Guns and Accessories Market Size, Share & COVID-19 Impact 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, 2024-2032

The global guns and accessories market size was USD 6.14 billion in 2019 and is projected to reach USD 12.32 billion by 2032, exhibiting a CAGR of 5.50% during the forecast period. North America dominated the guns and accessories market with a market share of 52.77% in 2019. Moreover, guns and accessories market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 4,989.9 million by 2032, driven by increasing violent activities to promote guns and accessories adoption.

A firearm is any portable barreled weapon that is designed to expel a shot, projectile, or bullet by the action of an explosive. Different types of firearms include rifles, handguns, shotguns, machine guns, and sub-machine guns. These weapons are used for several applications including defense, law enforcement, hunting, sports shooting, self-defense, and others. Every firearm includes different accessories such as barrels, slide or cylinder, kits and parts, magazines, grips, and others. Increasing warfare activities, geopolitical tensions, cross border conflicts, and rising demand for guns for civilian applications will have a direct impact on the guns and accessories industry growth.

Outbreak of the COVID-19 Pandemic to Favor Guns and Accessories Market Growth

The COVID-19 pandemic is likely to change the initially predicted dynamics of the market for the coming years. It is expected that in the post-pandemic period, there will be drastic defense budget cuts across the world. These are expected from the leading defense spending countries such as the U.S., the U.K, France, Germany, Australia, and others. Therefore, companies are looking forward to expanding their businesses in the commercial guns and accessories domain.

According to our analysis, several companies in the gun market have slowed down their production due to the limited demand for weapons across the globe. The U.S. contributed nearly 60% in the gun market. Due to the COVID-19 pandemic, there has been a surge in gun sales across the U.S. due to fear of personal security and regulations imposed by the government. According to the Federal Bureau of Investigation (FBI), the National Instant Criminal Background Check System (NICS) did more than 14 million background checks between March and June. This was the highest number of checks conducted in the last 22 years. The Brookings Institution in the U.S. estimates that there were 3 million more firearms sold during the pandemic than would have been normally sold.

LATEST TRENDS

Introduction of Hybrid Hunting Guns Made of Carbon Fiber to Shape Market Trends

The use of carbon fibers in gun manufacturing enables the reduction of gun weight, improved durability, and enables proper heat dissipation. Leading gun manufacturer, Browning Company possesses an attractive range of stylish fiber-fusion stock and ultra-cool hybrid rifles that utilize both barrel and carbon fiber stock. Furthermore, OEMs are focusing on introducing new durable surface coating that improves gun life as it protects from rust or corrosion. Similarly, the US-based Benelli recently introduced a new Benelli Surface Treatment (BE.S.T.) coating that enables survival of the firearm in saltwater without oxidation for several months.

Additionally, the development of hybrid rifles is an increasing trend in bolt action rifles. It provides features such as adjustable combs, top rails, adjustable LOP, muzzle devices, and more. SIG SAUER’s new CROSS rifle, for instance, provides AR-style safety, fully adjustable stock, and reduced weight. New hunting cartridges gaining popularity include .28 Nosler, 6.5PRC, .300, and .350 Legend, and others.

DRIVING FACTORS

Increasing Violent Activities to Promote Guns and Accessories Adoption

Guns are primarily used by defense forces and law enforcement agencies in war situations and combating terrorist activities. Growing terrorist activities, cross-border conflicts, and political unrest have contributed to the increasing demand for guns and accessories in several countries. Furthermore, increasing defense expenditures, procurement of advanced firearms, and military modernization programs in several countries will boost the guns and accessories market growth.

Increasing defense contracts, military strengthening programs, and expansion of the manufacturing sector, especially in Asia Pacific countries, will augment the growth of the market. The US, for example, is the highest defense spender, accounting for more than 60% of military spending in the world. In 2019, the U.S. defense budget was around USD 718.69 billion, followed by China with a defense budget of USD 177.61 billion.

Rising Demand for Guns for Civilian Applications to Boost Market Growth

Growing demand for guns and accessories for applications such as hunting, sports shooting, self-defense, and others will drive market growth. Additionally, an increasing number of shooting ranges, shooting sports programs, and personal security concerns propel market growth. Organizations such as the USA Shooting, 4-H Shooting Sports, and Civilian Marksmanship Programs are training young aspirants for global events such as the Olympics, the World Shooting Championships, and other international competitions.

Rising mass shooting instances, especially in the US, have resulted in increasing gun purchases from civilians for personal safety. By the end of 2019, 417 mass shooting incidents had occurred in the US, which created fear psychosis among the citizens. Thus, the increasing demand for handguns for personal use and hunting is fueling the market growth.

RESTRAINING FACTORS

Stringent Government Regulations on Gun Ownership to Stall Growth                                                               

Countries have been imposing stringent rules and regulations on gun ownership that are hampering the growth of the market. For example, due to the increasing number of mass shooting incidents, California banned assault-style weapons and high capacity magazines across the state. The state imposed another important law that prohibits firearm dealers from selling guns to buyers under the age of 21 as well as strict measures to regulate online ammunition sales. In India, to take another example, as per the new rule regarding owning guns, prospective gun owners now have to show that they are trained in handling firearms and that they carry firearms in holders and secure them in gun lockers at home.

