Published: Apr, 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%.
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
Global Sports Gun Market, by Type
Global Sports Gun Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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