The guns and accessories market size is projected to reach USD 9.33 billion by the end of 2027. The applications of the product in defense organizations will have a massive impact on market growth. The presence of several large scale companies will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Guns and Accessories Market Size, Share & Industry Analysis, By Type (Guns (Handgun, Shotgun, Rifles, and Machine Gun), Accessories (Barrels, Grips, Magazines, Kits and Parts, Optics, Lasers, Lights, and Others)), By Application (Defense, Law Enforcement, Civil (Hunting, Sports Shooting, Self-Defense, Others)), and Regional Forecast, 2020-2027” the market was worth USD 6.14 billion and will exhibit a CAGR of 6.15% during the forecast period, 2020-2027.
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Guns and accessories have recently gained high popularity, especially in countries such as the US. Although there are several debates regarding their domestic use, the regulations and policies are in favor of their use for defense purposes in several countries. The use of guns and accessories is more in the defense industry. Factors such as rising terrorist activities, coupled with increasing border tensions and similar such concerns have led to an increase in the awareness for the product across the world. The use of guns and accessories is not just limited to these factors though as they are also widely used in Olympic sports such as shooting. The advances in physical structures and built of the product has emerged in favor of growth of the overall market.
Mixed Fortunes for Guns and Accessories Vendors as Reduced Defense Budgets have Cancelled out Increasing Demand
The recent coronavirus outbreak has had a negative impact on the growth of several business sectors across the world. With the rapid spread of the disease, governments across several countries are looking to implement strict measures with the hope of minimizing the impact of the virus. The impact of the pandemic on economic status of countries has been devastating. As a result, business operations have also been limited due to lack of business, reduced investments, and a shortage of manpower. Although the demand for guns and accessories has risen since the coronavirus outbreak, the reduced defense budget will have a higher impact on the market.
Increasing Number of Company Collaborations will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. The increasing demand for guns and accessories across the world has encouraged companies to invest more in the production phase. Subsequently, there has been an increasing competition across the world and as more countries are coming to terms with the use of guns and accessories for self defense, the market has become even more competitive. In April 2020, the US Army announced that it has signed a contract with FN America and Colt Manufacturing for manufacturing new rifles. Through this contract, the company will be manufacturing M16A4 rifles for several countries, including Afghanistan, Iraq, Nepal, and Lebanon. Increasing number of such company collaborations will have a huge impact on the growth of the overall market in the forthcoming years.
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North America to Emerge Dominant; Increasing Use for Self-defense Purposes will Aid Growth
The report analyzes the ongoing market trends across North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among all regions, the market in North America is projected to emerge dominant in the coming years. The presence of several large scale manufacturers in this region will emerge in favor of market growth. The increasing use of the product for self-defense purposes and the favorable policies associated with the domestic use of these weapons will emerge in favor of growth of the market in this region. As of 2019, the market in North America was worth USD 3.24 billion and this value is projected to rise at considerable pace in the coming years. The market in Europe is projected to rise at a considerable CAGR driven by the increasing defense budget allocations in countries such as Germany, France, UK, and Spain.
List of companies profiled in the report:
- AMERICAN OUTDOOR BRANDS INC. (the U.S.)
- Fabbrica d’Armi Pietro Beretta S.p.A. (Italy)
- FN HERSTAL (Belgium)
- General Dynamics Corporation (the U.S.)
- Heckler & Koch GmbH (Germany)
- Lockheed Martin Corporation (the U.S.)
- Northrop Grumman Corporation (the U.S.)
- REMINGTON OUTDOOR COMPANY (the U.S.)
- Savage (Massachusetts, the U.S.)
- Sturm, Ruger & Co., Inc. (the U.S.)
- TAURUS INTERNATIONAL MANUFACTURING, INC. (the U.S.)
- Other Players
April 2020– Canadian government signed a contract of worth USD 6.5 million with Colt Canada to produce 262 C20 rifles, spare parts, and other associated equipment.
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