SEGMENTATION

By Type Analysis

Guns Segment to Grow at a Fast Backed by  Modernization in the Guns and Firearms Technologies

Based on type, the market is segmented into guns and accessories. The guns segment is further divided into handguns, shotguns, rifles, and machine guns. The accessories segment is further classified into barrels, kits and parts, magazines, optics, lasers, and lights, grips, and others.

The guns segment is expected to showcase the fastest growth rate. It was estimated to be the largest segment in 2019 due to the rising demand for handguns and rifles for civil applications such as hunting, self-defense, and others. The accessories segment will witness significant growth during the forecast period due to the regular replacement of barrels, magazines, and kits by firearm owners.

By Application Analysis

Defense Segment Dominated the Market Supported by the Rising Conflicts and Border Issues

Based on application, the market is segmented into defense, law enforcement, and civil. The civil segment is further divided into hunting, sports shooting, self-defense, and others. The defense segment accounted for the largest market share in 2019 due to growing defense budgets and increasing expenditures on the procurement of advanced guns and accessories.

The civil segment is anticipated to display a considerable CAGR during the forecast period owing to the increasing number of shooting sports events, shooting ranges, and growing personal security concerns. The law enforcement segment is estimated to witness considerable growth owing to the increasing use of handguns due to rising terrorism and other forms of violent activities.

REGIONAL INSIGHTS

The market size in North America stood at USD 3.24 billion in 2019. The dominance of this region in the market share is attributable to the massive defense expenditures by the US. The country solely accounted for more than 60% share in the global gun market. Growing personal security concerns due to the increasing number of mass shooting instances in the U.S. will drive the growth of the market across North America. Furthermore, the presence of key players such as General Dynamics Corporation, American Outdoor Brands Inc., Sturm, Ruger & Co., Browning, and others are boosting the regional market value.

The market in the Asia Pacific is expected to rise at a significant CAGR owing to the rising defense spending in emerging economies such as China and India. The intensifying border conflicts between India and China, political unrest, and growing terrorism in the Asia Pacific region are expected to drive the growth of the market across the region.

The market in Europe is expected to exhibit healthy growth owing to the increasing military strengthening programs in countries such as France, Germany, Russia, the U.K, and others.

The Rest of the World accounted for a significant share due to the growing defense budgets from the Middle Eastern countries such as Saudi Arabia, Turkey, Israel, and others. The rising demand for guns and accessories in the Middle East & Africa region is one of the significant factors behind the growth of the market.

KEY INDUSTRY PLAYERS

Key Players to Focus on Developing Next-Generation Firearms with Lightweight Materials

Several key OEMs are involved in designing and developing lightweight, cost-effective guns and accessories to incorporate advanced technological systems. Key players are looking forward to developing technologically advanced guns with lightweight materials, higher accuracy, and reliable products. Moreover, OEMs are also focusing on business expansion through mergers & acquisitions, partnerships, and contracts. In the 2020 SHOT SHOW Exhibition, for example, Laugo Arms launched some new pistols under the Laugo Alien Pistol brand. Other key product launches include SCCY DVG- 1RD, NEMO Monarch MK-9, Walther Q4 SF, HK VP9 update, Glock 44 .22 LR, and others.

LIST OF KEY MARKET PLAYERS PROFILED:

• 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.)

KEY INDUSTRY DEVELOPMENTS:

• September 2020 – The U.S. Department of Defense (DoD) signed a contract worth USD 42 million with Colt Manufacturing to produce M4 and M4A1 carbines. The produced carbines will be supplied to 13 countries.


• March 2020 – The U.S. Department of Defense (DoD) signed a five-year contract worth USD 119 million with FN America to manufacture the military’s front-line assault rifles and 167,000 M4 and M4A1 carbines.


• April 2020 –  The Polish Government signed a contract worth USD 40.3 million with FB “Łucznik” Radom to procure 18,000 MSBS-5.56 rifles. Currently, the Polish Army is equipped with around 80,000 wz. 96 Beryl rifles and wz. 96 ‘Mini Beryl’ carbines.


• April 2020–  The US Army signed a five-year contract worth USD 383.3 million with FN America and Colt Manufacturing to manufacture M16A4 rifles for Afghanistan, Iraq, Nepal, and Lebanon under the Pentagon's Foreign Military Sales program.


• April 2020 – The Canadian Government signed a contract worth USD 6.5 million with Colt Canada to produce 262 C20 rifles, spare parts, and other associated equipment.

REPORT COVERAGE

The guns and accessories industry research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, types, and leading applications of the market. Besides this, the report offers insights into the market trends and highlights key industry developments. Moreover, the report encompasses various key factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation