Firearms Market

Firearms Market Size:

The global firearms market size reached US$ 39.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 67.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.9% during 2024-2032. The market is driven by the growing concern regarding personal safety and self-defense, rising demand for firearms in the defense sector, growing focus on sports and recreational activities, heightened product use in government/law agency, and rapid technological advancements.

Firearms Market Analysis:

• Major Market Drivers: The key drivers include the growing concerns regarding personal safety and self-defense among civilians, continuous need for modernization and advanced weaponry in the defense industry to enhance military capabilities against evolving threats, and growing focus on recreational activities.
• Key Market Trends: The recent trends include the integration of smart technologies, such as the Internet of Things (IoT), radio-frequency identification (RFID), and biometric systems, into firearms to enhance safety, operational efficiency, and user experience. Moreover, the rising focus on innovation and product development, particularly in creating firearms that are more accurate, reliable, and equipped with advanced safety features, is supporting the market growth.
• Geographical Trends: North America leads the largest market, supported by a strong culture of gun ownership, comprehensive legal frameworks, and a significant presence of industry-leading manufacturers. Other regions are also showing significant growth due to increasing security concerns and rising disposable incomes.
• Competitive Landscape: Some of the major market players in the firearms industry include 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, and Ruger & Co., Inc., among many others.
• Challenges and Opportunities: The market faces various hurdles, such as regulatory challenges and public safety concerns. However, the ongoing technological advancements that cater to the evolving needs of modern users offer a path to overcome market saturation in various regions.
   

Firearms Market Drivers:

Growing Concern Regarding Personal Safety and Self-Defense

The increasing concern for personal safety and self-defense is driving the demand for firearms. Along with this, the rising crime rates and perceived threats in urban and rural areas are fueling the market growth. In urban settings, 24.5 out of 1,000 people aged 12 or older were reported to be the victims of violent crimes, and 157.5 reported being the victims of property crimes in the US during 2021. In the same year, 11.7 million property victimizations were also reported, according to the Criminal Victimization Report from the Department of Justice's (DOJ) Bureau of Justice Statistics. These statistics have increased the need for self-protection among individuals, encouraging them to purchase firearms for home defense and personal protection. In the United States, 40% of men own a gun, compared with 25% of women. To divide this further, 47% of adults living in rural areas report personally owning a firearm, as compared to those who live in suburbs (30%) or urban areas (20%). Along with this, 38% of White Americans own a gun, compared with smaller shares of Black (24%), Hispanic (20%) and Asian (10%) Americans.

Rising Demand from the Defense Sector

The heightened allocation of budget in the defense sector over the years is a major factor favoring the market growth. For instance, the Indian defense sector allocated a budget of Rs 5.94 lakh crore in 2023-24, a jump of 13% from the previous year. Moreover, the consistent demand for weaponry firearms for national security purposes is fostering the market growth. According to the Global Power Index, the Indian defense sector ranks fourth in terms of firepower, with a score of 0.0979. Along with this, the escalating modernization efforts by military and defense forces globally, which include the procurement of the latest firearms for enhancing combat effectiveness and operational readiness, are catalyzing the market growth. For instance, the European Commission proposed spending 1.5 billion euros ($1.63 billion) to give countries incentives to buy jointly from European firms and encourage industry to raise capacity and develop new technologies.

Increase In Recreational and Sporting Activities

An upsurge in recreational and sporting activities involving firearms has also emerged as a key market driver. Activities such as target shooting, hunting, and competitive shooting sports have seen increased participation rates. In line with this, the global market for sports guns is estimated to reach US$ 3.9 Billion by 2032. The growth of clubs, ranges, and events dedicated to shooting sports has also facilitated this trend, making firearms more accessible to the general public. The market for shooting ranges is expected to reach US$ 2.3 Billion by 2032 globally, projecting a growth rate of 7.07% during 2024-2032.

Huge Requirement in Government/Law Agency

Government and law enforcement agencies globally have a substantial requirement for firearms, driven by the need to maintain public order and national security. In the US, the number of Federal Bureau of Investigation (FBI) domestic terrorism investigations has more than doubled since 2020, and the number of open FBI investigations specifically has more than quadrupled from 1,981 in FY 2013 to 9,049 in FY 2021. In order to counter that, the Department of Justice (DOJ) revealed a funding request of $7.7 billion in the fiscal year (FY) 2024, for national security programs, or over 15 percent of the Department's total FY 2024 spending request. Of this request, $32.7 million is sought to expand DOJ's counterterrorism efforts and address other national security threats. The demand encompasses not only standard issue sidearms and rifles but also specialized weaponry for SWAT teams and other tactical units.

