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The rifles market size is forecast to increase by USD 766.5 million, at a CAGR of 3.5% between 2023 and 2028. The market is experiencing significant growth due to several driving factors. One of the primary factors is the increasing defense spending globally, which is leading to increased demand for advanced rifles from military and law enforcement agencies. Another trend in the market is the increasing focus of companies on new product launches to cater to the evolving needs of customers. However, growing concerns over product recalls for vendors pose a significant challenge to market growth. Despite this, the market is expected to witness steady growth in the coming years, driven by technological advancements and increasing demand from various end-users.
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The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The semi-automatic rifles segment is estimated to witness significant growth during the forecast period. The rifle market encompasses a wide range of firearms used for various applications, including public safety, defense expenditure, hunting, and sporting activities. Assault rifles, light machine guns, designated marksman rifles, and general-purpose machine guns are popular types of rifles in the market. The design of these rifles varies, with some featuring lightweight designs and others optimized for military applications. Firing types include nonautomatic, semiautomatic, and automatic.
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The semi-automatic rifles segment was the largest and was valued at USD 1.27 billion in 2018. Rifles find extensive use in military applications due to geopolitical disputes and terror attacks, leading to weapons modernization programs and procurement initiatives. Defense budgets continue to increase to accommodate the need for advanced rifle technology. Customized weapons, such as armor-piercing weaponry and anti-material rifles, are also in high demand. Soldier modernization programs also focus on the development of armored vehicles, main battle tanks, and armored personnel carriers, which necessitate the use of advanced rifle technology. Geopolitical conflicts further fuel the demand for advanced rifle systems. Gun ownership and firearm laws vary across regions, influencing the market dynamics. Bullet loading, self-steering bullets, sniper accessories, and automation are some of the emerging trends in the rifles market.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The global market for precision weapon systems, including semi-automatic and automatic rifles, is experiencing significant growth due to increasing geopolitical tensions and security threats. High-tech weapons, such as self-steering projectiles and long-range guns, are in high demand by both the defense sector and civil applications. The production contract for 8 mm cartridge-based firearms, like the AK-74 assault rifles, is a major driver for this market. Fire control systems and modern ammunition are essential components of these weapons, enhancing their military capabilities. Mass shootings and terrorist attacks have led to a heightened focus on homeland security, resulting in increased firearms procurement by law enforcement agencies.
Sniper rifle purchases have increased, with the sniper rifle market witnessing substantial growth. Sniper squadrons at military bases require high-precision guns to neutralize threats from a distance. Technology plays a crucial role in warfare gear, with cutting-edge weapons offering superior accuracy and efficiency. The defense spending on weapons systems continues to rise, fueling the demand for advanced weaponry. The battlefield topography and civilian safety are significant considerations in the development of these weapons. Surveillance and mass shootings have led to an increased focus on advanced firearms and technology to ensure safety and security.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Accuracy International Ltd - The company offers sporting and professional rifles including AT-X MIL, AXSR 300, AX ELR and others.
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Market structure |
Fragmented |
YoY growth 2023-2024 |
3.3 |
The market is witnessing significant growth due to increasing demand from public safety agencies for effective and advanced rifles to counteract terroristic activities and geopolitical tensions. Defense expenditure is a major driving factor for the rifles market, with governments investing in weapons modernization programs to enhance military capabilities against security threats. The market is segmented into assault rifles, light machine guns, designated marksman rifles, and general-purpose machine guns. Firing types, such as semi-automatic and automatic, are also key market segments. Hunting and sporting activities contribute to the civilian segment of the market. Terror attacks and geopolitical conflicts have led to increased procurement initiatives by law enforcement agencies for advanced rifles, including assault rifles, sniper rifles, and shotguns. Lightweight design and armor-piercing weaponry are essential features in modern rifles, making them a priority for military forces and law enforcement agencies. The market is expected to grow further due to ongoing soldier modernization programs and the integration of rifles with other weapons systems, such as armored vehicles, main battle tanks, and armored personnel carriers. Overall, the rifle market is poised for growth due to the increasing need for advanced and effective firearms in the face of evolving security threats. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing defense spending globally is notably driving market growth. The market is witnessing notable growth due to the increase in defense expenditure worldwide. Military applications for rifles, including assault rifles, light machine guns, designated marksman rifles, and general-purpose machine guns, are in high demand due to the need for enhanced military capabilities and preparedness. Additionally, rifles are used in public safety contexts, such as law enforcement and counter-terrorism, as well as in hunting and sporting activities. The design of these weapons is continually evolving, with advancements in firing types, such as non-automatic, semiautomatic, and automatic, and features like lightweight design, bullet loading, self-steering bullets, and sniper accessories.
