Rifles Market Size & Trends
The global rifles market size was estimated at USD 5.44 billion in 2023 and is projected to grow at a CAGR of 4.6% from 2024 to 2030. This growth is attributed to the increasing defense expenditures globally, particularly in countries like the U.S., China, and India, which is driving the demand for advanced rifles for military personnel. Furthermore, modernization efforts and the acquisition of new firearms for national security contribute significantly to market growth. In addition, innovations in rifle design, such as lighter materials, enhanced accuracy, and integration with advanced optics and electronics, are creating new demand. Smart rifles, which feature improved targeting systems and digital enhancements, are gaining popularity, thereby contributing to overall market growth.
Regional Insights
The rifles market in North America is expected to grow at a significant CAGR during the forecast period, driven by both civilian and military demand. Ongoing technological advancements in rifle design, including modularity, lightweight materials, improved optics, and customization options, are attracting both civilian and military buyers. Furthermore, the popularity of hunting, target shooting, and competitive sports like 3-gun competitions, particularly in the U.S. and Canada, continues to drive demand for rifles in North America.
U.S. Rifles Market Trends
The rifle market in the U.S. is anticipated to grow at a significant CAGR over the forecast period, driven by a robust civilian firearms culture, significant military and law enforcement demand, and strong hunting and sporting traditions. Furthermore, The U.S. military is continuously upgrading its inventory with modern rifles, which is resulting in market growth.
Europe Rifles Market Trends
Europe dominated the rifles market with the largest revenue share of 70.34% in 2023. Europe’s market is well-established, driven by military procurement, rising civilian interest, and sporting traditions. Hunting and sporting traditions in countries like Germany, Sweden, and Finland continue to support the demand for non-automatic and semi-automatic rifles. While European countries have stringent gun laws, hunting and sports shooting remain popular, contributing to stable demand in the civilian sector.
Key Rifles Companies:
The following are the leading companies in the rifles market. These companies collectively hold the largest market share and dictate industry trends.
- Sig Sauer
- FN Herstal
- Smith & Wesson
- Heckler and Koch
- Sturm, Ruger & Co., Inc.
- Browning International S.A.
- O. F. Mossberg & Sons, Inc.
- CheyTac USA
- Barrett
- Springfield, Inc.
