Rifles Market Size 2024-2028
The rifles market size is forecast to increase by USD 766.5 million at a CAGR of 3.5% between 2023 and 2028. The market is witnessing significant growth due to several driving factors. One of the primary factors is the increasing defense spending globally, which is leading to increased demand for advanced rifles from military and law enforcement agencies. One key trend is the increasing demand for customized weapons, leading companies to invest in automation and advanced bullet loading technologies. Another trend is the development of self-steering bullets and sniper accessories, enhancing the precision and effectiveness of rifle systems. However, gun ownership and firearm laws vary greatly across regions, posing challenges for companies in navigating complex regulatory environments. Additionally, the rise of terrorism and the subsequent need for advanced precision weapon systems has increased the focus on semi-automatic and automatic weapons. Despite these challenges, companies continue to innovate and launch new products to meet the evolving needs of the market. The market analysis report provides a comprehensive study of these trends and their impact on the market, offering valuable insights for stakeholders.
What will be the Size of the Market During the Forecast Period?
The market is witnessing significant growth due to various factors. One of the primary drivers is the increasing demand for rifles from public safety agencies for securing their jurisdictions against terrorist activities and maintaining law and order. Defense expenditure is another crucial factor fueling the growth of the market. Hunting and sporting activities also contribute significantly to the demand for rifles. Hunting is a popular recreational activity in many countries, and rifles are an essential tool for hunters. Sporting activities, such as target shooting, are also driving the demand for rifles.
Moreover, the trend toward weapons modernization is another significant factor impacting the market. Law enforcement agencies worldwide are upgrading their weapons arsenals to keep up with the evolving threat landscape. This modernization includes the procurement of advanced rifles, such as assault rifles, light machine guns, designated marksman rifles, and general-purpose machine guns. The demand for lightweight rifles is increasing due to their ease of use and portability. Firing types, including semi-automatic and bolt-action, are popular among both military and civilian consumers. The market for sniper rifles is also growing due to their effectiveness in neutralizing threats from a distance.
Furthermore, geopolitical conflicts and security threats are other factors driving the growth of the market. Military capabilities and defense spending are closely linked to the demand for advanced weapons systems, including rifles. The market for armor-piercing weaponry is also expected to grow due to the increasing use of armored vehicles, main battle tanks, and armored personnel carriers in military operations. The market is expected to witness significant growth in the coming years due to these factors. However, the market is subject to various challenges, including regulatory restrictions and ethical concerns regarding the use of firearms.
Market Segmentation
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
- Product
- Semi-automatic rifles
- Bolt-action rifles
- Automatic rifles
- Others
- Type
- Small caliber rifles
- Medium caliber rifles
- Large caliber rifles
- Geography
- North America
- Canada
- US
- APAC
- China
- India
- South Korea
- Europe
- Germany
- UK
- France
- Middle East and Africa
- South America
- North America
By Product Insights
The semi-automatic rifles segment is estimated to witness significant growth during the forecast period. In the market, semi-automatic rifles represent a significant category due to their efficient and quick firing mechanism. These weapons automatically load a new round into the chamber after each shot, allowing for faster shooting compared to manual-action rifles. This feature makes semi-automatic rifles popular among various user groups, including civilians, military personnel, and law enforcement agencies. These versatile firearms are employed in diverse applications such as hunting, target shooting, and tactical operations. The balance between rapid-fire capability and control offered by the semi-automatic design makes it suitable for both recreational and defensive uses. In the defense sector, high-tech weapons like these are procured for military capabilities, while civil applications include hunting and sport shooting.
Furthermore, the production contract for firearms often includes the use of advanced fire control systems, such as those employing the 8 mm cartridge, to enhance accuracy and effectiveness. Homeland security agencies also rely on these weapons for their ability to respond to mass shootings and other security threats.
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The semi-automatic rifles segment accounted for USD 1.26 billion in 2018 and showed a gradual increase during the forecast period.
Regional Insights
North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The North American market is experiencing growth due to heightened demand for rifles in major countries, particularly the United States. With a rich tradition of hunting, sport shooting, and self-defense, the US boasts a substantial civilian firearm ownership base, holding over 393 million firearms. Among these, a considerable number are rifles. The US military employs various types of rifles, such as assault rifles, light machine guns, designated marksman rifles, and general-purpose machine guns, for defense purposes. In the civilian sector, rifles are popular for hunting and sporting activities, including target shooting and competitive events.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Market Driver
Increasing defense spending globally is the key driver of the market. The market is witnessing notable expansion due to the significant rise in global defense spending. In 2023, military expenditures reached an all-time high of USD 2,443 billion, marking a substantial 6.8% increase from the previous year. This growth is attributed to ongoing conflicts and intensifying geopolitical disputes. The war in Ukraine and escalating tensions in Asia, Oceania, and the Middle East have fueled the need for increased military preparedness and advanced capabilities.
