Wednesday, 12 April 2023 09:35 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / April 12, 2023 / Transparency Market Research Inc. - The global shooting ranges market stood at US$ 21.3 Bn in 2022 and is anticipated to reach US$ 38.4 Bn by 2031, expanding at a CAGR of 7% during the forecast period between 2023 and 2031.
Surge in demand for guns and ammunition across the world is expected to propel the global shooting ranges market size during the forecast period. People, as well as members of the armed forces, are trained in the use of modern weapons on shooting ranges. Growing public safety & security concerns and increase in the number of shooting ranges & clubs are fueling market development.
Rise in popularity of activities such as target and airsoft shooting is projected to present lucrative business opportunities to market players in the near future. Major companies in the global industry are investing significantly in new technology in order to improve consumer experience and grow market share.
Shooting ranges provide a controlled atmosphere for the practice of using guns. Shooting ranges, indoor or outdoor, are where people can practice using shotguns, rifles, and pistols.
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Several shooting ranges provide archery as well as other target sports. Law enforcement agencies can assess their pattern recognition, practice fast deployment, and certify their firearms on shooting ranges.
Shooting ranges can also be utilized for leisure pursuits as well. The three most common activities at shooting ranges are competitive shooting, gun teaching, and self-defense training. Commercial shooting ranges mostly rely on ammunition sales, range rentals, membership fees, and target sales for revenue.
Several military conflicts are occurring in the sub-Saharan Africa, Northwest Asia, and the Middle East. Several drug battles are taking place in Mexico. Consequently, increase in armed conflicts throughout the world is likely to propel the global shooting ranges market during the forecast period.
Market Snapshot:
| Report Coverage | