- Rise in women participants, great advances in sports guns, and increase in aspiring new shooters drive the global sports gun market
PORTLAND, Oregon, July 14, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Sports Gun Market by Gun Type (Rifle, Pistol, and Shotgun), Application (Competitive Shooting and Recreational Sports), and Distribution channel (Gun Stores, Sporting Goods Stores, Online and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global Sports Gun market garnered $2.43 billion in 2019, and is estimated to reach $2.77 billion by 2027, registering a CAGR of 9.7% from 2020 to 2027.
Drivers, restraints, and opportunities-
Great advances in sports guns, upsurge in women participants, and rise in aspiring new shooters drive the growth of the global sports gun market. However, strict government regulations for sale and purchase of the sports gun and mass shooting and gun violence among youngsters hinder the market growth. On the other hand, rise in popularity of the shooting sports and increase in preference of sports as careers in youth are anticipated to offer new opportunities in the coming years.
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- During the coronavirus pandemic, all the nations across the globe have banned all sports activities, which impacted the sports gun market.
- Investors have frizzed funding in the leading sports gun manufacturing companies during the novel COVID-19 outbreak.
- The demand for outdoor sports accessories including sports gun has been reduced. Also, the supply chain disruptions have impacted the market to certain extent.
The pistol segment to maintain its lead status-
Based on gun type, the pistol segment accounted for nearly two-fifths of the global sports gun market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to increase in participation in pistol shooting and rise in popularity of the cowboy mounted shooting. However, the rifle segment is estimated to portray the highest CAGR of 10.3% from 2020 to 2027. The growing popularity of the modern sporting rifles that are used by hunters, competitors, civilians drives the growth of the segment.
The competitive shooting segment to maintain its leadership position-
Based on applications, the competitive shooting segment contributed to the highest market share with more than half of the global sports gun market in 2019, and is estimated to maintain its leadership position during the forecast period. This is due to the rise in participation and considerable investment of time and money in various levels of shooting competitions across the globe. However, the recreational sports segment is estimated to generate the fastest CAGR of 10.6% from 2020 to 2027. This is attributed to its benefits such as improved physical fitness, mental health, quality of life, fun, and social involvement.
North America is anticipated to dominate the market by 2027-
Based on region, North America accounted for the highest share based on revenue, holding for more than half of the global sports gun market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is due to the increasing number of civilian with legal firearms and growing popularity of the shooting sports in this region. However, Asia-Pacific is estimated to generate the fastest CAGR of 12.0% from 2020 to 2027. This is attributed to the initiatives taken by emerging economies such as China and India by launching schemes to promote shooting sports.
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Leading market players
- Abercrombie & Kent USA
- Classic Journeys
- G Adventures
- Greaves Travel
- India Food Tour
- ITC Travel Group Limited
- The FTC4Lobe Group
- The Travel Corporation
- Topdeck Travel
- Tour Radar.
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