Firearms Market Opportunities:

Opportunities to Cater to Untapped Markets

Emerging economies with growing security needs and increasing disposable incomes represent new customer bases for firearms manufacturers and retailers. For instance, in the budget of 2024, Indonesia approved a rise of 20% in defense spending, with an increase from $20.75 billion to $25 billion. Similarly, China is raising its defense budget by 7.2% for 2024, which is nearly 1.7 trillion yuan (U.S. $236.1 billion). Additionally, demographic segments such as women and younger shooters have shown a growing interest in firearms for self-defense, sporting, and recreational purposes. According to the World Health Organization (WHO), it is estimated that globally, about 1 in 3 (30%) women have been subjected to sexual violence in their lifetime. Globally, as many as 38% of all murders of women are committed by intimate partners. In addition to intimate partner violence, 6% of women report having been sexually assaulted by someone other than a partner. This prevalence of continued threat among women is contributing to the adoption of firearms for personal safety.

Collaboration Among Industry Players

The escalating collaboration among industry players, including manufacturers, technology companies, and retail partners, presents a substantial opportunity for growth and innovation in the firearms sector. For instance, Adani Group, India, and Israel Weapon Industries (IWI), Israel, started a joint venture, namely PLR Systems Pvt Ltd (PLR), for manufacturing high-class small arms in India. IWI weapons like TAVOR assault rifle, X95 assault rifle, GALIL sniper rifle, NEGEV light machine gun, and UZI submachine gun are already in service with the Indian Armed Forces, CAPFs (CRPF/ BSF/ SFF), and State Police Forces. Similarly, ICOMM announced a partnership with UAE’s CARACAL to manufacture small arms in India. As per the agreement signed between these two companies, ICOMM will locally manufacture the Abu Dhabi-headquartered CARACAL’s complete line of small arms for the Indian market under the ‘Make in India’ and ‘Atma Nirbhar Bharat’ initiatives.

Product Development and Innovation

Advances in materials science, engineering, and technology offer opportunities to develop lighter, more reliable, and more accurate firearms. For example, lightweight and durable materials that reduce weight are adopted in guns for easy handling while maintaining performance. They also improve recoil management to reduce the impact on the shooter and increasing accuracy during shooting sessions. Additionally, the development of modular firearms, which allow for customization and adaptability, appeals to a broad range of users. For instance, the special operations forces combat assault rifle (SCAR) serve as a close-quarters battle (CQB) rifle and also allows for the swapping of barrel and a few attachments to become a designated marksman rifle (DMR) that is capable of reaching farther ranges. Moreover, investing in innovation that can help reduce gun violence is also gaining momentum. Teen suicide in the United States has been on the rise since 2007. According to data from the CDC, in 2020, 721 young people from 10 to 17 years old died by firearm suicide, a 10 percent increase from 2019. Investments in smart guns that prevent teens from using firearms against themselves through technology, is boosting the market growth.

Investment in Defense

Investment in defense is a significant opportunity for the firearms industry. Governments across the globe are increasing their defense budgets to modernize their military forces, enhance national security, and maintain a competitive edge. For instance, in the Union Budget of India in 2023-24, the Capital Allocations pertaining to modernization and infrastructure development of the defense services have been increased to INR 1,62,600 Cr, representing a rise of 6.7% over FY 2022-23. The industry gets INR 5.94 Lakh Cr in Budget 2023-24, a jump of 13% over the previous year. This trend provides a steady demand for advanced firearms and related technologies. Additionally, partnerships with defense departments for research and development (R&D) projects can lead to innovations that promote the market growth. For example, In November 2023, the US Marine Corps initiated efforts to enhance the combat effectiveness of its Joint Light Tactical Vehicles (JLTV) fleet. A contract was granted to the American technology company BlueHalo to develop a high-energy laser weapon, LOCUST, that is compatible with the JLTVs.

Integration of IoT

The integration of the Internet of Things (IoT) into firearms and shooting accessories represents a transformative opportunity for the industry. IoT technology can enhance the functionality, safety, and user experience of firearms through features, like round counting, maintenance alerts, and tracking usage patterns. For law enforcement and military users, IoT-enabled firearms can provide real-time data on weapon status, location tracking, and even shot detection, contributing to operational effectiveness and situational awareness. For instance, Armaments Research Company, Inc. (ARC), a technology and data company that serves national security and public safety customers, launched their Internet-of-Things (IoT) full-stack technology in the Next Generation Squad Weapon (NGSW) program of record, in partnership with Sig Sauer. It will provide data on individual weapons at scale, enabling units to regularly assess weapons’ health, reduce failure rates, extend the lifetime of a weapon, and optimize maintenance plans.

