Firearms Market Size Projected to Garner USD 71.7 Billion by 2032 growing at 6.2% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

The Global Firearms Market Size is predicted to reach USD 71.7 Billion by 2032 from USD 39.6 Billion in 2022, at a CAGR of 6.2% between 2023 and 2032, as per the Acumen Research and Consulting

In recent years, firearms adoption has seen a significant increase, influenced by various socio-political, economic, and cultural factors. One key driver is the perceived need for personal safety and security. With rising concerns about crime rates, home invasions, and public safety, many individuals are turning to firearms as a means of self-defense. This trend is particularly noticeable in regions where access to law enforcement may be limited or response times lengthy. Additionally, heightened anxieties stemming from political instability or societal unrest can further fuel the desire for firearm ownership as a means of protection.

Another factor contributing to the increasing adoption of firearms is the influence of popular culture and media. Television shows, movies, video games, and even social media platforms often portray firearms as symbols of power, strength, and masculinity, thereby normalizing their presence in everyday life. This normalization, coupled with the allure of recreational shooting sports, has led to a growing interest in firearms ownership among individuals who may not have previously considered it. Furthermore, changes in legislation and regulations regarding gun control have also played a role in the rising adoption of firearms. In some regions, loosened restrictions on gun ownership have made it easier for individuals to obtain firearms legally, thus expanding the pool of potential gun owners. Additionally, political debates and movements advocating for gun rights have heightened awareness and interest in firearms within certain communities.

Firearms Market Analysis

Firearms Market Statistics

  • Global firearms market value was worth USD 39.6 Billion in 2022, with a 6.2% CAGR from 2023 to 2032
  • North America firearms market share occupied around 35% in 2022
  • By product, the handguns segment captured the majority share of the market in 2022
  • By end-use, the personal protection segment is expected to show noticeable growth during the predicted period
  • Geopolitical tensions driving government spending on defense and law enforcement, propel the firearms market revenue

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Firearms Market Trends

The firearms market has experienced notable growth in recent years, driven by a combination of factors such as increasing demand for personal protection, expanding recreational shooting sports, and advancements in firearm technology. One significant driver of this growth is the rising concern for personal safety and security among individuals globally. Heightened awareness of potential threats, coupled with a desire for self-reliance, has led many consumers to invest in firearms for home defense and personal protection. Moreover, the growing popularity of recreational shooting sports has contributed to the firearms market growth. Activities such as target shooting, hunting, and competitive shooting have gained traction, attracting enthusiasts of all ages. This trend has not only spurred sales of firearms but also generated demand for related accessories, ammunition, and equipment, further fueling market growth.

Additionally, advancements in firearm technology have played a pivotal role in driving market growth. Innovations such as improved ergonomics, enhanced safety features, and modular designs have broadened the appeal of firearms to a wider audience. Furthermore, the development of new materials and manufacturing techniques has led to the production of lighter, more durable firearms with better performance characteristics. These technological advancements have not only attracted seasoned firearms enthusiasts but also newcomers to the market, contributing to overall growth and diversification within the firearms industry.

Firearms Market Segmentation

Acumen Research and Consulting has segmented the global firearms market by product, firing system, end-use, and region.

  • By product, the industry is categorized into handguns, shotguns, rifles, machine guns, bullpup rifles, designated marksman rifles, and others.
  • By firing system, the market is divided into manual, automatic, semi-automatic, break-action, and others.
  • By end-use, the market is bifurcated into personal protection, sport shooting, hunting, military, law enforcement, and others.
  • By region, the market is classified into Asia-Pacific, Latin America, North America, Europe, and the MEA.

Firearms Market Regional Overview

According to the firearms industry analysis, the Asia-Pacific region has emerged as a growing market in the firearms industry, fueled by a combination of factors including increasing defense budgets, rising security concerns, and a growing interest in shooting sports. Countries in the Asia-Pacific region have been bolstering their military capabilities, leading to increased procurement of firearms and related equipment. Additionally, rising geopolitical tensions and territorial disputes in the region have further contributed to the demand for firearms for defense purposes. Moreover, the Asia-Pacific region has witnessed a surge in civilian firearm ownership driven by various socio-economic factors. As economies in the region continue to develop, there has been a corresponding increase in personal wealth and disposable income. This has allowed individuals to afford firearms for purposes such as self-defense, recreational shooting, and hunting. Furthermore, the growing popularity of shooting sports, including competitive shooting and hunting, has led to an uptick in the demand for firearms and related accessories across the region.

Firearms Market Players

Some of the prominent firearms market companies are CZ-USA, Colt's Manufacturing Company, FN Herstal, Remington Arms, H&K (Heckler & Koch), Walther, Ruger, Smith & Wesson, Sig Sauer, and Winchester Repeating Arms.

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Acumen Research and Consulting

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