Growing popularity of shooting sports is driving the Gun and Accessories Market Growth

Gun and Accessories Market Overview 

Product Overview and Scope of Gun and Accessories 

A firearm is a portable barrelled weapon that is designed to expel a shot, projectile, or bullet by the action of an explosive. There are several types of firearms available in the market such as rifles, handguns, shotguns, machine guns, and submachine guns. These weapons are mainly used for defense, sports shooting, self-defense, hunting, law enforcement, and others. The firearm includes different accessories such as slides or cylinders, barrels, kits, parts, magazines, grips, and others. The major factors responsible for the gun and accessories industry’s growth are cross-border conflicts, geopolitical tensions, and rising demand for competitive shooting and sports shooting.  In recent years, increased use of firearms has been observed for law enforcement, military, and commercial applications. Therefore, firearms manufacturers are engaged in developing and launching different types of firearms to attract more customers and expand their footprints across the globe. 
The demand for sports guns is gaining traction due to the growing popularity of sports shooting. A sports gun is also known as a non-lethal weapon that comprises a rifle, pistol, and shotgun. It is mainly used for recreational activities and competitive shooting. These guns differ from one lethal counterpart according to their projectile, caliber, technology, and others. Sports guns are they are lighter and more comfortable to use than lethal guns such as Rheinmetall MG 3, Uzi, AK 47, M4 Carbine, and others.

Gun and Accessories Market – Global Industry Analysis

Market Drivers

• The growing popularity of shooting sports is driving the market growth

The participation of people in shooting sports activities such as target shooting, competitive shooting, and hunting is gaining popularity due to the increased accessibility of shooting sports to a wider range of individuals, and the inclusion of shooting sports in the Olympic Games. In addition to this, the increasing exposure of these sports through media inspired individuals to explore shooting sports. With the increasing popularity of shooting sports, the demand for guns and accessories is rising globally. 
Furthermore, the growth of shooting sports has also stimulated the demand for training and education in firearm handling, safety, and marksmanship. This training program requires the use of specific firearms and a variety of accessories to support their programs, including targets, range equipment, and safety gear, which further drives the market growth. 

• Rising violent activities are anticipated to boost the growth of the global guns and accessories market
• Increasing awareness regarding personal safety and self-defense is accelerating the market growth

Market Restraining Factor

• Stringent government regulations on gun ownership

Global Gun and Accessories Revenue by Regions (2018-2023)

Global Gun and Accessories Revenue and Market Share (%) by regions (2018-2023)

Global Gun and Accessories Revenue (USD Billion) by regions (2018-2023)

Global Gun and Accessories market was valued at USD 7.53 Billion, in 2022 and is expected to grow at a CAGR of 6.1% over the forecast period, from 2023 to 2030.

Global Gun and Accessories Market Segmentation Analysis

Type

• Pistols
• Rifles
• Machine guns
• Carbines
• Others

Application

• Hunting
• Sport shooting
• Self-defense
• Law enforcement
• Professional markets
• Others

Distribution Channel

• Online
• Offline

End Use

• Law Enforcement
• Competitive Sports

Global Gun and Accessories Market, by End-Use,

The competitive sports guns segment is expected to grow with the fastest CAGR over the forecast period, from 2023 to 2030
In 2022, the law enforcement segment held the largest market share in terms of revenue due to the rise in military expenditure. According to Stockholm International Peace Research Institute (SIPRI), global military expenditure reached USD1,981 billion in 2020 with a 2.6% year-on-year increase. In order to tackle the growing threats of wars and other conflicts, several nations are continuously increasing their defense spending, thereby increasing the purchase and manufacture of guns, ammunition, and accessories.

Global Gun and Accessories Market, by End-Use

Source: Cognitive Market Research

Global Gun and Accessories Manufacturers Profiles/Analysis

Sturm, Ruger & Co. Inc.

Sturm, Ruger & Co., Inc. Company Basic Information, and Sales Area

Business Segment/ Overview:

Sturm, Ruger & Co., Inc. is a U.S.-based company engaged in the manufacturing of rugged, reliable firearms for the commercial sporting market. Furthermore, the company manufactures and sells accessories and replacement parts for its firearms. The company operates its business into two operating segments: firearms and castings. 

Business Strategy

Sturm, Ruger & Co., Inc. has a strong distribution network to allows a company's products to reach customers quickly and efficiently while at the same time keeping costs low for the company so that they may realize larger profit margins. For instance, the company has 14 distributors servicing the domestic commercial market, with an additional 25 distributors servicing the domestic law enforcement market and 44 distributors servicing the export market.

Related Reports

• Hunting Equipment & Accessories Market 
• Sports Gun Market
• Shotgun & Rifles Market 
• Small Arms Market
• Automatic Weapons Market
• Military Riflescope Market