- The increasing emphasis on law enforcement training and extensive demand for shooting games in sports events are the major factors influencing the market growth
- Market Size – USD 2.36 billion in 2019, Market Growth - CAGR of 4.8%, Market Trends – Higher demand for sports guns in the international multi-sport events
VANCOUVER, BC, Oct. 29, 2020 /PRNewswire/ -- The Global Sports Guns Market is forecast to be worth USD 3.46 billion by 2027, according to a current analysis by Emergen Research. Key factors influencing the market growth include the growing adoption of sports guns for training purposes, rising number of sports events that include shooting games, increasing interest in hunting, and applicability of sports guns in nonlethal usage, among others.
Besides, the rise in cross-border conflicts that restricts the usage of firearms and the growing adoption of sports guns for non-deadly self-defense are some of the additional reasons behind the remarkable growth of the market. Moreover, reduced manufacturing costs of the guns with the help of 3D printing mechanisms, growing demand for smart guns, and increasing usage of the polymer in the arms industry are some of the subordinate market propelling factors that create a huge breakthrough in the market growth.
The global landscape of the Sports Guns Market is expected to remain highly competitive and fragmented, consisting of a number of both small start-ups & medium enterprises and large conglomerates. During the projected era, increasing demand for technological development and higher diversification in offered products ensure enormous growth potential for innovative players.
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Further key findings from the report suggest
- In August 2020, American Outdoor Brands, Inc. completed its spin-off from the company named Smith & Wesson Brands, Inc., and announced that it plans to enter trading independently and would expand its Sports Guns business through the e-commerce platform.
- The polymer sub-segment is growing with the fastest CAGR of 6.3% owing to its higher efficiency in the manufacturing with 3D printing techniques and reduction in the overall costing with higher applicability in the sports and hunting purposes.
- The regions in the Asia Pacific, led by China, India, Pakistan, and South & North Korea, are allotting a considerable budget for their defense & law enforcement grooming purposes. Besides, the significant demand for shooting games & higher proliferation of sports events, along with higher economic development and enhancement in the manufacturing industry, help propel market growth.
- Key players in the market include Smith & Wesson Holding Corp., Freedom Group, Orbital ATK, Sturm, Ruger, & Co., Inc., American Outdoor Brand Corporation, Thales Group, Lockheed Martin, General Dynamics Corporation, Beretta S.p.A., and Raytheon Company, among others.
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For the purpose of this report, Emergen Research has segmented the Global Sports Guns Market on the basis of Type, Application, Distribution Channel, Materials Used, and Region:
- Type Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
- Machine Guns
- Application Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
- Training & Demonstration
- Recreational Sports
- Distribution Channel Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
- Gun Stores
- Sport Goods Stores
- Materials Used Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
- Regional Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
- North America
- South Korea
- North Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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