Guns and Accessories Market to Reach USD 9.33 Billion by 2027; Increasing Product Use for Self-defense Purposes will Emerge in Favor of Market Growth, says Fortune Business Insights™

Pune, Nov. 19, 2020 (GLOBE NEWSWIRE) — The global guns and accessories market size is projected to reach USD 9.33 billion by the end of 2027. The applications of the product in defense organizations will have a massive impact on market growth. The presence of several large scale companies will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Guns and Accessories Market Size, Share & COVID-19 Impact Analysis, By Type (Guns (Handgun, Shotgun, Rifles, and Machine Gun), Accessories (Barrels, Grips, Magazines, Kits and Parts, Optics, Lasers, Lights, and Others)), By Application (Defense, Law Enforcement, Civil (Hunting, Sports Shooting, Self-Defense, Others)), and Regional Forecast, 2020-2027” the market was worth USD 6.14 billion and will exhibit a CAGR of 6.15% during the forecast period, 2020-2027.Guns and accessories have recently gained high popularity, especially in countries such as the US. Although there are several debates regarding their domestic use, the regulations and policies are in favor of their use for defense purposes in several countries. The use of guns and accessories is more in the defense industry. Factors such as rising terrorist activities, coupled with increasing border tensions and similar such concerns have led to an increase in the awareness for the product across the world. The use of guns and accessories is not just limited to these factors though as they are also widely used in Olympic sports such as shooting. The advances in physical structures and the building of the product have emerged in favor of the growth of the overall market. List of the Leading Companies Profiled in the Global Guns and Accessories Market are:AMERICAN OUTDOOR BRANDS INC. (the U.S.)Fabbrica d’Armi Pietro Beretta S.p.A. (Italy)FN HERSTAL (Belgium)General Dynamics Corporation (the U.S.)Heckler & Koch GmbH (Germany)Lockheed Martin Corporation (the U.S.)Northrop Grumman Corporation (the U.S.)REMINGTON OUTDOOR COMPANY (the U.S.)Savage (Massachusetts, the U.S.)Sturm, Ruger & Co., Inc. (the U.S.)TAURUS INTERNATIONAL MANUFACTURING, INC. (the U.S.)Other Players Get Sample PDF Brochure with Impact of COVID19:https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/gun-and-accessories-market-103536 Mixed Fortunes for Guns and Accessories Vendors as Reduced Defense Budgets have Cancelled out Increasing DemandThe recent coronavirus outbreak has had a negative impact on the growth of several business sectors across the world. With the rapid spread of the disease, governments across several countries are looking to implement strict measures with the hope of minimizing the impact of the virus. The impact of the pandemic on the economic status of countries has been devastating. As a result, business operations have also been limited due to lack of business, reduced investments, and a shortage of manpower. Although the demand for guns and accessories has risen since the coronavirus outbreak, the reduced defense budget will have a higher impact on the market.
