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Report Overview
The global rifles market size reached around USD 5.60 Billion in 2023. The market is projected to grow at a CAGR of 4.70% between 2024 and 2032 to reach nearly USD 8.47 Billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- Ukraine increased its military spending by 51% in 2023, boosting the rifles market revenue.
- Russia spent around 5.9% of its GDP on enhancing its military capabilities in 2023.
- As per industry reports, NATO accounted for 55% of the world’s military spending in 2023.
Global Rifles Market Growth
In 2023, global military expenditure soared to USD 2443 billion, recording a year-on-year growth of 6.8%, which was the highest since 2009. The world military burden rose to 2.3% in 2023 and average military expenditure by most governments increased by 0.4 percentage points to 6.9% in 2023. As per market analysis, average military spending per person has increased to USD 306, which is the highest since 1990. This is expected to lead to the rifles market expansion in the upcoming years.
In 2023, military expenditure constituted a share of 2.3% of the global GDP. China, Russia, the United States, India, and Saudi Arabia were the leading countries that spent a substantial portion of their budget on enhancing self-defence capabilities. The ongoing Russia-Ukraine conflict, apart from increasing geopolitical tensions in the Middle East and Oceania region, have been the drivers for the rifles market development. In 2023, the United States and China spent around USD 916 billion and USD 296 billion, respectively, on enhancing their military capabilities, while Russia increased spending by 24% year-on-year to USD 109 billion. This is expected to favourably influence the market dynamics over the forecast period.
Compound Annual Growth Rate
Value in USD Billion
4.7%
2024-2032
Rifles Market Outlook
*this image is indicative*
Key Trends and Developments
Increasing demand for modular firearms; improvements in ammunition technology; soaring appeal of compact handguns; and a shift towards smart firearms are the major factors favouring the rifles market value
Increasing demand for modular firearms
Modular firearms enable users to customise their weapons for different purposes and have gained rising appeal among consumers. Their interchangeable components enhance ease of use, which is further expected to favourably impact the rifles market growth in the coming years.
Improvements in ammunition technology
The continuous focus on ammunition companies to improve terminal ballistics, reduce recoil, and increase overall performance is expected to impact rifle sales in the long run. The introduction of innovative materials and designs and specialised ammunition options for unique shooting needs (from competition to self-defence) is also expected to lead to the market growth.
Soaring appeal for compact handguns
There is a growing appeal of compact handguns amid the increasing demand for concealed carry and personal defence items which balance size and firepower. The burgeoning demand for Glock 43x and IWI Masada Slim are also expected to sustain the rifles market development due to their ease of concealment in the upcoming years.
Shift towards smart firearms
Smart firearms incorporating RFID technology and biometric security features are expected to gain market traction, as they increase users’ safety and control over weapons.
Global Rifles Market Trends
In the upcoming years, the demand for modular firearms is expected to rise steadily, due to their adaptability and versatility. Modern firearms are suitable for various mission requirements and roles and are particularly valuable in civilian and law enforcement markets. This is increasing the rifles market size. By enabling easy repairs and upgrades to rifles, modular firearms can extend product lifespan and performance and improve ergonomics. They can also be customised as per individual user requirements easily.
Global Rifles Industry Segmentation
The EMR’s report titled “Global Rifles Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Breakup by Type
- Assault Rifles
- Light Machine Guns
- Designated Marksman Rifles
- General-Purpose Machine Guns
Breakup by Firing Type
- Non-Automatic
- Semi-Automatic
- Automatic
Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Global Rifles Market Share
Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2024-32, the market for rifles in the Asia Pacific is estimated to grow at a CAGR of 5.5%, thereby favourably shaping the rifles market dynamics. This can be attributed to increasing government investments in bolstering their self-defence capabilities, including Taiwan, India, China, South Korea, and Japan. Moreover, the increasing demand for customised and technologically advanced rifles is also expected to facilitate the market growth in the upcoming years.
Leading Companies in the Global Rifles Market
Major players are producing smart rifles that can be customised as per individual requirements, which is contributing to the rifles market expansion.
Heckler & Koch GmbH
Heckler & Koch GmbH was founded in 1949 and is headquartered in Baden-Württemberg, Germany. It is a leading European manufacturer of defence-related and space products, and serves the security forces of NATO, the UK, and France, among other associations and countries.
FN America, LLC
FN America, LLC was founded in 1980 and is headquartered in Virginia, United States. It is a part of the FN He...
Kalashnikov Group
Kalashnikov Group was founded in 1807 and is headquartered in Izhevsk, Russia. It accounts for 95% of all smal...
Colt’s Manufacturing Company LLC
Colt’s Manufacturing Company LLC was founded in 1836 and is headquartered in Connecticut, United States. It ...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other players included in the rifles market report are Israel Weapon Industries (IWI) Ltd., O. F. Mossberg & Sons, Inc., Browning, James Purdey & Sons, Ltd., WW Greener (Sporting Guns) Limited, and RemArms LLC, among others.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 5.60 Billion.
The market is projected to grow at a CAGR of 4.70% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 8.47 Billion by 2032.
The different regions considered in the market report include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The different types of rifles in the market are assault rifles, light machine guns, designated marksman rifles, and general-purpose machine guns.
The different rifles in the market based on firing type are non-automatic, semi-automatic, and automatic.
The major market trends are increasing demand for modular firearms, improvements in ammunition technology, the soaring appeal of compact handguns, and the shift towards smart firearms.
Key players in the market are Heckler & Koch GmbH, Israel Weapon Industries (IWI) Ltd., FN America, LLC, Kalashnikov Group, O. F. Mossberg & Sons, Inc., Browning, Colt’s Manufacturing Company LLC, James Purdey & Sons, Ltd., WW Greener (Sporting Guns) Limited, and RemArms LLC, among others.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Firing Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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