Market Size of Shotgun And Rifles Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 5.95 Billion |
Market Size (2029) | USD 7.37 Billion |
CAGR (2024 - 2029) | 4.36 % |
Fastest Growing Market | North America |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Shotgun and Rifles Market Analysis
The Shotgun And Rifles Market size is estimated at USD 5.95 billion in 2024, and is expected to reach USD 7.37 billion by 2029, growing at a CAGR of 4.36% during the forecast period (2024-2029).
The rampant incidents of terror attacks have resulted in the modernization of the weapons of law enforcement agencies to prevent such incidences effectively and minimize loss of life. This has driven the demand for rifles and shotguns and is expected to bolster the procurement initiatives during the forecast period. The rise in geopolitical conflicts has driven the procurement of new equipment as part of ongoing soldier modernization programs, the induction of heavily armored vehicles such as main battle tanks (MBTs) and armored personnel carriers (APCs) has driven the demand for Armor-piercing weaponry, such as anti-material rifles. The rising defense budget of various countries allows them to procure customized weapons as required to drive the market.
Technological advancements in automation in bullet loading, self-steering bullets, and cutting-edge technologies in sniper accessories are all expected to make rifles more efficient and accurate in future years. However, incorporating stringent gun ownership laws by various governments will restrict gun manufacturing companies from entering the shotgun and rifle market.
Also, various governments and regions' stringent regulatory frameworks and firearm laws restrain the market's growth, especially for civilian end users. These regulations can include background checks, waiting periods, and limits on firearm ownership, which can affect market accessibility and sales. Compliance with these regulations poses challenges for manufacturers and buyers in the market.
Shotgun and Rifles Industry Segmentation
Shotguns and rifles are two distinct categories of firearms with diverse end users and applications. Shotguns, recognized by smoothbore barrels, are versatile firearms designed to discharge a spread of small pellets (shot) or a single large projectile (slug). Rifles, featuring long-barreled firearms with a rifle bore for improved accuracy, are favored by precision shooters, tactical missions, hunters, and military personnel for applications requiring precise targeting and extended range. Shotgun end users are hunters, sport shooters, and individuals seeking home defense. These firearms cater to a wide array of end users, ranging from civilians to law enforcement agencies and armed forces.
The shotgun and rifles market is segmented by range, end user, weapon loading mechanism, and geography. By range, the market is segmented into short-range, medium-range, and long-range. By end users, the market is segmented into military, civilian, and law enforcement. By weapon loading mechanism, the market is classified into manual and semi-automatic/automatic. The report also covers the market sizes and forecasts for the shotgun and rifles market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
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Shotgun And Rifles Market Size Summary
The shotgun and rifle market is poised for significant growth over the forecast period, driven by increasing demand from law enforcement and military sectors. The need for modernized weaponry to combat terrorism and geopolitical conflicts has spurred procurement initiatives, with countries investing in advanced rifles and shotguns as part of their defense strategies. Technological advancements, such as automation in bullet loading and improvements in sniper accessories, are expected to enhance the efficiency and accuracy of these weapons. However, stringent gun ownership laws and regulatory frameworks in various regions pose challenges to market expansion, particularly for civilian users. Despite these challenges, the market is witnessing a rise in the utilization of semi-automatic and automatic weapons, fueled by trends in defense equipment modernization and the introduction of high-tech, intelligent weapons.
North America remains the largest market for rifles and shotguns, with the United States military leading the demand. The US Army's substantial budget allocations for new firearms and ammunition, alongside its procurement of foreign-made arms, underscore the region's dominance. Incidents of mass shootings have also driven demand for civilian and homeland security firearms. The market is characterized by fragmentation, with key players like Sturm, Ruger & Co., Inc., Sig Sauer, Inc., and Heckler & Koch GmbH holding significant shares. These manufacturers are focusing on developing advanced products to attract new customers and expand their market presence. Recent contracts and collaborations, such as those involving Sig Sauer and the US Government, highlight ongoing efforts to enhance weapon configurations and integrate new technologies, further propelling market growth.
Shotgun And Rifles Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Range
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2.1.1 Short Range
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2.1.2 Medium Range
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2.1.3 Long Range
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2.2 End User
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2.2.1 Military
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2.2.2 Civilian and Law Enforcement
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2.3 Weapon Loading Mechanism
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2.3.1 Manual
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2.3.2 Semi-Automotic/Automatic
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Russia
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2.4.2.5 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 India
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2.4.3.3 Japan
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2.4.3.4 South Korea
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 Latin America
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2.4.4.1 Brazil
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2.4.4.2 Mexico
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2.4.4.3 Rest of Latin America
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2.4.5 Middle-East and Africa
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2.4.5.1 United Arab Emirates
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2.4.5.2 Saudi Arabia
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2.4.5.3 Egypt
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2.4.5.4 Rest of Middle-East and Africa
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Shotgun And Rifles Market Size FAQs
How big is the Shotgun and Rifles Market?
The Shotgun and Rifles Market size is expected to reach USD 5.95 billion in 2024 and grow at a CAGR of 4.36% to reach USD 7.37 billion by 2029.
What is the current Shotgun and Rifles Market size?
In 2024, the Shotgun and Rifles Market size is expected to reach USD 5.95 billion.