Increasing Number of Company Collaborations will Emerge in Favor of Market GrowthThe report encompasses several factors that have contributed to the growth of the overall market in recent years.  The increasing demand for guns and accessories across the world has encouraged companies to invest more in the production phase. Subsequently, there has been increasing competition across the world and as more countries are coming to terms with the use of guns and accessories for self-defense, the market has become even more competitive. In April 2020, the US Army announced that it has signed a contract with FN America and Colt Manufacturing for manufacturing new rifles. Through this contract, the company will be manufacturing M16A4 rifles for several countries, including Afghanistan, Iraq, Nepal, and Lebanon. The increasing number of such company collaborations will have a huge impact on the growth of the overall market in the forthcoming years. Inquire Before Buying This Research Report:https://www.fortunebusinessinsights.com/enquiry/queries/gun-and-accessories-market-103536 North America to Emerge Dominant; Increasing Use for Self-defense Purposes will Aid GrowthThe report analyzes the ongoing market trends across North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among all regions, the market in North America is projected to emerge dominant in the coming years. The presence of several large scale manufacturers in this region will emerge in favor of market growth. The increasing use of the product for self-defense purposes and the favorable policies associated with the domestic use of these weapons will emerge in favor of the growth of the market in this region.As of 2019, the market in North America was worth USD 3.24 billion and this value is projected to rise at a considerable pace in the coming years. The market in Europe is projected to rise at a considerable CAGR driven by the increasing defense budget allocations in countries such as Germany, France, UK, and Spain. Industry Developments:April 2020– Canadian government signed a contract of worth USD 6.5 million with Colt Canada to produce 262 C20 rifles, spare parts, and other associated equipment. Browse Detailed Summary of Research Report with TOC:https://www.fortunebusinessinsights.com/gun-and-accessories-market-103536 Detailed Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Industry Developments – Mergers, Acquisitions and PartnershipsLatest technological AdvancementsPorters Five Forces AnalysisSupply Chain AnalysisGlobal Guns and Accessories Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights, and Forecast – By TypeGunsHandgunShotgunRiflesMachine GunAccessoriesBarrelsGripsMagazinesKits and PartsOptics, Lasers, and LightsOthersMarket Analysis, Insights and Forecast – By ApplicationDefenseLaw EnforcementCivilHuntingSports ShootingSelf-DefenseOthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia pacificRest of the worldTOC Continued…! Get your Customized Research Report:https://www.fortunebusinessinsights.com/enquiry/customization/gun-and-accessories-market-103536 Have a Look at Related Research Insights:Small Arms Market Size, Share and Covid-19 Impact Analysis, By Type (Handgun, Rifle, Shotgun) By Application (Defense & Homeland Security, Self-Defense, Sports, Hunting, and Law Enforcement), and Regional Forecast, 2020-2027Ammunition Market Size, Share & COVID-19 Impact Analysis; by Application (Military & Homeland Security, and Civil & Commercial) By Caliber (Small, Medium, and Large) By Product (Bullets, Aerial Bombs, Grenades, Mortars, Artillery Shells, and Others), By Component (Fuses& Primers, GunPowder, Projectile, Cases, and Others) By Guidance (Guided, and Non-Guided) By Lethality (Lethal, and Less-Lethal) and Regional Forecast, 2020-2027Light Weapons Market Size, Share & COVID-19 Impact Analysis, By Type (Heavy machine guns, MANPAT, Infantry Mortar, Anti-Tank Weapons, Recoilless Rifles, Launchers, Light Cannon, Anti-Tank Missiles, MANPADS, Grenade, Landmines), Guidance (Guided, Unguided), Application (Defense, Homeland Security), and Regional Forecast, 2020-2027Small Caliber Ammunition Market Size, Share and Industry Analysis, By Caliber (223 Remington, 308 Winchester, 9mm Luger, 45 Auto/ACP, 380 ACP, 357 Magnum, 10 Gauge, 12 Gauge, 40 S&W, 20 Gauge, 22LR, 50 BMG, 6.5 Grendel, 7.62*39/54r, and Others), By Application (Commercial (Shooting Sports & Hunting, and Self-defense), Military & Homeland Security), By Bullet Type (Lead, Copper, Brass, and Others), and Regional Forecast, 2019-2026United States Small Caliber Ammunition Market Size, Share & Industry Analysis, By Caliber (22 LR, 223 Remington, 308 Winchester, 9mm Luger, 357 Magnum, 45 Auto/ACP, 380 ACP, 40 S&W, 38 Special, 30-06 Springfield, and Others), Casing Type (Brass, Steel, Brass-coated Steel), Bullet Type (Lead, Copper, Brass, and Others), Distribution Channel (Online Stores, Retail Stores (Large Outlets, Shooting Ranges, and Local/ Niche Shops)), and Regional Forecast, 2018-2026 About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.Contact Us:Fortune Business Insights™ Pvt. Ltd.308, Supreme Headquarters,Survey No. 36, Baner,Pune-Bangalore Highway,Pune – 411045, Maharashtra, India.Phone:US: +1 424 253 0390UK: +44 2071 939123APAC: +91 744 740 1245Email: sales@fortunebusinessinsights.comFortune Business Insights™LinkedIn | Twitter | Blogs