Portland, OR, Oct. 14, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global shooting and gun accessories market generated $5.13 billion in 2020, and is anticipated to reach $10.54 billion in 2030, manifesting a CAGR of 7.7%. The report provides in-depth data related to key players, restraints, key drivers, and opportunities with detailed impact analysis.
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.
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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.
The global shooting and gun accessories market is segmented into end-use, type, distribution, and region.
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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 2023 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 2023 to 2030.
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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 2023 to 2030. The report also covers Asia-Pacific, Europe, and LAMEA.
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.
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