Firearms Market Size - Global Industry, Share, Analysis, Trends and Forecast 2023 - 2032

The Firearms Market Size accounted for USD 39.6 Billion in 2022 and is projected to achieve a market size of USD 71.7 Billion by 2032 growing at a CAGR of 6.2% from 2023 to 2032.

Firearms Market Highlights

• Global firearms market revenue is expected to increase by USD 71.7 Billion by 2032, with a 6.2% CAGR from 2023 to 2032
• North America region led with more than 35% of firearms market share in 2022
• Asia-Pacific firearms market growth will record a CAGR of more than 6.9% from 2023 to 2032
• By product, the handguns segment captured more than 28% of revenue share in 2022.
• By end-use, the personal protection segment is projected to expand at the fastest CAGR over the projected period
• Increasing demand for personal security and self-defense, drives the firearms market value

Firearms refer to portable weapons that use explosive materials to propel a projectile. These weapons come in various forms, including handguns, rifles, shotguns, and automatic firearms. They serve purposes ranging from self-defense and law enforcement to hunting and recreational shooting. The firearms industry encompasses manufacturers, distributors, retailers, and consumers, creating a complex ecosystem driven by factors such as regulation, technological advancements, and societal trends.

The firearms market has seen notable growth over the past few decades, driven by factors such as increasing demand for personal security, expanding civilian ownership for recreational purposes, and robust military and law enforcement procurement. Additionally, advancements in firearm technology, including materials, ergonomics, and optics, have contributed to the market's expansion. Furthermore, geopolitical tensions and concerns about global security have stimulated government spending on defense and law enforcement, driving further growth in the firearms industry. Despite periodic fluctuations due to regulatory changes and public opinion shifts, the firearms industry has generally exhibited resilience and maintained a steady growth trajectory.

Global Firearms Market Trends

Market Drivers

• Increasing demand for personal security
• Technological advancements in firearm design
• Expansion of civilian ownership for recreational purposes
• Rising government spending on defense and law enforcement
• Geopolitical tensions driving military procurement

Market Restraints

• Growing concerns about gun violence and calls for stricter regulation
• Regulatory challenges impacting distribution and sales

Market Opportunities

• Development of safety features and smart technologies
• Expansion of e-commerce platforms for firearms and accessories

Firearms Market Report Coverage

Firearms are portable weapons designed to discharge a projectile using explosive force. They come in various forms such as handguns, rifles, shotguns, and automatic firearms. Firearms have been integral to human history, evolving from early black powder muskets to modern-day precision-engineered weapons. They serve a multitude of purposes, ranging from self-defense and law enforcement to hunting, sport shooting, and military combat. In self-defense and law enforcement, firearms provide individuals and organizations with a means to protect themselves and others from potential threats. Law enforcement agencies worldwide rely on firearms as essential tools for maintaining public safety and enforcing the law. Similarly, civilians may choose to own firearms for personal protection, particularly in regions with high crime rates or where individuals face perceived threats to their safety. Additionally, firearms play a crucial role in hunting, providing hunters with the means to pursue game animals for sustenance or sport.

The firearms market has experienced steady growth in recent years, fueled by a combination of factors such as increasing demand for personal security, expanding civilian ownership for recreational purposes, and robust military and law enforcement procurement. Technological advancements in firearm design, including materials, ergonomics, and optics, have further propelled market expansion. Additionally, geopolitical tensions and concerns about global security have led to significant government spending on defense and law enforcement, driving further growth in the firearms industry. These factors, combined with a resilient market ecosystem, have contributed to a positive growth trajectory for the firearms industry. Furthermore, the rise of e-commerce has transformed the distribution landscape, making firearms and accessories more accessible to consumers while presenting regulatory challenges for authorities. This shift towards online sales has opened up new opportunities for market expansion, especially in regions where traditional brick-and-mortar stores may be limited.

Firearms Market Segmentation

The global firearms market segmentation is based on product, firing system, end-use, and geography.

Firearms Market By Product

According to the firearms industry analysis, the handguns segment accounted for the largest market share in 2022. This growth is driven by various factors including increasing demand for personal protection, concealed carry laws, and recreational shooting activities. Handguns are popular choices for self-defense due to their compact size, ease of use, and versatility. Moreover, advancements in handgun technology, such as improved ergonomics, lighter materials, and enhanced safety features, have contributed to their rising popularity among consumers. Additionally, changes in legislation and regulations have influenced the growth of the handguns segment. For instance, the relaxation of concealed carry laws in some regions has spurred demand for handguns among civilians seeking to exercise their right to bear arms for personal protection. Furthermore, the rise of shooting sports and competitive shooting events has boosted sales within this segment as enthusiasts seek high-performance handguns for target shooting and competition.

Firearms Market By Firing System