Consequently, defense budgets have reached unprecedented levels. Lightweight rifles, which come in various firing types, including nonautomatic, semiautomatic, and automatic, are in high demand for military applications and sports activities. Law enforcement agencies also utilize these weapons for their effectiveness and versatility. As geopolitical conflicts persist and terror attacks remain a threat, the market is expected to continue its growth trajectory.
Market Trends
The increasing focus of companies on new product launches is the upcoming trend in the market. The market in the United States is witnessing significant advancements, with companies prioritizing customized weapons to cater to varying consumer preferences and boost market differentiation. This new version of the 0.45 Auto LC Carbine comes with right- and left-hand bolt releases, an octagonal handguard, and a reversible magazine release, making it compatible with most Glock-pattern 10mm Auto magazines.
Furthermore, automation and precision are key trends shaping the market, with innovations such as bullet loading systems, self-steering bullets, and sniper accessories gaining popularity. Gun ownership and firearm laws continue to influence market dynamics, with regulations governing the production, sale, and use of semi-automatic and automatic weapons. Precision weapon systems are increasingly being adopted by law enforcement agencies and military forces for counter-terrorism operations.
Market Challenge
Growing concerns over product recalls for companies is a key challenge affecting the market growth. The market is currently confronted with a significant challenge due to increasing product recalls, which can negatively impact company standing and market equilibrium. During routine inspections, the company identified a potential safety concern regarding a specific barrel batch that did not meet their rigorous quality standards. This defect could potentially weaken or fatigue the barrel material after a substantial number of shots, leading to potential harm to the rifle and possible injury to the shooter.
Such incidents can create uncertainty in the market and erode consumer confidence, making it essential for companies to prioritize product safety and quality in their procurement initiatives. Geopolitical conflicts and soldier modernization programs continue to drive demand for rifles, shotguns, and other armor-piercing weaponry, including main battle tanks, armored personnel carriers, and anti-material rifles. Defense budgets remain a crucial factor in the market's growth, with countries investing in advanced defense technologies to maintain their military capabilities. companies must navigate this complex landscape while ensuring the highest levels of product safety and quality to maintain their market position.
Exclusive Customer Landscape
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Accuracy International Ltd - The company offers sporting and professional rifles, including AT-X MIL, AXSR 300, AX ELR, and others.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- Barrett Firearms Manufacturing Inc
- Browning Arms Co
- Ceska zbrojovka as
- Colts Manufacturing Co LLC
- Daniel Defense LLC
- Fabbrica dArmi Pietro Beretta S.p.A.
- FN America LLC
- Heckler and Koch
- Howa Machinery Ltd
- RemArms LLC
- Savage Arms Inc
- SIG Sauer Inc.
- Smith and Wesson Brands Inc
- STEYR ARMS GmbH
- Sturm, Ruger and Co Inc
- Taurus Holdings Inc
- TDJ Buyer LLC
- Weatherby Inc
- Winchester Repeating Arms
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Research Analyst Overview
The market encompasses a wide range of firearms designed for various applications, including public safety and defense. Surveillance and mass shootings have led to an increased focus on advanced firearms and technology to ensure safety and security. With the rise of terrorist activities and geopolitical disputes, defense expenditure has significantly influenced the growth of this market. Rifles find extensive use in military applications, such as assault rifles, light machine guns, designated marksman rifles, and general-purpose machine guns. The demand for lightweight designs, automation, and advanced firing types, including non-automatic, semi-automatic, and automatic, is driving the market.
Furthermore, sports activities, such as hunting and shooting, also contribute to the market's growth. Modernization programs in the defense sector, including soldier modernization and weapons systems, are leading to the procurement of new rifles and advanced accessories like customized weapons, automation, bullet loading, self-steering bullets, and sniper accessories. The market caters to both military and civilian sectors, with applications ranging from homeland security and law enforcement to civil applications. Geopolitical conflicts and security threats continue to fuel the demand for high-tech weapons, including anti-material rifles, long-range guns, and high-precision guns. The market is also witnessing the development of modern ammunition and cutting-edge weapons like self-steering projectiles.
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Market Scope |
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Report Coverage |
Details |
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Page number |
204 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.5% |
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Market growth 2024-2028 |
USD 766.5 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.3 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 42% |
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Key countries |
US, China, India, Russia, Germany, Canada, UK, France, Australia, and South Korea |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Accuracy International Ltd, Barrett Firearms Manufacturing Inc, Browning Arms Co, Ceska zbrojovka as, Colts Manufacturing Co LLC, Daniel Defense LLC, Fabbrica dArmi Pietro Beretta S.p.A., FN America LLC, Heckler and Koch, Howa Machinery Ltd, RemArms LLC, Savage Arms Inc, SIG Sauer Inc., Smith and Wesson Brands Inc, STEYR ARMS GmbH, Sturm, Ruger and Co Inc, Taurus Holdings Inc, TDJ Buyer LLC, Weatherby Inc, and Winchester Repeating Arms |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Market Research and Growth Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
- Precise estimation of the size of the market and its contribution of the market in focus to the parent market
- Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
- Growth of the market across North America, APAC, Europe, Middle East and Africa, and South America
- Thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of market companies
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