Handgun Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the handgun market was valued at USD 3.5 billion in 2022, and a CAGR of 6.7% is expected during the forecast period. The handgun refers to a firearm that is small enough to fit in the palm. Revolvers and semi-automatic pistols are the two most common types of handguns. It is used for target shooting, small-game hunting, and personal protection.

In many countries, automatic guns are prohibited, and the personal ownership of any fireman is restricted in most parts of the world. The Russia-Ukraine war positively influenced the procurement of firearms by European countries. An increasing sense of self-protection is driving growth in the handgun market. Increasing awareness of self-defense is driving significant growth in the market.

Impact of Covid-19

The pandemic has had a negative impact on the market. Due to supply chain disruptions, stringent lockdown, and social distancing, the market had faced a significant slowdown, and post-pandemic, due to the Russia-Ukraine war, the demand for handguns increased drastically. Increasing demand for handguns by the United States and other NATO countries is driving the demand for handguns. The European Union agreed for the first time in history to supply weapons to Ukraine, significantly boosting market growth. The development of polymer-based handguns is emerging as the latest market trend. Increasing innovation in advanced weapons is propelling the growth of the market.

Growth Drivers

The increasing prevalence of self-security drives individuals to purchase handguns for protection. Changes in gun laws do influence market dynamics, either by loosening restrictions and expanding the consumer base or by imposing stricter regulations that spur a temporary surge in sales as individuals want to purchase a firearm before any new law is implemented.

Perceived threats, such as rising crime rates or instances of mass shootings, do lead to an uptick in handgun sales as people seek to arm themselves in response to the perceived dangers. Cultural attitudes toward firearms, including recreational shooting and hunting traditions, do impact the demand for handguns. Advances in handgun technology, such as improved ergonomics, lighter materials, and enhanced safety features, do attract new buyers and encourage existing owners to upgrade their firearms.

Effective marketing campaigns, including endorsements by celebrities or influencers, increase consumer interest and drive sales in the handgun market. Economic conditions, such as job security and disposable income levels, do influence consumer spending on discretionary items like firearms.

Segmentation

By Type

·         Revolver

·         Pistols

By Operation

·         Automatic

·         Semi-Automatic

·         Manual

By End-User

·         Home-Security

·         Self-Defense

·         Sports

·         Hunting

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Handgun Market End-User Segmentation

On the basis of the end-user, the handgun market is segmented into home security, self-defense, sports, and hunting. Increasing demand for the handguns for self-defense is driving the growth in the market significantly. Increasing demand for revolvers, and pistols in handgun market is driving growth in the market significantly.

The increasing prevalence of self-security drives individuals to purchase handguns for protection. Changes in gun laws do influence market dynamics, either by loosening restrictions and expanding the consumer base or by imposing stricter regulations that spur a temporary surge in sales as individuals want to purchase a firearm before any new law is implemented.

Handgun Market by Type Segmentation

On the basis of type, the handgun market is segmented into pistols and revolvers. Pistols are the leading segment, and they are expected to dominate the market during the forecast period. Higher capacity, faster reloading capabilities, and the availability of semi-automatic designs are driving growth in the market. Pistol is the leading segment because it is more convenient and easily accessible. Increasing demand for self-defense and recreational activities is driving the growth of the market significantly. An increasing sense of home security is also driving the demand for pistols and revolvers.

Regional Outlook

On the basis of the regions, the handgun market is segmented into 5 regions: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. The North American region is expected to dominate the market during the forecast period. Increasing awareness of safety concerns is driving growth in the market. Increasing disposable income and increasing crime rates are bothering people to have handguns. The Asia-Pacific region, due to increasing urbanization, rising disposable income, and the increasing prevalence of self-defense among the people, is noticing significant growth in the handgun market.

The growing population and economic growth in many countries have led to an increase in many countries. Demographic shifts, including a rising middle class and an increase in the number of urban dwellers, contribute to the growing demand for handguns. The influence of western culture, particularly through movies, is contributing to a growing interest in firearms. Changes in government policies and regulations, including relaxed firearms laws in some countries, spur growth in the handgun market.

The popularity of shooting and other recreational activities is driving the demand for handguns in the region. Increasing interest among sports enthusiasts is driving the demand for handguns in the region. The handgun market in Europe varies by country due to different regulations and cultural attitudes towards firearms. Generally, it’s a niche market compared to other regions, like the United States, with strict regulations governing ownership and sales. Countries like Switzerland, Finland, and the Czech Republic have relatively high rates of gun ownership compared to others in Europe. However, overall, the market tends to be smaller and more tightly regulated compared to regions like the United States.

The handgun market in the Middle East and Africa is diverse and influenced by factors such as political stability and security concerns. High demand for handguns due to security concerns in regions like Israel and Palestine is observed. In parts of Africa, handguns are also prevalent, often due to ongoing conflict, but the regulations vary widely from country to country. The increasing culture of recreational sports all over the world is driving growth in the market. Home security is another key requirement, due to which the need for a pistol or revolver has become essential in every part of the world. Pistols are more popular than revolvers.

Key Players

·         GLOCK GmbH

·         SIG SAUER

·         FN HERSTAL

·         CZUB

·         Sturm Ruger and Company

·         Smith and Wesson

·         Kimber

·         Walther

·         Heckler and Koch

·         CZ-USA

·         Beretta

·         SIG Sauer

·         Other Players