Key Technological Trends & Development:

Integration of the Internet of Things (IoT)

The increasing utilization of IoT in firearms is favoring the market growth. In line with this, Yardarm developed a new smart gun that enables commanding officers to track a great number of statistics revolving around gun use. It utilizes a sensor that is located in the handgrip to track the time when a gun is unholstered, the number of shots fired and the location of the shooting. It also indicates the direction the gun is pointed in when it goes off. This innovative use of technology will improve transparency in police activity. In addition, the embedded LTE chipset will offer additional safety for officers in the line of duty by guaranteeing a quick and reliable real-time connection to send backup if needed.

RFID/Biometric Technology

Radio-frequency identification (RFID) and biometric technology are at the forefront of enhancing firearm safety and security. According to the CDC, in the year 2020, more than 45,000 people died from gun-related injuries in the US, including roughly 2,280 people under the age of 17. It has prompted the adoption of smart gun technology that requires a fingerprint or palmprint of the owner for the trigger to release. RFID technology is also used for inventory management and tracking, providing law enforcement and military organizations with an efficient method to monitor and manage arsenals. According to a 2020 analysis from the Center for American Progress, from 2012 to 2017, 1.8 million guns were stolen from individuals across the country, and an additional 53,900 guns were stolen from gun dealers. This technology addresses key concerns around firearm safety and theft, offering a high-tech solution to a longstanding problem.

Spectroscopic/Optical Technology

Spectroscopic and optical technologies are revolutionizing the way firearms are used for identification and forensic analysis. The development of portable spectroscopic devices that enable the real-time analysis of gunshot residues, providing immediate insights into the use of firearms at crime scenes, is supporting the market growth. Moreover, the rising research in palm print technologies that authorize a user to implement spectroscopic or optical technology based on the slight variances in skin or an image-based technology that analyzes the patterns in the veins of a hand, is fueling the market growth. It focuses on operating in the visible or near-infrared spectrum and compares a registered user’s optical data to that of the person holding the weapon. Additionally, the rising improvement of firearm optics, such as scopes and sighting systems, which significantly increase accuracy and reliability for professional and recreational shooters, is favoring the market growth.

Grip Pattern Recognition

Grip pattern recognition technology analyzes the unique way an individual holds and grips a firearm, allowing the weapon to recognize its authorized user. They offer a more seamless and intuitive method of securing a firearm, as it requires no additional steps for the user to unlock or use the weapon. It ensures that the firearm remains operational for the authorized user under stress or in dynamic situations where traditional safety mechanisms might hinder responsiveness. The potential for grip pattern recognition technology extends beyond personal security to law enforcement and military applications to prevent weapon theft or unauthorized use. 

Automated Firearms Ballistics Technology

Automated firearms ballistics technology is transforming the identification and tracking of firearms used in criminal activities. This technology automates the process of matching bullet casings and projectiles to specific firearms, accelerating forensic investigations and enhancing the accuracy of ballistics evidence. For instance, the Integrated Ballistic Identification System (IBIS) provides a single system that is capable of comparing different types of ballistic evidence found at crime scenes. This integrated and automated imaging system permits a technician to enter and review large numbers of fired bullets and expended cartridge cases to cross-reference hits made from each system for examination by a firearms examiner. By leveraging databases of ballistic fingerprints, law enforcement agencies can quickly link a firearm to multiple crime scenes, providing critical evidence for criminal prosecutions.

Firearms Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, technology, operation, and end use.

Breakup by Type:

• Pistol
• Revolver
• Rifle
• Machinegun
• Others
   

Rifle accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes pistol, revolver, rifle, machinegun, and others. According to the report, rifle represented the largest segment.

Rifles hold the largest segment as they are known for their accuracy and range. They cater to a diverse clientele, offering variations, such as bolt-action, semi-automatic, and automatic models, to suit different needs and preferences. Moreover, the rising popularity of rifles due to the growing interest in recreational hunting and competitive shooting sports is enhancing the market growth. Additionally, the growing demand from military and law enforcement agencies for high-precision and reliable firearms is favoring the market growth. Furthermore, rapid advancements in rifle technology, including improved ergonomics, customization options, and integration of smart features, are fueling the market growth.

Breakup by Technology:

• Guided
• Unguided
   

Guided holds the largest share of the industry

A detailed breakup and analysis of the market based on the technology have also been provided in the report. This includes guided and unguided. According to the report, guided accounted for the largest market share.

Guided firearms represented the largest segment, driven by the increasing demand for precision and advanced targeting capabilities. Guided firearm technology encompasses systems that aid in aiming and accuracy, including smart scopes, laser guidance systems, and computer-assisted aiming mechanisms. Moreover, it is widely utilized by military and law enforcement agencies that require high levels of accuracy in mission-critical situations. Additionally, the ongoing advancements in sensors, optics, and artificial intelligence (AI) that improve the user's ability to hit targets under various conditions are fueling the market growth. Along with this, the widespread integration of the Internet of Things (IoT) for real-time data analytics and performance tracking is enhancing the market growth.

