Press release
Steady Expansion Forecast for Rifles Market, Projected to Reach $5.92 Billion by 2029
Rifles
Rifles Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The growth in the size of the rifles market has been substantial lately. The market is set to increase from $4.48 billion in 2024 to $4.75 billion in 2025, experiencing a compound annual growth rate (CAGR) of 5.9%. This growth during the historical period is likely due to factors such as the global increase in defense budgets, a surge in demand for top-notch infantry weapons, enhancements in military modernization initiatives, escalated cross-border conflicts and geopolitical crises, coupled with the growing enthusiasm towards shooting sports and hunting pursuits.
Rifles Market Size Forecast: What's the Projected Valuation by 2029?
Expected to witness robust expansion over the next years, the rifles market will escalate to a valuation of $5.92 billion in 2029, projecting a compound annual growth rate (CAGR) of 5.7%. The projected growth during the forecast period is associated with several factors, including the growing adoption of innovative and modular rifles, heightened investment in defense R&D, increasing demand for durable and light materials, enhanced focus on soldier effectiveness and lethality, and escalated purchasing of rifles by law enforcement agencies. The forecast period also sees specific trends, such as advancements in rifle optics and aiming systems, sophisticated integration of AI and IoT in firearms, improvements in lightweight composite materials, developments in modular weapon configurations, and superior customization options for end users.
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What Are the Drivers Transforming the Rifles Market?
The surge in demand for hunting is predicted to bolster the expansion of the rifle market in the future. Hunting, which involves the pursuit, capture, or killing of wild animals for food, sport, or population control, is seeing an increase in demand. This rise can be attributed to a burgeoning interest in outdoor leisure activities as individuals look to nature for relaxation and self-reliance. Rifles, by offering precision targeting features, prove crucial for precise and ethical wild animal harvesting. They augment efficacy by elevating success rates, minimising time devoted to tracking, and facilitating sustainable population control. For example, Ely Echo, a newspaper company based in the US, reported in January 2025 that hunters had harvested over 170,000 deer in 2024, indicating a 7% rise compared to 2023. As such, the escalating demand for hunting is fuelling the growth of the rifle market.
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What Long-Term Trends Will Define the Future of the Rifles Market?
Key players in the rifle industry are concentrating on the production of innovative items like bolt-action rifles to increase precision, boost stability, and provide bespoke user options. A bolt-action rifle is a firearm where the user needs to manually control the bolt handle to load a round, dislodges the fired cartridge, and readies the firing system. This includes raising and retracting the bolt, thrusting it onward, and securing it. For example, in January 2023, Colt, a renowned American firearm manufacturer, released a bolt-action rifle targeted at competitive, long-range shooters. It features CBX in its flat-bottom receivers and is based on a flexible modular aluminum framework for enhanced durability and customization. This bolt-action system guarantees exact and trustworthy cycling of each round, making it highly suitable for circumstances requiring high accuracy.
Which Segments in the Rifles Market Offer the Most Profit Potential?
The rifles market covered in this report is segmented -
1) By Product Type: Assault Rifles, Light Machine Guns, Designated Marksman Rifles, General-Purpose Machine Guns, Other Product Types
2) By Application: Defense and Law Enforcement, Personal Defense, Sporting and Hunting
3) By Distribution Channel: Direct Sales, Online, Specialty Retail
Subsegments:
1) By Assault Rifles: Selective Fire Assault Rifles, Semi-Automatic Assault Rifles, Fully Automatic Assault Rifles
2) By Light Machine Guns: Belt-Fed Light Machine Guns, Magazine-Fed Light Machine Guns, Air-Cooled Light Machine Guns, Water-Cooled Light Machine Guns
3) By Designated Marksman Rifles: Semi-Automatic Designated Marksman Rifles, Bolt-Action Designated Marksman Rifles, Magazine-Fed Designated Marksman Rifles, Precision Designated Marksman Rifles
4) By General-Purpose Machine Guns: Belt-Fed General-Purpose Machine Guns (GPMGs), Air-Cooled General-Purpose Machine Guns (GPMGs), Water-Cooled General-Purpose Machine Guns (GPMGs), Medium-Caliber General-Purpose Machine Guns (GPMGs)
5) By Other Product Types: Sniper Rifles, Battle Rifles, Carbines, Bullpup Rifles, Shotguns
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Which Firms Dominate the Rifles Market by Market Share and Revenue in 2025?
Major Companies operating in the rifles market are Smith & Wesson Brands Inc, SIG SAUER, Sturm Ruger & Co. Inc., Taurus Holdings Inc, Heckler & Koch AG, Colt's Manufacturing LLC, FN America LLC, Springfield Inc., Howa Machinery Ltd, Barrett Firearms Manufacturing Inc, Browning Arms Company, Daniel Defense LLC, Savage Arms Inc, Weatherby Inc, Remington Firearms, Česká zbrojovka, Accuracy International, Fabbrica d'Armi Pietro Beretta S.p.A., Steyr Arms GmbH, Winchester Repeating Arms
Which Regions Offer the Highest Growth Potential in the Rifles Market?
North America was the largest region in the rifles market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the rifles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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