PUBLISHER: Grand View Research | PRODUCT CODE: 1588422
PUBLISHER: Grand View Research | PRODUCT CODE: 1588422
The global rifles market size was estimated at USD 5.44 billion in 2023 and is projected to grow at a CAGR of 4.6% from 2024 to 2030. This growth is attributed to the increasing defense expenditures globally, particularly in countries like the U.S., China, and India, which is driving the demand for advanced rifles for military personnel. Furthermore, modernization efforts and the acquisition of new firearms for national security contribute significantly to market growth. In addition, innovations in rifle design, such as lighter materials, enhanced accuracy, and integration with advanced optics and electronics, are creating new demand. Smart rifles, which feature improved targeting systems and digital enhancements, are gaining popularity, thereby contributing to overall market growth.
Civilian demand for rifles, driven by recreational shooting, hunting, and personal defense, is a key market driver, particularly in regions with relaxed gun ownership laws like the U.S., Canada, and parts of Europe. In addition to this, increasing interest in competitive shooting sports globally is boosting rifle sales. Events like target shooting and skeet shooting, along with the rise of shooting sports leagues, are creating consistent demand for specialized rifles.
Rising geopolitical tensions and cross-border conflicts in regions like the Middle East, Eastern Europe, and the Asia Pacific are driving countries to arm their military forces with more advanced rifles, leading to increased procurement by governments. Moreover, specialized military units, law enforcement agencies, and security forces require highly customized rifles. Manufacturers can target these niche markets by developing precision rifles, sniper rifles, and tactical weaponry.
Advanced rifles require cutting-edge technology and high-quality materials, which increases manufacturing costs. These higher costs can reduce profit margins or lead to higher prices, limiting the market to premium buyers such as military forces or affluent civilians. Furthermore, trade restrictions and export controls imposed by governments can limit the market's growth potential. For instance, bans on the export of firearms to certain countries can reduce market opportunities for manufacturers.
Strict government regulations on firearms ownership, particularly in countries like Australia, Japan, and several European nations, limit civilian access to rifles and restrict overall market growth. Compliance with varying legal frameworks can also increase production costs for manufacturers. However, there is a significant opportunity for rifle manufacturers to innovate by developing lighter, more ergonomic designs, improving rifle accuracy, and integrating smart technologies. Rifles with modular designs or customizable components offer additional market potential as consumers and military personnel seek tailored solutions.
Global Rifles Market Report Segmentation
This report forecasts revenue growth at regional & country levels and provides an analysis of the industry trends in each of the segments from 2018 to 2030. For this study, Grand View Research has segmented the global rifles market report based on product type, firing type, and region: