According to a recent report published by Allied Market Research, titled, “Shooting and Gun Accessories Market by Type, End Use, and Distribution: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global shooting and gun accessories market was valued at $5.13 billion in 2020, and is projected to reach $10.54 billion by 2030, registering a CAGR of 7.7%.
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Increase in territorial conflicts across the world and rise in demand for guns for competitive sports drive the global shooting and gun accessories market. On the other hand, strict government regulations on gun ownership across the world hinder market growth. Rise in defence expenditure across the world will offer several opportunities to the market players.
COVID-19 scenario:
- The COVID-19 outbreak forced governments to impose stringent travel restrictions to curb the spread of the virus. Factories were either shut or kept working with a limited workforce. Lack of labor also interrupted the supply and demand process. Thus, the private gun manufacturing units witnessed a decline in investments.
- With the implementation of vaccination drives across the world, the shooting and gun accessories market is expected to recover soon.
Based on type, the air rifle segment held the largest market share in 2020, contributing to more than two-fifths of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the air pistol segment is projected to witness the fastest CAGR of 7.5% from 2021 to 2030.
Based on distribution, the offline segment contributed to the largest share in 2020, accounting for around three-fifths of the global shooting and accessories market. The same segment is expected to lead the market during the forecast period. However, the online segment is expected to manifest the highest CAGR of 8.6% from 2021 to 2030.
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List of companies profiled of the global shooting and gun accessories market analyzed in the research include Fabbrica D’Armi Pietro Beretta S.p.A., American Outdoor Brands Inc., Heckler & Koch, FN Herstal, Savage, Sturm, Remington Ammunition, Ruger & Co., Inc., Webley & Scott, Taurus International Manufacturing, Inc., and Weihrauch & Weihrauch Sport GmbH & Co. KG.
Based on region, North America contributed to the highest share in 2020, holding around one-third of the total share. Moreover, the region is anticipated to manifest the fastest CAGR of 9.4% from 2021 to 2030. The report also covers Asia-Pacific, Europe, and LAMEA.
Key Findings Of The Study
- By type, the other segment including the magazines & loaders, targets, and accessories is expected to register a significant growth during the forecast period.
- By end use, the competitive sports segment is anticipated to exhibit significant growth in future.
- By distribution, the online segment is projected to lead the global shooting and gun accessories market, owing to higher CAGR as compared to civil segment.
- By region, North America is anticipated to register the highest CAGR during the forecast period.
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