Firearms Market Size
Firearms Market was valued at USD 41.7 billion in 2023 and is estimated to register a CAGR of over 6% between 2024 and 2032, driven by the changing regulatory environment across several economies. Changes in firearm regulations and legislation can significantly impact the firearms business worldwide.
In January 2024, a federal judge in Florida declared a U.S. law prohibiting individuals from possessing firearms in post offices as unconstitutional. This decision is among a string of court rulings against gun restrictions on constitutional grounds. The judge mentioned the 2022 Supreme Court case “New York State Rifle & Pistol Association v. Bruen,” which opened up more gun rights by recognizing a person’s right to carry a handgun in public for protection. The judge’s ruling came in the context of an indictment of Emmanuel Ayala, a U.S. Postal Service truck driver, charged with illegal possession of a firearm in a federal building.
Harsher regulations will result in a higher demand since consumers will rush to buy firearms before new laws are implemented. On the other hand, easier regulations will encourage sales since people will find it simpler to own firearms, thereby further improving the outlook for the firearms industry.
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Attitudes towards guns by culture, normally influenced by region, society, or history, are an essential driver of the firearms market. In certain societies, gun possession is an embedded culture and inherent right, reflecting a stable level of demand for guns. Cultural trends, as well as those social, are also factors as they influence perceptions of guns through media popularity, shooting sports popularity, etc.
Firearms Market Report Attributes
Report Attribute Details
Base Year 2023
Firearms Market Size in 2023 USD 41.7 Billion
Forecast Period 2024 to 2032
Forecast Period 2024 to 2032 CAGR 6%
2032 Value Projection USD 71.5 Billion
Historical Data for 2018 – 2023
No. of Pages 300
Tables, Charts & Figures 320
Segments covered Product, Firing System, End use
Growth Drivers
Self-defense and personal security issues
Military and law enforcement requirements for modernization
Hunting and recreational activities create demand for firearms
Cultural values, traditions, and social dynamics affect regional demand
Pitfalls & Challenges
Stringent firearms laws and legislative reforms
Negative public opinion and gun control advocacy
Against this background, in January 2024, a new bill, LB1339, was presented to the Nebraska Legislature, seeks amendments to current state law on school security. The bill proposes that schools may adopt policies allowing some staff members to carry guns on school campuses and at school events. This would be within the discretion of school district and other educational institution governing bodies. In addition, LB1339 aims to repeal criminal penalties for off-duty and retired law enforcement officers carrying weapons on school campuses, including concealed handguns. Also, the bill promotes schools to provide mapping data to public safety agencies for better emergency response.
Yet, adverse public sentiment and perception regarding firearms, driven by high-profile cases of gun violence or reported accidents, can generate heightened demands for more stringent gun control. Such attitudes can produce a social environment that discourages the use and ownership of firearms, influencing market demand. Initiatives to respond to issues of gun safety and public health can lead to restrictions on specific categories of firearms or heightened scrutiny of the industry.
Firearms Market Trends
The firearms market has been increasingly integrating technology into its products. These include technologies like smart guns, customized firearms, and enhanced optics and sighting systems. Smart gun technology is designed to improve safety features, including biometric locks or RFID (Radio-Frequency Identification) systems that permit only authorized users to use the firearm.
In November 2023, the US Marine Corps has launched a new initiative to improve the combat capability of its Joint Light Tactical Vehicles (JLTV) fleet. A contract was awarded to the US technology firm BlueHalo to create a high-energy laser weapon that is compatible with the JLTVs. BlueHalo’s solution, the LOCUST laser weapon system, is intended to provide advanced mobile air defense against drone threats for warfighters. The laser weapon will act in conjunction with the US Marine Corps’ current kinetic and electronic warfare capabilities, enhancing the more effective ground-based air defense strategy.
The LOCUST laser system, which is recognized for its higher target acquisition, tracking, and defeat performance, proves to be versatile in both fixed-site and mobile applications. This versatility places it as the perfect solution for rapid integration into systems such as the JLTV, solving effectively the intricate issues of the Marine Corps. We can expect greater integration of electronic components, connectivity, and high-performance materials into firearms as technology advances.
Firearms Market Analysis
Find out more about the major segments defining this market
The market of firearms has various types to select from, such as handguns, rifles, shotguns, and others. Specifically, handguns accounted for approximately 29% of the market in 2023. Individuals tend to purchase handguns in order to be safe and secure themselves, particularly in crime-ridden areas or when they believe they need greater security. Cultural perceptions of what is cool and the desire to feel in control also contribute to the popularity of handguns. Legislation regarding concealed carry and self-defense also influences the number of individuals purchasing handguns. And then there’s the recreational aspect – handguns are utilized in sports such as competitive shooting and for learning how to handle firearms safely. So, it’s a combination of wanting to feel safe, cultural influences, legal considerations, and enjoyment that creates the consistent demand for handguns.
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Firearms Market Companies
Major players operating in the firearms industry are
- Colt’s Manufacturing Company
- CZ-USA
- FN Herstal
- H&K (Heckler & Koch)
- Remington Arms
- Ruger
- Sig Sauer
- Smith & Wesson
- Walther
- Winchester Repeating Arms