This Report Provides In-Depth Analysis of the Firearms Market Report Prepared by P&S Intelligence, Segmented by Product (Handguns, Shotguns, Rifles, Machine Guns, Bullpup Rifles, Designated Marksman Rifles), Technology (Guided, Unguided), Operation (Automatic, Semi-Automatic, Manual, Break-action), End User (Military, Law Enforcement, Sports Shooting, Hunting, Self-Defense), and Geographical Outlook for the Period of 2019 to 2032
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Firearms Market Future Outlook
The firearms market size was USD 45.5 billion in 2024, and it will grow by 5.8% during 2025–2032, to reach USD 70.6 billion by 2032.
The market growth is primarily ascribed to the rising defense expenditure, a lot of which is directed toward modern military capabilities, itself due to the increasing geopolitical tension. The high demand for small arms from civilians for self-defense and governments’ investment in defense and law enforcement contribute to the growth. Over 13 million firearms were produced in 2023, which highlights large-scale production. Moreover, according to the Stockholm International Peace Research Institute, global defense spending rose by 9.4% from 2023 and reached USD 2,718 billion in 2024.
Other important growth drivers are the rising popularity of shooting sports, deep-rooted culture of hunting in the Western world, technological advancements in firearm manufacturing, and expanding private security industry, especially for celebrities, important businesspersons, and other VIPs.
Apart from a handful of countries, most allow civilians to own firearms, either with or without a permit. The U.S. is a classic example of a nation with standard gun laws; in most cases, no permit is required for civilians to own a firearm. However, there are restrictions on the kind of gun they can possess. The laws have both garnered public support as well as international outcry, especially amidst the increasing incidence of shootings at schools and other public places. As per studies, over 30% of the civilians in the country possess a firearm.
Firearms Market Segmentation and Category Analysis
Product Analysis
The handguns category held the largest market share, of 65%, in 2024 due to their lightweight structure and portability and the rising consumer demand for safety and self-defense. They are widely used by civilians as they are affordable and user-friendly. They are mainly used in regions like the U.S. due to its flexible policies.
The rifles category will have the highest CAGR due to the increasing count of defense modernization projects, rising demand from law enforcement agencies, and wide usage for in hunting, especially semi-automatic and assault rifles. Moreover, the rising pace of technological advancements in rifles increases the demand in both government and civilian areas.
The products analyzed in this report are:
Handguns (Largest Category)
Pistol
Revolver
Shotguns
Pump-action
Semi-automatic
Double-barrel
Single-shot
Rifles (Fastest-Growing Category)
Semi-automatic
Bolt-action
Assault
Sniper
Machine Guns
Bullpup Rifles
Designated Marksman Rifles
Others
Technology Analysis
The unguided category held the larger market share, of 60%, in 2024, as they have extensive usage, well-developed production lines, and affordability. Conventional unguided firearms, such as pistols, rifles, and shotguns, are widely used by government agencies and civilians.
The guided category will have the higher CAGR, due to its rising usage for high-precision targeting in military and law enforcement. Firearms with guided features, such as sensors and electronic firing systems, are used for improved accuracy and advanced performance in combat operations.
The technologies analyzed in this report are:
Guided (Faster-Growing Category)
Unguided (Larger Category)
Operation Analysis
The semi-automatic category held the largest market share, of 70%, in 2024 due to its adaptability and extensive use. They also offer efficient, rapid responses and user-friendliness for professional applications. Moreover, in most countries that allow civilians to possess firearms, automatic weapons are banned; hence, semi-automatic is the best people can get their hands on legally.
The automatic category will have the highest CAGR. This is driven by national defense upgrade programs and the rising need to boost performance and suppress threats in various areas. Innovation in firearms, especially with regard to safety and prevention of accidental firing and misuse, has made these weapons more reliable and easier to handle.
The operations analyzed in this report are:
Automatic (Fastest-Growing Category)
Semi-Automatic (Largest Category)
Manual
Break-Action
Others
End Use Analysis
The military category held the largest market share, of 75% in 2024, due to mass acquisition, technological improvements, and stable military expenditure. Militaries across the world purchase firearms in bulk to be prepared for any war-like situation. For instance, in February 2025, the Indian Army ordered 70,000 AK-203 assault rifles. This is part of a 670.000-unit contract, under which the remaining 600,000 will be manufactured in India after the transfer of technology.
The self-defense category will have the highest CAGR, due to the growing demand for self-protection amidst the increasing crime rates. Moreover, the wide availability of short and easy-to-carry guns drive their sales.
The end uses analyzed in this report are:
Military (Largest Category)
Law Enforcement
Sports Shooting
Hunting
Self-Defense (Fastest-Growing Category)
Others
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Firearms Market Regional Growth Dynamics
North America held the largest market share, of 40%, in 2024, due to the strong defense infrastructure, law enforcement acquisition, and well-established firearm ownership culture. Moreover, the innovation in the U.S., personnel safety concerns, and high popularity of recreational shooting in this region drive the market.
Asia-Pacific will have the highest CAGR, because of the rising defense budgets due to the increasing political tension and the need to modernize the forces. As cities are growing, the demand for firearms is increasing for law enforcement and civilian self-defense. New technologies and weapons are developed in the regional countries according to their specific needs and circumstances, further helping the market grow. In 2024, China spent nearly USD 365 billion on defense, making it the largest military spender in this region.
The geographical breakdown of the market is as follows:
North America (Largest Regional Market)
North America (Largest Country)
Canada (Fastest-Growing Country)
Europe
Germany (Largest Country)
U.K. (Fastest-Growing Country)
France
Italy
Spain
Rest of Europe
Asia-Pacific (Fastest-Growing Regional Market)
China (Largest Country)
India (Fastest-Growing Country)
Japan
South Korea
Australia
Rest of APAC
Latin America
Brazil (Largest Country)
Mexico (Fastest-Growing Country)
Rest of LATAM
Middle East and Africa
Saudi Arabia (Largest Country)
South Africa
U.A.E. (Fastest-Growing Country)
Rest of MEA
Firearms Market Competitive Landscape
The market is fragmented due to the presence of large local and regional players meeting varied demands, including hunting, sports shooting, and self-defense. Each country has different regulations, preferences, and licensing laws, which make it difficult for one company to dominate the market. Moreover, different demands across the sectors lead the niche and emerging companies to innovate products. Additionally, a lot of local firms either manufacture or sell firearms illegally to miscreants, which also fragments the market.
Firearms Companies:
Smith & Wesson Brands, Inc.
FN Herstal
Sturm, Ruger & Company, Inc.
GLOCK, Inc.
SIG Sauer, Inc.
Beretta Holding S.p.A.
Colt's Manufacturing Company LLC
Remington Arms Company, LLC
Taurus Armas
Browning Arms Company
Springfield Armory, Inc.
O.F. Mossberg & Sons, Inc.
Heckler & Koch GmbH
Firearms Market News & Updates
In January 2025, SK Studios LLC (SK Guns And Glamours) and Phoenix Trinity Manufacturing collaborated to create a double-stack, commander-sized pistol for concealed carriage.
In April 2024, WATCHTOWER Firearms LLC and Sports South LLC collaborated to extend market coverage and provide Type-15 rifles.
In November 2024, SIG Sauer Inc. and NIBE Industrier AB partnered to produce an assault rifle in India, having already supplied 145,000 assault rifles to the Indian Army.
In June 2023, WATCHTOWER Firearms LLC acquired F-1 Firearms LLC to expand the business in the U.S. law enforcement and international markets. They also aim to provide firearms for personal safety, recreational sports, and hunting.
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