Air Gun Market Worth $3.89 Billion by 2027 – Exclusive Report by The Insight Partners
Air Gun Market is growing at a CAGR of 8.2% from 2020 to 2027.
Pune, India, Nov. 10, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Air Gun Market to 2027- Global Analysis and Forecasts by Product (Rifle and Pistol); Ammunition Type (Airgun Pellets, Airgun BBs, Big Bore Pellets, Hunting Pellets, Cleaning Pellets, Others); Accessories (Scopes, Sights, Mounts, Binoculars, Compressors, Others) – Global Analysis and Forecasts,” the market is accounted for US$ 22.13 Bn in 2019 and is expected to grow at a CAGR of 8.2% over the forecast period 2020–2027, to account for US$ 3.89 Bn by 2027.
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Air Gun Market: Competitive Landscape and Key Developments
The prominent market players in the air gun market Velocity Outdoor, Gamo Outdoor, Airforce Airgun, And Smith & Wesson among others. Market leaders are involved in taking up various market initiatives such as mergers acquisition, product innovations by implementing advanced technologies, and funding to maintain brand name globally. For instance, in 2019, Velocity Outdoor launched the Gen2 Benjamin Fortitude. This is a new latest generation of PCP air rifles for hunters and shooters, in .177 and .22 calibers. Similarly, in 2019Smith & Wesson introduced Crimson-Trace Equipped Handguns. The new models include the M&P380 SHIELD EZ pistol with Crimson Trace Green Laserguard laser sight, the Smith & Wesson Model 642 CT concealed carry revolver with Robin’s Egg Blue grip, the M&P Bodyguard 38 with Integrated Crimson Trace Laser, and the M&P9 M2.0 4” Compact pistol with Crimson Trace Rail Master Universal Tactical Light.
Many well-known, as well as small local companies, are present in the market to provide air gun to their customers. The established firms are adopting the strategy of partnerships, contractual alliances for the deployment of ari guns to enhance their customer portfolio and expand footprint in different geographies. Some of the market initiatives from the market are mentioned below:
In 2019, Velocity Outdoor launched the new Benjamin 397S and 392S. The new 397S (.177 caliber) and the 392S (.22 caliber) multi pump pneumatic rifle features a NEW sleek all-weather synthetic Monte Carlo stock and fully rifled barrel and a robust forearm making it easier to pump. These air rifles achieve velocities up to 1100 fps on the 397S and up to 800 fps on the 392S with pinpoint accuracy.
In 2019, Morini Competition Arm introduced new CM 200EI. New charging carbon lever and New Electronic trigger with ball bearing and dry-fire mechanism are unique features to the 200EI’s air pistols.
In 2019, Velocity Outdoor Inc., acquired Ravin Crossbows, LLC for $94 Mn. 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 market expertise inside of Ravin.
Global Air Gun Market Scope:
|Market Size Value in||USD 2.13 Billion in 2019|
|Market Size Value by||USD 3.89 Billion by 2027|
|Growth rate||CAGR of 8.2% from 2020 to 2027|
|Segments covered||Type, Frequency, Platform, Application, Geography|
|Regional scope||North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
The air gun market is accelerating a decent pace, and over the past half-decade, the manufacturers are experiencing substantial demand for their products from direct customers as well as online distributors. The air gun are not considered as firearms, and owing to this, the establishing of newer manufacturing plants is easier. 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.
Currently, the air gun market is heavily fragmented with the presence of a large number of companies with strong regional presence. However, the air gun market constitutes few prominent market players including Airforce Airguns, Velocity Outdoor Inc., Daisy Outdoor Products, Feinwerkbau GmbH, GAMO Outdoor, S.L.U, Morini Competition Arm SA, Smith & Wesson with global presence and diverse customer base. The global air gun market continues to witness a significant proportion of product launches among the leading market players operating in the air gun market. Factors such as the presence of a high number of market players and high market competitiveness along with limited organic growth opportunities have attributed to significant product developments. Along with periodic modification into the existing industry standard practice with consistent advancement in technology is anticipated, which would continue to offer market growth opportunities for air gun market players.
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Key findings of the study:
North America is the fastest growing region in the air gun market. The US holding the leading position followed by Mexico and Canada. The governments in the region have announced various laws and regulations for the adoption of air gun with the continuous developments of air gun for recreational hunting activities. Pyramyd Air, Umarex USA, Beeman Precision Airguns, and Crosman are among the air gun manufacturers in North America. The presence of significantly large number of players in the region is expected to boost the market growth.
The air gun market is analyzed on the basis of various parameters such as product, ammunition type, accessories, and geography. The product segment comprises of rifles and pistols. The ammunition type segment in the air gun market includes airgun pellets, airgun BBs, big bore pellets, hunting pellets, cleaning pellets, and others. The air gun market is analyzed on basis of accessories which includes scopes, sights, mounts, binoculars, compressors, and others. The five strategic regions analyzed in the air gun market include; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America.
The global air gun market is anticipated to witness substantial growth during the forecast period owing to growing interest towards hunting and target shooting competition among the individuals across the globe. On the contrary, factors such as stringent regulations imposed upon procurement and usage of air guns is limiting the growth of air gun market. During the forecast period of 2020 to 2027, pistols segment is expected to hold the largest market share. On the basis of ammunition type, airgun pellets held the largest market share in 2018 and is expected to maintain its dominance through the review period.
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