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.
