The global sports gun market is expected to register a CAGR of 4.5% during the forecast period, 2020 to 2025.
- The shooting games are gaining popularity in the Olympics and Commonwealth games, which is encouraging sports participation across the world. The upcoming 2020 Summer Olympics is expected to drive the demand for sports guns. Additionally, the rising popularity of shooting sports among paralyzed persons and growing encouragement to participate in Paralympics gaming events is further creating a demand for sports guns from the last few years.
- One of the restraints affecting the market is the growing concern of misuse of any type of guns, including sports guns from civilians all over the world, which is likely to restrain the sports gun market growth to a certain extent.
Increasing Participation in Shooting Sports
The increasing participation in shooting sports as target shooting is known to build and enhance physical discipline among sportsmen. The benefits of shooting sports guns, such as enhancement in the ability to focus sharpen the eyesight, levels of concentration are augmenting the demand for sporting guns across the world. Moreover, apart from competitive sports, sporting guns are also used for recreational purposes for hunting and paintball is also supporting the market growth.
Also, in various countries, interstate sporting events and recreations or sports-related activities in schools and colleges will also support the growth of the sports gun market. For instance, Khelo India, which was an initiative of the Government of India, to inculcate a sporting culture among its population, has increased the demand for many sporting equipment, thus, benefiting the sports gun market.
Asia-Pacific Region to Witness Fastest Growth Rate
North America and Europe regions contribute major market share for the sports gun market and these regions are observing stable demand for sports guns, owing to constant participation in shooting events. In the Asia-Pacific region, particularly in China and India, increasing government initiative to encourage sports including shooting sports is playing a key role to drive market growth. For instance, the government of India has introduced ‘Panchyat Yuva Krida Aur Khel Abhiyan (PYKKA)’ to encourage sports culture at the grass-root level by providing sports infrastructure/equipment at the rural level, which will help to increase youth participation in sports from the rural area. However, the demand for sports guns across the Middle-East and Africa is expected to decline due to the high manufacturing cost to make these products. Nevertheless, the key players are witnessing lucrative opportunities in especially in developed economies which are focusing on replacing and refurbishing old sporting guns with new ones.
The sports gun products market is highly competitive, with the presence of various international players and regional players. Players are also focusing on expanding the product portfolio by understanding the various requirements of the sports players, therefore, are launching various sports gun, so as to appeal a large segment of people. For instance, in December 2017, Sturm, Ruger & Company launched 3 new models Mark IV 22/45 Lite model, as well as Mark IV Hunter and Target models in the Ruger Mark IV family of rimfire pistols. Howa Machinery Ltd, Sturm, Ruger & Co. Inc., and Herstal SA, are the major players of the market.
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