The demand for the rifles market is expected to witness significant growth owing to rising concerns related to public safety to prevent terrorist activities and growing defense expenditure. In addition, rising hunting and sporting activities in regions, including North America and Europe, are further expected to escalate the demand in the market.
Amid the Russia-Ukraine war, arms and ammunition have witnessed remarkable growth. The NATO countries are ramping up their production of arms and ammunition to meet the growing demand from Ukraine. In contrast, Russia, which is the second-largest producer of arms and ammunition, has also increased its production to aid its army. This is further expected to increase the growth of the rifles market.
On the basis of type, the rifle market can be segmented into assault rifles, light machine guns, designated marksman rifles, and general-purpose machine guns. Among these, assault rifles accounted for the highest share owing to their high usage in combat operations, high accuracy, and lightweight design.
The rifle market is segmented into three firing types which include non-automatic, semi-automatic, and automatic. The semi-automatic rifle is the most common due to its accuracy, lightweight ness, ability to dispatch multiple targets with great recoil energy, and applications in military combat operations and sports & hunting activities. Growing demand for automatic rifles due to their uninterrupted, reduced recoil, and high fire rate is expected to increase the demand in military applications.
The demand for rifles is expected to increase in North America due to higher spending on military and defense, as well as the rising number of hunting and sporting activities in economies such as the U.S. and Canada. Asia Pacific is expected to grow at a higher rate due to increasing geopolitical disputes and threats of terrorist attacks, which are expected to increase demand over the coming years.
Public companies in the ammunition industry are also the top players in the global market, catering to the requirements for superior products from military, commercial, and other government customers. These players are also maintaining strong relationships with the governments to gain defense contracts. The key vendors in the market include Sig Sauer, FN Herstal, Smith & Wesson, Heckler and Koch, and Punj Lloyd Ltd.
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