The global sports gun market was valued at USD 6,242.62 million in 2020, and is projected to grow at a CAGR of 6.38% during the period, 2021-2026.
- The shooting games are gaining popularity in the Olympics and Commonwealth games, which is encouraging sports participation across the world. The upcoming 2020 Summer Olympics is expected to drive the demand for sports guns. Additionally, the rising popularity of shooting sports among paralyzed persons and growing encouragement to participate in Paralympics gaming events is further creating a demand for sports guns from the last few years. - The COVID-19 outbreak disrupted the sporting schedule and affected some of 2020’s largest events, which, in turn, also hampered the market for sports guns at a large-scale through such events. Some of the major international sporting events cancelled or delayed due to the outbreak include the Tokyo Olympics and Paralympics, The World Cup in rifle/pistol, and the Junior World Championship for rifle, pistol and shotgun. As such events marked both increased sales of sports guns, and a venue for promotions of manufacturers, the delay is expected to impact the market growth in the short-term adversely.? - The growing participation of school and college students in national level shooting sports supported by significant initiatives by various organizations to further increase the participation rate from grass-root level is expected to increase growth of the market.
Increasing Participation in Shooting Sports
The increasing participation in shooting sports as target shooting is known to build and enhance physical discipline among sportsmen. The benefits of shooting sports guns, such as enhancement in the ability to focus sharpen the eyesight, levels of concentration are augmenting the demand for sporting guns across the world. Moreover, apart from competitive sports, sporting guns are also used for recreational purposes for hunting and paintball is also supporting the market growth. Also, in various countries, interstate sporting events and recreations or sports-related activities in schools and colleges will also support the growth of the sports gun market. For instance, Khelo India, which was an initiative of the Government of India, to inculcate a sporting culture among its population, has increased the demand for many sporting equipments, thus, benefiting the sports gun market.
South America Region to Witness Fastest Growth Rate
North America and Europe regions contribute a major market share for the sports gun market and these regions are observing stable demand for sports guns, owing to constant participation in shooting events. Shooting as a sport is still in its nascent stage in South America, which is also dominated by archery. Therefore, the demand for sports guns is lower in the region. Nonetheless, the market is witnessing an upswing, owing to the rising consumers’ interest in trying new sports, consequently purchasing sports guns and contributing to the South American sports gun market. The rising consumer’s interest in deer hunting and other animal hunting in countries, like Chile, where hunting was legalized by getting certain certification for hunters, creates a lucrative market opportunity for market players to expand their business in the country.
Competitive Landscape The market is highly competitive with the presence of key players operating in the market, such as Sturm, Ruger & Co. Inc., American Outdoor Brands Inc., J.G. ANSCHÜTZ GmbH & Co. KG, Carl Walther GmbH, and Daisy Outdoor Products. Players are also focusing on expanding the product portfolio by understanding the various requirements of the sports players, therefore, are launching various sports gun, so as to appeal a large segment of people. For instance, in December 2017, Sturm, Ruger & Company launched 3 new models Mark IV 22/45 Lite model, as well as Mark IV Hunter and Target models in the Ruger Mark IV family of rimfire pistols. Howa Machinery Ltd, Sturm, Ruger & Co. Inc., and Herstal SA, are the major players of the market.
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