Rifles Market To Grow By USD 766.5 Million From 2024-2028, Driven By Rising Global Defense Spending And AI-Powered Market Evolution - Technavio

NEW YORK, Oct. 28, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global rifles market size is estimated to grow by USD 766.5 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 3.5% during the forecast period. Increasing defense spending globally is driving market growth, with a trend towards increasing focus of vendors on new product launches. However, growing concerns over product recalls for vendors poses a challenge market players include Accuracy International Ltd, Barrett Firearms Manufacturing Inc, Browning Arms Co, Ceska zbrojovka as, Colts Manufacturing Co LLC, Daniel Defense LLC, Fabbrica dArmi Pietro Beretta S.p.A., FN America LLC, Heckler and Koch, Howa Machinery Ltd, RemArms LLC, Savage Arms Inc, SIG Sauer Inc., Smith and Wesson Brands Inc, STEYR ARMS GmbH, Sturm, Ruger and Co Inc, Taurus Holdings Inc, TDJ Buyer LLC, Weatherby Inc, and Winchester Repeating Arms.

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Key Market Trends Fueling Growth

The global rifles market is witnessing a notable trend with vendors focusing on new product launches to cater to various consumer needs and boost competitiveness. For instance, Ruger introduced the Ruger LC Carbine in 10mm Auto on September 9, 2024. This lightweight rifle carbine comes with a 16.25-inch threaded barrel, adjustable folding stock, Ruger Rapid Deploy folding sights, and ambidextrous controls. Weighing just 28.6 inches in length, it is an ideal choice for shooters. Another innovation, the CZ 457 CARBON, was launched by CZ on November 5, 2023. This rimfire rifle features an advanced composite barrel, offering reduced weight, efficient heat dissipation, and minimized vibrations. The steel core of the barrel is cold hammer forged and equipped with a MATCH chamber for impressive accuracy. The CZ 457 CARBON, weighing only 2.15 kg, is the lightest model in its series, making it suitable for extended shooting sessions and various applications. These product launches underscore a strategic focus on innovation and versatility, enabling vendors to expand their offerings and strengthen their market positions. This continuous trend of product development and introduction is anticipated to fuel growth in the global rifles market.

The Rifles Market is witnessing significant growth due to increasing demand from various sectors. Sniper rifles are a key segment, with sniper squadrons at military bases continuously upgrading their technology for warfare gear. Cutting-edge weapons like self-steering projectiles and high-precision long-range guns are in high demand. Military hardware expenditure, terrorist activities, and public safety concerns are driving this trend. Civilian sectors, including law enforcement and hunting activities, also contribute to the market. Modern ammunition and assault rifles, light machine guns, designated marksman rifles, and general-purpose machine guns are popular choices. Lightweight design and firing types, including non-automatic and semi-automatic, are also important considerations. Battlefield topography and terrorist attacks influence the type of rifles chosen. Overall, the Rifles Market is a dynamic and evolving industry.

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market
Challenges

• The global rifles market is currently facing a significant challenge due to the increasing concerns over product recalls. A recent example is the voluntary recall initiated by Sig Sauer on April 4, 2023, for their SAUER 100 hunting rifles in caliber 6.5 x 55 SE. During routine quality checks, the company identified a potential safety issue where a specific batch of barrels did not meet their quality standards. This defect could lead to premature weakening or fatigue of the barrel material after a high number of shots, posing a risk of damage to the rifle and potential injury to the shooter. Recalls can have substantial financial implications for vendors, involving not only the direct costs of replacing or repairing defective products but also potential legal liabilities and long-term impact on market share. Manufacturers must invest in advanced quality assurance technologies and testing protocols to mitigate the risk of defects and recalls. However, the inherent complexities of firearm manufacturing mean that the threat of recalls remains a persistent challenge. Vendors must remain vigilant and implement proactive risk management strategies to protect their reputation and market position. Despite these efforts, the growing global rifles market, driven by both civilian and military demand, puts increased pressure on manufacturers to ensure impeccable product quality. The financial and reputational consequences of recalls can significantly hinder market growth during the forecast period. Thus, maintaining high manufacturing standards and rigorous quality control processes is crucial for vendors to mitigate risks and succeed in this competitive market.
• The Rifles Market encompasses various types of firearms, including automatic rifles and shotguns, used for military applications and sports activities. The market faces challenges from geopolitical disputes and terror attacks, necessitating procurement initiatives for weapons modernization. Law enforcement agencies require advanced precision weapon systems for homeland security and mass shootings response. Military capabilities are enhanced with armor-piercing weaponry, self-steering bullets, and sniper accessories. Geopolitical conflicts and defense budgets drive the demand for customized weapons and high-tech weapons like anti-material rifles and fire control systems. The defense sector prioritizes automation in bullet loading and production contracts for cartridges like the 8 mm. Gun ownership and firearm laws impact market growth, while semi-automatic and automatic weapons remain in focus due to their military and civil applications. The market also caters to defense spending on armored vehicles, main battle tanks, and armored personnel carriers.

Insights into how AI is reshaping industries and driving growth-
Download a Sample Report

This rifles market report extensively covers market segmentation by