Firearms Market Size & Opportunities Analysis - Growth Strategies, Competitiveness, and Forecasts (2025 - 2032)

The global firearms market is poised for steady expansion, with its valuation projected to surge from USD 45.5 billion in 2024 to USD 70.6 billion by 2032, witnessing a CAGR of 5.8% between 2025 and 2032. This growth trajectory is strongly driven by escalating global defense expenditures and increasing geopolitical tensions. In 2024 alone, global military spending rose by 9.4% year-on-year to USD 2,718 billion, as per the Stockholm International Peace Research Institute.

A significant portion of this expenditure is directed toward modernizing military capabilities, driving the demand for technologically advanced firearms. Additionally, high civilian demand for small arms, fueled by rising concerns over personal safety, and governmental investment in law enforcement are propelling market growth. Over 13 million firearms were manufactured globally in 2023, highlighting the robust scale of production. Cultural factors such as the popularity of shooting sports, hunting traditions, and the growth of the private security sector also significantly influence the demand landscape.

Key Insights

Handguns dominated the product segment in 2024 with a 65% market share, favored for their portability, affordability, and widespread use among civilians, especially in the U.S.

Rifles are projected to register the fastest growth rate, bolstered by defense modernization efforts and increased demand from law enforcement and hunting sectors, particularly for semi-automatic and assault variants.

The unguided technology category led the market with a 60% share in 2024 due to the extensive use and affordability of conventional firearms like pistols and shotguns.

Guided firearms, featuring advanced technologies such as electronic firing and sensors, will grow at the highest CAGR, driven by military and law enforcement applications requiring precision and enhanced performance.

Semi-automatic firearms held the largest share, 70%, in 2024. Their efficiency, legal accessibility, and adaptability make them a popular choice for both professionals and civilians.

Automatic firearms are set to experience the highest growth rate, supported by increased defense procurement and innovations that enhance safety and usability.

In terms of end use, the military segment accounted for 75% of the market in 2024, reflecting large-scale acquisitions and consistent investment in advanced weaponry. For instance, India ordered 70,000 AK-203 assault rifles in early 2025.

The self-defense segment is expected to grow the fastest, driven by the global rise in crime rates and growing civilian demand for compact, easy-to-carry firearms.

North America led the global firearms market with a 40% share in 2024, underpinned by a mature firearm culture, strong defense infrastructure, and significant innovations from U.S.-based manufacturers.

Asia-Pacific will record the highest CAGR, fueled by geopolitical tensions, growing urban populations, and increased national defense budgets, with China alone spending nearly USD 365 billion on defense in 2024.

The firearms market is highly fragmented due to regional regulatory disparities and varied consumer needs. Numerous niche and local players cater to specific market segments, from hunting and sports to personal security and military.

Prominent companies in the market include Smith & Wesson Brands, Inc., SIG Sauer, Inc., GLOCK, Inc., Beretta Holding S.p.A., FN Herstal, and Sturm, Ruger & Company, Inc., among others.

Key developments include strategic partnerships, such as the 2025 collaboration between SK Guns And Glamours and Phoenix Trinity Manufacturing for a new concealed carry pistol, and SIG Sauer's alliance with NIBE Industrier AB for domestic rifle production in India.