Sports Gun Market is is projected to be worth US$2.3 bn by the end of 2024 as compared to US$1.6 bn in 2015; global market for Sports Gun is anticipated to progress at a CAGR of 3.9%.
Albany, NY -- (SBWIRE) -- 05/03/2017 -- Global Sporting Guns Market: Snapshot
Sports guns are non-lethal weapons that use metal tubes to fire bullets, pellets, artillery shells, darts or arrows with explosive force or compressed air. These guns are predominantly used in sporting events such as rifle shooting, target shooting, and handgun shooting. Besides competitive sports, sporting guns are also used for recreational purposes for hunting and paintball. Unfortunately, hunting guns have the capability of injuring or harming life, which has become the very reason for their plummeting sales in recent years. The research report states that the global market has a bright future. According to the research report, the opportunity in the global sporting guns market is likely to be worth US$2.3 bn by the end of 2024 as compared to US$1.6 bn in 2015. Between the forecast years of 2016 and 2024, the global market is anticipated to progress at a CAGR of 3.9%.
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Growing Participation in Sporting Events Augurs Well for Global Market
The growing awareness about shooting as a sport is expected to be the major driving force for the global market. Target shooting is known to build and enhance physical discipline amongst sportsmen. It improves motor skills, hand-eye coordination, and stamina. The persistent usage of guns increases arm strength, which, in turn, helps in improve the aim at targets. In the case of marksmen it enhances the ability to focus, thus helping them aim at targets with precision. Shooting also sharpens the eyesight, levels of concentration and is hence known as a challenging mental sport. It also challenges the mind to use logic and mathematics to calculate the wind velocity to make a winning aim. These benefits of shooting as a sport are augmenting the demand for sporting guns across the globe.
Sporting guns are used for competitive shooting, recreation, and hunting. As of 2015, the competitive shooting segment held the dominant share in the global market, which was closely followed by hunting. Over the past few years, the competitive shooting segment has witnessed a prolific surge due to increasing participation in sporting activities such as The Olympic Games. However, the demand for sports guns has witnessed a downfall in emerging economies due to their high price of manufacturing and imports.
North America Shows Promise of Steady Growth during Forecast Period
In terms of geography, the global sporting guns market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America is leading the global market in terms of revenue. As of 2015, the regional market held a share of 49% in the overall market. The lion's share of the regional market is attributable to the growing participation of the population in sporting events, increasing investments in training students for shooting events, and the presence of strong players in the region. Europe also holds a significant share in the global market due to similar reasons.
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On the other hand, the demand for sporting guns across Asia Pacific and the Middle East and Africa is expected to decline due to the high cost of components to make these products. However, the global market does have lucrative opportunities in tow as several regions are focusing on refurbishing and replacing old sporting guns with new ones.
The key players operating in the global sporting guns market are Howa Machinery Company Ltd., Sturm, Ruger& Co., Smith & Wesson Holding Corp., Creedmoor Sports, Inc., German Sport Guns GmbH, Dick's Sporting Goods, Inc., Beretta Holding S.p.A., J.G. Anschutz & Co., Browning Arms Company, and Miroku Corporation.