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Global Sporting Guns Market: Leading Players Expend Energy on Product Design to Stay on Top of the Game, finds TMR

Posted on Apr 05, 2017

The global market for sporting guns is extremely consolidated on account of the top two players holding a lion’s share of 77%. The major players, namely Smith & Wesson Holding Corporation, Strum, and Rugner & Co. have a robust international presence and brand value. They expend a lot of energy on innovative product design and cost-effective manufacturing process. 

According to a research report by Transparency Market Research, the global sporting guns market will likely attain a value of US$2.3 bn by 2024-end from US$1.6 bn in 2015 by expanding at a CAGR of 3.9%. 

sports gun market

Numerous Sporting Events Propels North America Market 

The different types of sporting gun available in the market are shotguns, rifles, and handguns. Among them, the competitive shooting guns enjoy a robust demand and in the years to come will acquire a share of 43.9%. Its growth so far has been primarily stoked by the numerous sporting events in North America that requires sporting guns. This trend is also expected to impact the sales of competitive shooting guns, which are projected to skyrocket in the coming years. 

Depending upon geography, the key segments of the global sporting guns market are North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. North America, among them, holds a dominant position in terms of revenue. In 2015, for example, the region held almost 49% share in the overall market on account of the rising participation of people in sporting events, higher investments in training students for shooting events, and the presence of big manufacturers in the region. Europe market accounts for a significant share too because of the same reasons as North America. On the other hand, Asia Pacific and the Middle East and Africa will likely see their market shares decline owing to the expensive nature of the components to make these products. 

Popularity of Shooting as a Sport Drives Market 

Majorly boosting the global market for sporting guns is the soaring popularity of shooting as a sport. “Target shooting is known to build and enhance physical discipline amongst sportsmen. It improves motor skills, hand-eye coordination, and stamina. The persistent usage of guns increases arm strength, which, in turn, helps in improve the aim at targets. In the case of marksmen it enhances the ability to focus, thus helping them aim at targets with precision. Shooting also sharpens the eyesight, levels of concentration and is hence known as a challenging mental sport. It also challenges the mind to use logic and mathematics to calculate the wind velocity to make a winning aim. These benefits of shooting as a sport are augmenting the demand for sporting guns across the globe,” explains the lead analyst of the TMR report. 

High Cost of Manufacturing Crimps Demand 

Countering the growth in the global market for sporting gun is the steep manufacturing costs resulting from the high cost of components. This has severely crimped demand in the countries of Middle East and Asia. Demand has also tanked in many emerging economies across the world on account of high tariff rates. Strict regulations imposed on hunting to save several species of animals from extinction has dealt a blow to demand too. 

This review is based on the findings of a TMR report titled “Sports Gun Market (Type - Shotguns, Rifles, and Handguns; Application - Competitive Shooting, Hunting, and Recreation) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.” 

The segments covered in the global sports gun market are as follows: 

Global Sports Gun Market, by Application 

  • Competitive shooting
  • Hunting
  • Recreation 

Global Sports Gun Market, by Type 

  • Shotguns
  • Rifles
  • Handguns 

Global Sports Gun Market, by Geography 

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East and Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America 

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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