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Firearms Market Trends

Report ID: GMI7942
Published Date: Jan 2024
Report Format: PDF

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Firearms Market Trends

The firearms industry has been increasingly incorporating technology into its products. This includes innovations such as smart guns, personalized firearms, and improved optics and sighting systems. Smart gun technology aims to enhance safety features, such as biometric locks or RFID (Radio-Frequency Identification) systems that only allow authorized users to operate the firearm.

In November 2023, the US Marine Corps has initiated a new effort to enhance the combat effectiveness of its Joint Light Tactical Vehicles (JLTV) fleet. A contract was granted to the American technology company BlueHalo to develop a high-energy laser weapon compatible with the JLTVs. BlueHalo's solution, known as the LOCUST laser weapon system, is designed to offer advanced mobile air defense capabilities against drone threats for warfighters. The laser weapon will collaborate with the existing kinetic and electronic warfare systems of the US Marine Corps, contributing to a more potent ground-based air defense strategy.

The LOCUST laser system, acclaimed for its superior target acquisition, tracking, and defeat capabilities, demonstrates versatility across both fixed-site and mobile applications. This adaptability makes it an ideal solution for swift integration into systems like the JLTV, effectively addressing the complex challenges faced by the Marine Corps. As technology continues to advance, we may see further integration of electronic components, connectivity, and advanced materials in firearms.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for firearms was valued at USD 41.7 billion in 2023 and is estimated to register a CAGR of over 6% between 2024 and 2032, driven by the changing regulatory environment for firearms across several economies.

The handguns segment accounted for around 29% market share in 2023 and is set to gain traction through 2032, owing to concerns about personal safety and self-defense.

North America market for firearms held a revenue share of around 35% in 2023 and is anticipated to grow rapidly through 2032, driven by a deep-seated cultural attachment to gun ownership and a robust customer base for sporting and recreational shooting activities.

Colt's Manufacturing Company, CZ-USA, FN Herstal, H&K (Heckler & Koch), Remington Arms, Ruger, Sig Sauer, Smith & Wesson, Walther are some of the major industry contenders.