Pune, INDIA, JUNE, 23, 2022 /MarketWatch/– According to The Insight Partners’ research, the Global Air Gun Market was valued at US$ 2,045.5 million in 2018 and is projected to account for US$ 3,897.0 million by 2027, growing at 8.2% CAGR throughout. Growing number of sporting events and increasing number of air gun manufacturers and online distributors across the globe are the key factors credited for this expansion.
The rising demand for air rifles in APAC owing to the increasing interest of citizens in animal hunting is a lucrative opportunity for Air Gun Market growth as well. APAC is a paradise for mountain predators for hunting a huge variety of wild goats and sheep. The region also offers immense scope for hunters to hunt stags, gazelles, bears, roe deer, etc. In Australia, China, Japan, and Southeast Asian countries, among others, hunting is legal.
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Airforce Airguns; Velocity Outdoor Inc.; Daisy Outdoor Products Inc.; Feinwerkbau GmbH; GAMO Outdoor, S.L.U; Morini Competition Arm SA; Smith & Wesson; Carl Walther GmbH; Sport Manufacturing Group Inc.; and STURM, RUGER & COMPANY, INC. are a few leading players in the market, according to the air gun market analysis.
Air Gun Market Segments
The Air Gun Market is segmented on the basis of product, ammunition type, accessories, and geography. By product, the air gun market is segmented into rifle and pistol. Based on ammunition type, the air gun market is segmented into airgun pellets, airgun BBs, big bore pellets, hunting pellets, cleaning pellets, and others. By accessories, the air gun market is segmented into scopes, sights, mounts, binoculars, compressors, and others. On the basis of geography, the air gun market size is primarily segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Growing interest of individuals in sports and recreational activities, including shooting that requires air gun with high precision, accuracy, and speed is fuelling the growth of air gun market globally. Moreover, several sporting events such as Asian Games, Olympics, Montana 4-H Shooting Sports Events, World Shooting Para Sport World Cup, and Commonwealth Games organize rifles and pistol shooting competitions for different categories.
On the other hand, the implementation of stringent regulations regarding possession of air guns due to rising number of injuries is hindering the Air Gun Market growth.
Based on product gamut, the global air gun industry is split into rifle and pistol. Among these, the pistol segment held 61.2% of the Air Gun Market share in 2018. The segment was assessed at US$ 793.8 million in 2018 and is expected to reach US$ 1,653.8 million by 2027, thereby registering a CAGR growth rate of 9.3% over 2020–2027.
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As per ammunition type, the business sphere is divided into airgun pellets, airgun BBs, big bore pellets, hunting pellets, cleaning pellets, and others. Among these, the air gun pellet segment captured 34% of the market share in 2018. The segment was evaluated at US$ 695.8 million in 2018 and is expected to reach US$ 1,221.9 million by 2027, expanding at 7.3% CAGR over 2020–2027.
Moving on to accessories, the market sphere is arrayed into scopes, sights, mounts, binoculars, compressor, and others. Among these, the sights segment accounted for 40% of the market share in 2018. The segment amassed US$ 695.8 million in 2018 and is expected to reach US$ 1,221.9 million by expanding at 7.3% CAGR over 2020–2027.
Regionally speaking, the North America air gun market was valued at 1,177.20 million in 2018 and is slated to grow at 6.5% CAGR to amass 1,944.30 million by 2027. The American governments are focusing on the military sector and have increased the military budget. In 2018, the US Department of Defense (DOD) was assigned a budget of US$ 648 billion. Additionally, Canada and Mexico spent US$ 21.6 billion and US$ 6.6 billion, respectively, on the military sector in the same year. In North America, the US and Canada are the major countries where the government is making additional expenditures for the development of the military sector.
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Leading companies formulating the competitive landscape of the global air gun marketplace are Feinwekbau GmbH, Carl Walther GmbH, Morini Competition Arm SA, Daisy Outdoor Products Inc., Smith & Wesson, Airforce Airguns, Velocity Outdoor Inc., Sport Manufacturing Group Inc., Sturm Ruger and Company Inc., and Gamo Outdoor SLU.
In January 2019, Carl Walther released new Walther LG400 Monotec stock that caters an innovative approach to stock design and functionality. The LG400 Monotec combines the versatile adjustment possibilities of the KK500 stock with a unique suspension design to deliver consistently outstanding performance.
In January 2019, Daisy Outdoor Products launched the new Model 599 10-Meter Competition Air Rifle. This new rifle is a 0.177 caliber gun that allows competitors to shoot the entire match without having to recharge.
In September 2018, Velocity Outdoor Inc., acquired Ravin Crossbows, LLC for $94 million. The acquisition of Ravin is expected to position Velocity Outdoor to more fully capitalize on the sizeable crossbow market, further diversify its client base and take benefit of the product and Air Gun Market expertise inside of Ravin.
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