Report : Air Gun Market to 2027 - Global Analysis and Forecasts by Product (Rifle and Pistol); Ammunition Type (Airgun Pellets, Airgun BBs, Big Bore Pellets, Hunting Pellets, Cleaning Pellets, Others); Accessories (Scopes, Sights, Mounts, Binoculars, Compressors, Others)
The global air gun market accounted for US$ 2,045.5 Mn in 2018 and is expected to grow at a CAGR of 8.2% over the forecast period 2019-2027, to account for US$ 3,897.0 Mn by 2027.
The global air gun market is experiencing a stable growth in the current scenario as well as anticipated to continue its growth in the forecast period. The market for air gun involves a number of tier1, tier2 and tier3 companies globally which capitalizes considerable amounts with an objective to design and manufacture air pistols and air rifles along with its accessories such as scopes, sights, mounts, binoculars, compressors, and others. The constant increase in the number of sporting events as well as the growing interest of civilians for animal hunting is paving the path for air gun market in the current scenario. Moreover, the air gun market is experiencing steady growth through strategic partnerships, new product development, collaborations, and strategic acquisitions to boost the air gun market
The dominance of North America in the global air gun market is since; the governments of the region are focusing heavily on the development of new rules and regulations for providing a license to an individual to use air gun for different purposes. The new generation of firearms is forcing some states to review their hunting rules and regulations. Primarily, some of the states majorly concentrated on airguns as it is usually to exclude the use of air gun for hunting game animals. This factor is heavily fueling the growth in the procurement of air pistols and air rifles in the country, which is catalyzing the growth of air gun market in North America substantially. Europe region held the second largest market share in the global air gun market in 2018, followed by APAC. The region conducts several numbers of sporting events every year, which includes shooting as one of the competitions. The global air gun market is fragmented with significant number of players operating across the globe, and over the years, the number of manufacturers is increasing. The increase in manufacturers is boosting the global air gun market by offering an increased number of products. The US and Europe have maximum congestion in terms of air gun manufacturers; however, the APAC region is also observing growth in the number of manufacturers in the current scenario.
The air gun market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East and Africa, and South America. The North America region holds the highest market share while, APAC region is projected to be the fastest-growing region as well in the coming years. The region organizes huge continental multi-sports events across various countries, such as China, South Korea, Australia, and India. These sports events create huge opportunity for air gun manufacturers to develop new and advanced air rifles and pistols to meet the requirement of players and help them achieve their targets. The growing interest of young generation toward shooting games is one of the significant driver for the growth of the air gun market in the region. Furthermore, favorable upsurge in the economic structure in many Asian countries has enhanced the military expenditure in recent years.
The air gun market by product is segmented into rifle and pistol. The pistol segment held the major share in the market, and is expected to be the continue dominating the market during the forecast period. As air rifles allow the hunters to hit the target with higher precision and accuracy, the demand for air rifles is surging among the hunters across the globe, which is stalling the market size for rifles in the air gun market. Based on ammunition type, the airgun pellets segment dominated the market in 2018 and is expected maintain its position throughout the forecast period. The air gun pellets have various application including competition shooting as well as hobby shooting. The competition shooting events are rising year on year, which is posting a growth avenue for air gun pellet manufacturers as well air gun manufacturers to scale up their sales figures. This factor is driving the air gun pellets manufacturers.
The air gun market is occupied with large numbers of established players as well as emerging players across the globe. The key companies functioning in the market include Feinwerkbau GmbH, Morini Competition Arm SA, Smith & Wesson, Air force Airguns, Velocity Outdoor Inc., Carl Walther GmbH., Daisy Outdoor Products Inc., Sport Manufacturing Group Inc., GAMO Outdoor S.L.U, and Sturm, Ruger & Company, Inc., among others.
The report segments the global air gun market as follows:
Global Air Gun Market - By Product
Global Air Gun Market - By Ammunition Type
Global Air Gun Market - By Accessories
Global Air Gun Market - By Geography
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