Any movable barreled weapon intended to discharge a shot, projectile, or bullet by the use of explosives is considered a firearm. Guns come in several varieties, such as machine guns, submachine guns, shotguns, rifles, and pistols. These guns may be used for self-protection, hunting, law enforcement, sports shooting, defense, and other purposes. Various accessories, including grips, magazines, slides, cylinders, kits, and other items, are included with every handgun. The expansion of the firearms and accessories sector will be directly impacted by expanding demand for firearms for civilian use, increased wartime operations, geopolitical tensions, and cross-border conflicts.
COVID-19 Pandemic Outbreak Will Boost Growth in the Gun and Accessory Market
The COVID-19 pandemic is probably going to alter the market dynamics that were first anticipated for the next years. The post-pandemic era is anticipated to see sharp reductions in military spending worldwide. These are anticipated from the top defense-spending nations, including the United States, the United Kingdom, France, Germany, Australia, and others. As such, firms are eager to grow within the commercial firearms and accessories industry.
Our data indicates that a number of gun manufacturers have reduced their output as a result of the global decline in the market for firearms. Nearly 60% of the gun market came from the United States. Gun sales have increased nationwide as a result of the COVID-19 outbreak because of people’s worry for their personal safety and government laws. The National Instant Criminal Background Check System (NICS) performed more than 14 million background checks between March and June, according to the Federal Bureau of Investigation (FBI). Over the last 22 years, this was the most checks that have been performed. According to estimates from the U.S. Brookings Institution, 3 million more weapons were sold during the epidemic than would have otherwise occurred.
Release of Carbon Fiber Hybrid Hunting Guns to Influence Market Trends
Carbon fibers are used in gun production to reduce weight, increase durability, and provide appropriate heat dissipation. Prominent firearms maker Browning Company offers a fashionable selection of fiber-fusion stocks and super-slick hybrid rifles that combine carbon fiber stock and barrel technology. In addition, OEMs are emphasizing the introduction of new, robust surface coatings that extend gun life by guarding against corrosion and rust. In a similar vein, US-based Benelli recently unveiled a brand-new Benelli Surface Treatment (BE.S.T.) coating that allows the gun to survive in seawater for many months without oxidizing.
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In addition, a growing trend in bolt action rifles is the creation of hybrid weapons. It has features including muzzle devices, top rails, adjustable LOP, adjustable combs, and more. For example, SIG SAUER’s new CROSS rifle has a fully adjustable stock, less weight, and safety features similar to those of an AR. Popular new hunting cartridges include the 6.5PRC,.28 Nosler,.300, and.350 Legend, among others.
ACTIVATION FACTORS
Increasingly Aggressive Actions to Advertise Armaments and Attachments Taking Up
Defense forces and law enforcement organizations mostly employ guns to fight terrorists and in times of conflict. Political turmoil, border disputes, and an increase in terrorist activity have all contributed to the rise in demand for firearms and related accessories in a number of nations. Gun and accessory sales will also be aided by rising defense spending, the purchase of cutting-edge weapons, and military modernization initiatives in a number of nations.
The market will develop as a result of rising defense contracts, military modernization initiatives, and the rise of the industrial sector, particularly in Asia Pacific nations. Over 60% of global military expenditure is spent by the US, making it the country with the greatest defense spending levels. The U.S. military budget for 2019 was around USD 718.69 billion, while China’s defense budget was USD 177.61 billion.
Growing Need for Firearms in Civilian Applications to Drive Market Expansion
The market will expand due to rising demand for firearms and accessories for uses such self-defense, sports shooting, hunting, and other purposes. Growth in the market is also fueled by the rise in shooting ranges, shooting sports initiatives, and individual security concerns. Young competitors are being prepared for international contests like the Olympics, the World Shooting Championships, and other international events through organizations like the USA Shooting, 4-H Shooting Sports, and Civilian Marksmanship Programs.
Growing numbers of mass shootings, particularly in the US, have led to a rise in civilian gun purchases for personal protection. 417 mass shootings have happened in the US by the end of 2019, which left the populace in a state of terror and madness. As a result, the market is expanding due to the rising demand for handguns for hunting and personal usage.
RESTRAINTING ELEMENTS
Tight Government Gun Ownership Laws to Halt Development
Governments have been enforcing strict laws and standards around gun ownership, which is impeding the market’s expansion. For instance, California outlawed assault-style rifles and magazines with a large capacity owing to the rise in mass shootings in the state. The state has enacted stringent regulations to control the sale of ammunition online and another significant rule that forbids gun dealers from selling firearms to purchasers who are younger than 21. Another example is the new gun ownership regulations in India, which require potential gun owners to demonstrate that they are proficient with weapons, carry their weapons in holders, and store them safely in gun lockers at home.
SEGMENTS
Using Type Analysis
Guns Segment to Expand Quickly Thanks to Modernization in Firearms and Gun Technologies
The market is divided into two categories: firearms and accessories. Rifles, machine guns, shotguns, and handguns are the additional divisions under the weapons section. Additional categories under the accessories section include barrels, kits and components, magazines, optics, shooting eyewear, lasers, lights, grips, and other items.
The industry with the highest growth rate is predicted to be the firearms sector. In 2019, it was projected to be the biggest market because to the growing need for rifles and handguns for civilian uses including hunting, self-defense, and other activities. Gun owners’ frequent replacement of barrels, magazines, and kits will propel the accessories segment’s rise throughout the projection period.
Through Use Case Study
Section on Defense ruled the marketplace Encouraged by the Increasing Wars and Border Problems
The market is divided into three segments based on application: defense, law enforcement, and civil. The civil portion is further separated into categories like as self-defense, sports shooting, hunting, and more. The military sector had the highest market share in 2019 as a result of rising defense budgets and rising costs associated with acquiring cutting-edge weapons and accessories.
The expanding number of shooting ranges, shooting sports competitions, and growing worries about personal security are expected to drive the civil segment’s significant compound annual growth rate (CAGR) throughout the projection period. Due to the expanding usage of handguns brought on by terrorism and other violent acts, the law enforcement industry is expected to develop significantly.
