Press release
Sports Gun Market - The Biggest Trends to Watch out for 2016-2024
A sports gun is defined as a non-lethal or less-lethal rifle, pistol, handgun or shotgun intended for competitive and recreational shooting, recreation, and hunting purposes. These guns are increasing in popularity owing to the surge in participation of emerging and developing economies in global shooting events. The global market is projected to grow in the near future.
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Global Sports Gun Market: Drivers and Trends
The strong growth in competitive shooting is driving the growth of the sports gun market. Sports guns are manufactured in large varieties, each differing from another on the basis of power source, barrel, propellant, projectile, ammunition, calibers, technology, cutting type, or legality in various countries across the world. A sports gun is relatively lighter and more compact than the other gun types; hence it is much easier to carry around. In addition, progress in end use industry applications is supporting the market currently.
Due to the surging participation in global sporting events from the emerging economies, the sports gun market is expected to witness growth and development in the coming years. In spite of this, manufacturing of these guns is consolidated, and concentrated in a few regions all over the world. Hence, there is an ever-escalating competition among the key players in the global sports gun market. High incidence of mergers and acquisition among these market leaders has resulted into increase in sales thus driving the global sports gun market. Further strategies adopted by these organizations to improve their product portfolio and strengthen global presence include long run contracts, and offering innovative products. They also concentrate on investment of substantial amount of their net sales on research and development, for the introduction of smaller sports guns with reduced weight, longer firing range, and greater accuracy levels. The value chain network of the global sports gun market consists of producers, distributors, and certain end-user industries.
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Global Sports Gun Market: Segmentation
On the basis of various applications, the global sports gun market is segmented into competitive shooting, hunting, and recreation. Among the application segments, competitive shooting segment constituted the biggest market share, followed by the hunting segment, in 2015. Competitive shooting guns are largely used in the Olympics, Commonwealth Games, Asian Games, and Copa American Games. Therefore, this segment generates the largest revenue among all the segments in the sports gun market. Hunting follows competitive shooting, and is one of the most widely used sports Gun applications. Less than lethal hunting is practiced majorly using rifles.
On the basis of gun types, the global sports gun market is segmented into shotguns, rifles, and handguns. Rapid growth in demand for rifles is one of the major factors that are driving the demand for sports gun industry, globally. The international sports guns business scenario has been witnessing an astounding speed of consolidation, due to giant industrial conglomerates taking over smaller organizations rapidly.
Global Sports Gun Market: Regional Outlook
In terms of regions, the global sports gun market has been segregated into five geographical zones: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America. Currently, North America holds the major share of the market, followed by Europe, Asia Pacific, and Middle East and Africa. The Asia Pacific region is anticipated to grow swiftly with rise in trade with North America and Europe. Regional players are focused on partnerships with players in regions such as Africa.
Key Players Mentioned in this Research Report are:
Key players profiled in this report are Howa Machinery Company Ltd. (Japan), Sturm, Ruger & Co. (United States), Smith & Wesson Holding Corp. (United States), Creedmoor Sports, Inc. (United States), German Sport Guns GmbH (Germany), Dick's Sporting Goods, Inc. (United States), Beretta Holding S.p.A. (Italy), J.G. Anschutz & Co. (Germany), Browning Arms Company (United States), and Miroku Corporation (Japan).
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TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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