NEW YORK, Oct. 30, 2021 /PRNewswire/ -- According to The Insight Partners study on "Air Gun Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type, Ammunition, Accessories, and Geography," the market is projected to reach US$ 3,897.0 million by 2027 from US$ 2,045.5 million in 2021; it is expected to register a CAGR of 8.2% during 2018-2027.
Report Coverage | Details |
Market Size Value in | US$ 2,135.8 Million in 2019 |
Market Size Value by | US$ 3,897.0 Million by 2027 |
Growth rate | CAGR of 8.2% from 2020-2027 |
Forecast Period | 2020-2027 |
Base Year | 2020 |
No. of Pages | 167 |
No. Tables | 78 |
No. of Charts & Figures | 85 |
Historical data available | Yes |
Segments covered | Product; Ammunition Type; Accessories |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Currently, the global air gun market continues to witness a significant proportion of product launches. Factors such as the presence of a high number of market players and high market competitiveness have attributed to significant product developments. Along with periodic modification into the existing industry standard practice with consistent advancement in technology is anticipated to offer market growth opportunities for air gun market players. Besides, the increased emphasis toward the implementation of several technologies is subsequently projected to be the dominant market driving factor during the forecast period. Furthermore, the continuous economic prosperity, along with growing investment in various sports events in emerging economies, is expected to provide attractive business growth opportunities for the market players during the coming years.
Target shooting with air gun is popular across the world. The air gun shooting is the US is actively promoted by the National Rifle Association. During the last decade, air gun shooting was one of the three competitive shooting events that has seen a positive growth in the US. Events such as Asian Shooting Championships, ISSF World Cup Rifle/Pistol, Austria Open, and World Championship Juniors Rifle/Pistol/Shotgun are carried out across the world. Owing to these events and growing participation are expected to propel the sale of air gun worldwide.
Escalating Demand for Air Rifles in APAC and MEA to Propel Air Gun Market Growth in Coming Years
The demand for air rifles is growing at a faster pace in APAC due to the increasing number of sports events and the mounting interest of citizens in animal hunting. The region offers immense scope for hunters to hunt stags, gazelles, bears, roe deer, etc. In Australia, China, Japan, and Southeast Asian countries, among others, hunting is legal. For instance, in Australia, the hunting is regulated independently by each territory and state government, which govern through different laws, license requirement, and fee and fine structures. In Japan, the hunter should be 18 years and above to get a license for using air gun and projectiles (rifles and shotguns). Moreover, several sports held in 2020, such as 2nd World Deaf Shooting Championships (June 2020), 2020 Summer Olympics, 2020 Summer Paralympics, and World and continental shooting events, further propelled the market growth. The growing demand for air rifles across these countries with the increasing interest in hunting games and sports events is boosting the air gun market across APAC countries, except India.
In the MEA, the UAE and Africa are perceiving significant demand for air rifles for hunting purposes. The countries have different rules for the possession of air rifles, which mainly depend on the caliber and muzzle energy of the guns. The UAE regulates somewhat lenient regulations than other countries in the region. Likewise, in South Africa, a valid hunting license must be issued from the relevant provincial authority, which includes a permit authorizing for the usage of an air rifle for hunting. Thus, APAC and MEA are creating huge opportunities for the air gun manufacturers to expand their foothold in these regions.
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Air Gun Market: Product Type
Air guns are used as instruments for hunting and firearms training, as well as toys in funfairs. Air gun is characterized into two types-rifles and pistols. These product types are also used in shooting events for 10 m air rifle and 10 m air pistol events. The increasing affordability of a high-power air gun has enabled large projectiles and longer target distance for the purpose of the competition. The demand for air rifles and air pistols is expected to rise with the increase in its adoption among individuals in the coming days with the growing number of sporting events including shooting events. In the Extreme Benchrest competition held in Arizona, US, air gun with calibers up to 0.35 inches are used for targets placed at a distance of 75 and 100 yards, while the big-bore bench rest arm types of air gun in the same competition are used for targets placed at a distance ranging from 35 to 200 yards.
The pistols segment held the largest market share in 2019 as its demand is higher among air gun users owing to the affordable prices. However, the trend of adoption of air pistols is anticipated to continue to surge and the segment is estimated to be the fastest growing during the forecast period. The stupendous growth rate of air rifles is majorly attributed to the rise in hunting and long range target shooting activities across various countries.
Air Gun Market: Competitive Landscape and Key Developments
Air force Airguns, Velocity Outdoor Inc., Daisy Outdoor Products, Feinwerkbau GmbH, GAMO Outdoor, S.L.U, Morini Competition Arm SA, and Smith & Wesson are among the key players in the global air gun market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In 2019, Sturm, Ruger & Company, Inc. added MGE Wholesale as an independent distributor of Ruger firearms in the US. The addition of MGE Wholesale would help in strengthening the distribution network of the company.
In 2018, Velocity Outdoor Inc. acquired Ravin Crossbows, LLC for $ 94 million. The acquisition of Ravin is expected to position Velocity Outdoor to fully capitalize on the sizeable crossbow market and further diversify its client base, take benefit of the product, and gain market expertise.
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