Shotgun and Rifles Market: Analysis By Industry Growth, Size, Share, Demand, Trends and Manufacturers Analysis Research Report and Forecast: 2022-2031

Japan, Japan, Mon, 04 Apr 2022 00:38:23 / Comserve Inc. / -- The shotguns and rifles market is expected to exhibit a CAGR of 6% during the forecast period 2022-2031.

The shotguns and rifles market is expected to exhibit a CAGR of 6% during the forecast period 2022-2031.

- The rampant incidents of terror attacks have resulted in the modernization of the weapon armada of law enforcement agencies to prevent such incidences effectively and minimize loss of life. This has driven the demand for rifles and shotguns and is expected to bolster the procurement initiatives during the forecast period.
- The rise in geopolitical conflicts has driven the procurement of new equipment as part of ongoing soldier modernization programs, the induction of heavily armored vehicles such as main battle tanks (MBTs) and armored personnel carriers (APCs) has driven the demand for armor-piercing weaponry, such as anti-material rifles.
- Technological advancements in terms of automation in bullet loading, self-steering bullets, cutting-edge technologies in sniper accessories are all expected to make the rifles more efficient and accurate in the years to come.

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Key Market Trends

Technological Advancements Like the Smart Gun Technology Projected to Drive the Market Growth During the Forecast Period

Technological advancements like the Internet of Things (IOT) and the penetration of digitalization are driving the growth of the market currently. One such result of the penetration of the technological advancements in this industry is the smart gun technology. Though this technology is available for the industry since a long time, their demand has seen a surge in the number of lost/stolen rifles and shotguns in countries such as United States of America in the last 5-10 years. Even though the numbers reduced in the last two years, they are still significantly high, which has resulted in the regaining of traction in terms of emphasis on smart guns. Smart guns can only be operated by its legal owner and prevents the access by other people. This can help in lowering the gun related injuries and homicides. A law passed in New Jersey requires every gun shop to sell only smart guns three years after the technology is commercially available. 40% of the gun owners in United States are ready to adopt smart guns. Many new startups in United States have started focusing on development of smart guns again after the backlash the market received during 2014-2015 by gun right activists, National Rifle Association, retailers, and others. SAAR, a Switzerland based company is planning to start selling smart assault rifles equipped with user recognition technology to law enforcement agencies. The company aims to start selling the gun from second half of 2020. Increasing use of RFID and fingerprint recognition technology is fueling the market growth for smart guns. Such developments are expected to help the growth of the market in the years to come.

North America to Remain Dominant During the Forecast Period

North America is currently the largest market for rifles and shotguns and the region is also expected to continue its dominance in the market by growing with the highest CAGR during the forecast period. Most of the demand for rifles is from the US military. During the forecast period, the US Army plans to buy a mix of more than 120,000 new light machine guns and rifles, built around new ammunition, to replace both the M4 carbine and M249 Squad Automatic Weapon for its soldiers. The Next Generation Squad Weapon (NGSW) program was designed to replace the standard rifle and squad machine gun for close-combat units such as infantry, scouts and combat engineers in the Army. In this regard, three contractors Sig Sauer, General Dynamics-OTS and Textron Systems were selected in 2019. The contractors are expected to deliver 28 prototype automatic rifles and 38 prototype rifles along with 660,000 rounds of ammunition for testing and evaluation by the end of 2021. Also, in March 2020, Heckler & Koch was awarded a USD 33,5 million U.S. Army contract modification for new sniper rifles. The modification contract was related to a previous contract or Compact Semi-Automatic Sniper Systems (CSASS) and the Squad Designated Marksman Rifle. The contract had an estimated completion date of March 16, 2022. In addition to military procurement, incidents such as mass shootings have propelled the market for civilian and homeland security procurements of rifles and their ammunition in the region.

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Competitive Landscape

The shotgun and rifles market is a fragmented one with players such as Heckler & Koch GmbH, Sturm, Ruger & Co., Inc., Remington Arms Company, LLC., FN Herstal, S.A., Sig Saur GmbH dominating the market. Players are focusing on developing ergonomic products that help them attract new customers. For instance, in SHOT Show 2018, Israel Weapon Industries showcased Tavor TS12 gas-powered semi-automatic shotgun exhibiting bullpup design for easy handling and dual ammunition feed system that facilitates easy reloading for both right and left-handed combatants. Many foreign players are setting up their manufacturing facilities in other countries. For instance, in 2019, CZ-USA announced to invest USD 90 million till 2025 to build a production plant in Little Rock, Arkansas that will also act as the company's North America headquarters. Such expansion activities will help the players tap into new regional markets, thereby increasing their market presence and opportunities for growth.

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