreational purposes. Competitive sporting events and shooting ranges coupled with the gradual acceptance of firearms for recreational purposes have contributed to the burgeoning of this gun market. Alone, the sports firearm market is predicted to reach USD 3.9 billion by 2032, which shows plenty of opportunity for growth in this section. The uprising prominence of shooting clubs and events support the increasing share of this sector in the market.
MARKET SEGMENTATION:
- By Type:
- Pistol: Firearms designed for easy portability and self-defense.
- Revolver: A firearm with a rotating cylinder, often used for personal defense.
- Rifle: Long-range firearms, commonly used for hunting and military applications.
- Machine Gun: Fully automatic firearms used primarily by military forces.
- Others: Includes shotguns and specialized firearms.
- By Technology:
- Guided: Firearms equipped with advanced guidance systems for enhanced precision.
- Unguided: Traditional firearms without advanced targeting technologies.
- By Operation:
- Automatic: Firearms that continuously fire while the trigger is pressed.
- Semi-automatic: Firearms that fire one round per trigger pull.
- Manual: Firearms that require manual reloading after each shot.
- By End Use:
- Military: Firearms used in defense and military applications.
- Law Enforcement: Guns used by police and security forces.
- Sports: Firearms designed for competitive shooting.
- Hunting: Firearms used in hunting activities.
- Self Defense: Guns purchased for personal protection.
- Others: Includes firearms for various niche applications.
- Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
REGIONAL INSIGHTS:
North America is the biggest in firearms market, as a result of greater gun ownership culture, developed laws, and a large base of manufacturer. The huge mercury has been driven by the Netherlands, where the Second Amendment and a robust defense sector hold the demand uninterrupted. Rising worries about safety and levels of recreational firearms use all enhance the outlook for the market in this area.
RECENT DEVELOPMENTS & NEWS:
The ongoing trends in the firearms market are leaning towards innovations including integration of IoT, RFID, and biometric technologies for the enhancement of safety features. All these technological advancements present better operational efficiency and safety for user-device interaction. The market over these years has also seen growth in firearms meant for sporting and recreational use with an increase in participation in target shooting and hunting-based activities. A distinctive industrial growth driver remains the focus on product modernization to attain higher accuracy and reliability levels.
KEY PLAYERS:
Beretta, Colt CZ Group, FN Herstal, Glock Ges.m.b.H., Heckler & Koch (H&K), Remington Arms Company, Sig Sauer, Smith & Wesson (S&W), Sturm, Ruger & Co., Inc., etc.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, considerations studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
MARKET OVERVIEW:
The global firearms market, valued at USD 39.3 billion in 2023, is projected to grow to USD 67.5 billion by 2032, with a compound annual growth rate (CAGR) of 5.9% during 2024-2032. This growth is driven by increased concerns about personal safety and self-defense, as well as rising demand in the defense sector. Additionally, recreational and sporting activities involving firearms are gaining popularity, contributing to overall market expansion. Advancements in technology also enhance firearm safety and operational efficiency.
STUDY ASSUMPTION YEARS:
- BASE YEAR: 2023
- HISTORICAL YEAR: 2018-2023
- FORECAST YEAR: 2024-2032
FIREARMS MARKET KEY TAKEAWAYS:
- Market size in 2023: USD 39.3 billion, projected to reach USD 67.5 billion by 2032.
- Key drivers include concerns over personal safety, increased defense sector demand, and a rise in recreational firearm activities.
- North America leads the market, driven by strong gun ownership culture and robust legal frameworks.
- Technological innovations, including IoT and RFID, enhance product safety and efficiency.
- Recreational shooting and hunting activities are gaining momentum, driving market demand.
- The defense sector’s modernization efforts globally fuel the market.
MARKET GROWTH FACTORS:
Personal Safety and Self-Defense:
As safety concerns rise, so does the demand for firearms. Crime in urban areas and sensational media coverage of personal attacks have encouraged many potential buyers to consider purchasing firearms for self-defense purposes. The new trend is magnified in areas where firearm ownership has long been accepted as a societal norm. The United States is a case in point, where statistics indicate a high correlation between increased safety concerns and the susceptibility of rural areas to gun ownership. The rise in the violent crime rates, especially property crimes and violent crimes, clearly shows that the rising need for personal security is an added advantage to firearms sales.
Defense Sector Demand:
The global defense industry is nevertheless one of the biggest consumers of firearms, commanding huge budgetary allocations for national security. Countries like India and EU nations procure asses amount of firearms during the modernization of their armed forces in order to keep their troops combat-ready and operationally effective. Increased geopolitical tensions compounded by the desire for next-generation weaponry in defense strategies have substantially augmented the demand for high-quality firearms. Specifically, budgets for defense procurement such as those in the Indian sector will ensure that the market is continuously flooded, guaranteeing a steady inflow to propel the market forward.
Recreational and Sporting Firearms:
The growth of shooting sports and recreational activities like hunting and target shooting has spurred the demand for firearms. With an increasing level of public interest in such sports comes an increased market for those firearms designated for recreational purposes. Competitive sporting events and shooting ranges coupled with the gradual acceptance of firearms for recreational purposes have contributed to the burgeoning of this gun market. Alone, the sports firearm market is predicted to reach USD 3.9 billion by 2032, which shows plenty of opportunity for growth in this section. The uprising prominence of shooting clubs and events support the increasing share of this sector in the market.
MARKET SEGMENTATION:
- By Type:
- Pistol: Firearms designed for easy portability and self-defense.
- Revolver: A firearm with a rotating cylinder, often used for personal defense.
- Rifle: Long-range firearms, commonly used for hunting and military applications.
- Machine Gun: Fully automatic firearms used primarily by military forces.
- Others: Includes shotguns and specialized firearms.
- By Technology:
- Guided: Firearms equipped with advanced guidance systems for enhanced precision.
- Unguided: Traditional firearms without advanced targeting technologies.
- By Operation:
- Automatic: Firearms that continuously fire while the trigger is pressed.
- Semi-automatic: Firearms that fire one round per trigger pull.
- Manual: Firearms that require manual reloading after each shot.
- By End Use:
- Military: Firearms used in defense and military applications.
- Law Enforcement: Guns used by police and security forces.
- Sports: Firearms designed for competitive shooting.
- Hunting: Firearms used in hunting activities.
- Self Defense: Guns purchased for personal protection.
- Others: Includes firearms for various niche applications.
- Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
REGIONAL INSIGHTS:
North America is the biggest in firearms market, as a result of greater gun ownership culture, developed laws, and a large base of manufacturer. The huge mercury has been driven by the Netherlands, where the Second Amendment and a robust defense sector hold the demand uninterrupted. Rising worries about safety and levels of recreational firearms use all enhance the outlook for the market in this area.
RECENT DEVELOPMENTS & NEWS:
The ongoing trends in the firearms market are leaning towards innovations including integration of IoT, RFID, and biometric technologies for the enhancement of safety features. All these technological advancements present better operational efficiency and safety for user-device interaction. The market over these years has also seen growth in firearms meant for sporting and recreational use with an increase in participation in target shooting and hunting-based activities. A distinctive industrial growth driver remains the focus on product modernization to attain higher accuracy and reliability levels.
KEY PLAYERS:
Beretta, Colt CZ Group, FN Herstal, Glock Ges.m.b.H., Heckler & Koch (H&K), Remington Arms Company, Sig Sauer, Smith & Wesson (S&W), Sturm, Ruger & Co., Inc., etc.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, considerations studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.