Breakup by Operation:

• Automatic
• Semi-automatic
• Manual
   

Automatic represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the operation. This includes automatic, semi-automatic, and manual. According to the report, automatic represented the largest segment.

Automatic firearms accounted for the largest market share, attributed to their significant adoption across military, law enforcement, and certain civilian markets. They are capable of firing a succession of rounds with a single pull of the trigger and are lauded for their rapid-fire capabilities, effectiveness in providing suppressive fire, and engaging multiple targets efficiently. Moreover, the growing demand for automatic firearms in the defense and security forces for a range of operations, such as close-quarters combat and tactical missions requiring high firepower, is enhancing the market growth.

Breakup by End Use:

• Military
• Law Enforcement
• Sports
• Hunting
• Self-Defense
• Others
   

Military exhibits a clear dominance in the market 

A detailed breakup and analysis of the market based on the end use have also been provided in the report. This includes military, law enforcement, sports, hunting, self-defense, and others. According to the report, the military accounted for the largest market share.

The military segment holds the largest market share, driven by the increasing need for a wide array of weaponry, such as sidearms, rifles, and more specialized firearms, to ensure operational preparedness and tactical superiority. Moreover, the growing investments in research and development (R&D) to advance firearm technology, incorporating features such as enhanced precision, durability, and integration with digital and smart technologies, are providing a thrust to the market growth. Besides this, the rising focus on modernization and the adoption of next-generation firearms due to the ongoing efforts to equip armed forces with the most effective tools for defense and combat scenarios is fostering the market growth.

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
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East
• Africa
   

North America leads the market, accounting for the largest firearms market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for firearms.

North America holds the largest market share due to its robust gun culture, high per capita ownership of firearms, and significant product demand from civilian and defense sectors. About four in ten U.S. adults live in a household with a gun, including 32% who personally own one. Also, 47% of adults living in rural areas report personally owning a firearm, as compared to 30% in suburbs or 20% in urban areas. The strong tradition of gun ownership for personal protection, hunting, and recreational shooting is boosting the market growth. Additionally, the comprehensive legal framework and active sporting community in the region are supporting the market growth.

Analysis Covered Across Each Country:

• Historical, current, and future market performance
• Historical, current, and future performance of the market based on type, technology, operation, and end use.
• Competitive landscape
• Government regulations
   

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape covering market structure, market share by key players, market player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant, among others. Detailed profiles of all major companies have also been provided. This includes business overview, product offerings, business strategies, SWOT analysis, financials, and major news and events. Some of the major market players in the firearms industry include 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.

Major players in the firearms industry are engaging in a variety of strategic initiatives to strengthen their market position and address the evolving needs of consumers and defense sectors. They are investing in research and development (R&D) to introduce innovative products, such as firearms with enhanced safety features, smart gun technology, and more accurate and reliable shooting mechanisms. Along with this, companies are also exploring eco-friendly manufacturing processes and materials. They are forming collaborations and partnerships with technology firms to integrate advanced technologies like the Internet of Things (IoT), radio-frequency identification (RFID), and biometrics into their product offerings. Additionally, major players are exploring new markets, particularly in emerging economies, and enhancing their distribution channels.
 

Analysis Covered for Each Player:

• Market Share
• Business Overview
• Products Offered
• Business Strategies
• SWOT Analysis
• Major News and Events
   

Firearms Market News:

• In February 2020, FN America, a US subsidiary of the Herstal Group, was awarded a USD 119 million contract by the US Department of Defense over five years for supplying over 167,000 M4 and M4A1 carbines.
• In March 2020, Hecker & Koch, Ashburn, a Virginia-based company, was awarded a USD 33 million contract by the US Army Contracting Command for the supply of Compact Semi-Automatic Sniper Systems and Squad Designated Marksman Rifles. The Compact Semi-Automatic Sniper System, classified by the Army as the M110A1 rifle, is a variant of the company’s G28 (HK241) platform chambered for 7.62 NATO ammunition, while the Squad Designated Marksman Rifle is a variant of the HK-produced M110A1.
   

Firearms Market Report Scope:

Key Questions Answered in This Report:

• How has the global firearms market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global firearms market?
• What is the impact of each driver, restraint, and opportunity on the global firearms market?
• What are the key regional markets?
• Which countries represent the most attractive firearms market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the firearms market?
• What is the breakup of the market based on technology?
• Which is the most attractive technology in the firearms market?
• What is the breakup of the market based on the operation?
• Which is the most attractive operation in the firearms market?
• What is the breakup of the market based on the end use?
• Which is the most attractive end use in the firearms market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global firearms market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the firearms market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global firearms market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the firearms industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.