Furthermore, geopolitical conflicts and terror attacks have led to procurement initiatives for customized weapons, automation, and armor-piercing weaponry, such as anti-material rifles. Gun ownership and firearm laws also influence the market dynamics. Military modernization programs, including the procurement of armored vehicles, main battle tanks, and armor personnel carriers, are driving the demand for advanced rifle technologies. Thus, such factors are driving the growth of the market during the forecast period.
Increasing focus of companies on new product launches is the key trend in the market. The global rifles market is witnessing significant growth due to various factors, including the demand for rifles in public safety and military applications. Terrorist activities and geopolitical disputes continue to drive defense expenditure, leading to procurement initiatives for advanced rifles and armored vehicles. In addition to military applications, rifles are also used in hunting and sporting activities. Companies are focusing on new product launches to cater to diverse consumer needs and enhance competitiveness. For instance, Ruger's introduction of the Ruger LC Carbine in 10mm Auto, a lightweight rifle carbine with adjustable folding stock and ambidextrous controls, is a testament to this trend.
The market for rifles and associated accessories, such as assault rifles, light machine guns, designated marksman rifles, and general-purpose machine guns, is expected to grow further due to weapons modernization programs and geopolitical conflicts. The market is also witnessing advancements in firing types, including non-automatic, semiautomatic, and automatic, as well as automation, bullet loading, and self-steering bullets. Gun ownership and firearm laws continue to influence the market dynamics, with regulations varying across regions. Thus, such trends will shape the growth of the market during the forecast period.
Growing concerns over product recalls for companies is the major challenge that affects the growth of the market. The market experiences various applications, including public safety and defense expenditure for military and law enforcement agencies in response to terrorist activities and geopolitical disputes. Rifles come in various types, such as assault rifles, light machine guns, designated marksman rifles, and general-purpose machine guns, each designed for specific firing types, including nonautomatic, semiautomatic, and automatic. These weapons are used for military applications as well as sports activities like hunting and shooting. Companies focus on lightweight designs, automation, bullet loading, and self-steering bullets to enhance their product offerings. Weapons modernization programs include the procurement of customized weapons, such as armor-piercing weaponry and anti-material rifles, to meet the evolving needs of soldier modernization and the acquisition of armored vehicles, main battle tanks, and armored personnel carriers.
However, the market faces challenges, such as product recalls, which can significantly impact vendor reputation and market stability. For instance, Sig Sauer initiated a voluntary recall of their SAUER 100 hunting rifles due to a potential safety issue with a specific batch of barrels that did not meet quality standards, potentially leading to premature weakening and posing a risk of injury. Gun ownership and firearm laws also influence the market dynamics. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
The market is witnessing significant growth due to increasing demand from public safety and defense sectors. The rise in terrorist activities and geopolitical disputes has led to increased defense expenditure, driving the procurement of rifles for military applications. In addition, hunting and sporting activities continue to be major end-users of rifles, with a focus on lightweight designs and advanced firing types such as nonautomatic, semiautomatic, and automatic. Assault rifles, light machine guns, designated marksman rifles, general-purpose machine guns, and anti-material rifles are the primary types of rifles in demand. The market is also witnessing innovation in rifles with advanced features such as automation, bullet loading, self-steering bullets, and sniper accessories.
Gun ownership and firearm laws vary across regions, impacting the market dynamics. Weapons modernization programs in law enforcement agencies and soldier modernization programs in military forces are also driving the market growth. The market is expected to witness significant growth due to the increasing demand for advanced rifles in response to terror attacks and geopolitical conflicts. The market is also witnessing the development of customized weapons and armor-piercing weaponry to cater to specific military requirements. Overall, the rifles market is expected to grow steadily due to the increasing demand from various end-users and the continuous innovation in rifle technology.
Market Scope |
|
Report Coverage |
Details |
Page number |
204 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.5% |
Market growth 2024-2028 |
USD 766.5 million |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 42% |
Key countries |
US, China, India, Russia, Germany, Canada, UK, France, Australia, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accuracy International Ltd, Barrett Firearms Manufacturing Inc, Browning Arms Co, Ceska zbrojovka as, Colts Manufacturing Co LLC, Daniel Defense LLC, Fabbrica dArmi Pietro Beretta S.p.A., FN America LLC, Heckler and Koch, Howa Machinery Ltd, RemArms LLC, Savage Arms Inc, SIG Sauer Inc., Smith and Wesson Brands Inc, STEYR ARMS GmbH, Sturm, Ruger and Co Inc, Taurus Holdings Inc, TDJ Buyer LLC, Weatherby Inc, and Winchester Repeating Arms |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, AI impact on market trends, COVID -19 impact and recovery analysis and future consumer dynamics, market condition analysis for the market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Product
9 Market Segmentation by Type
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
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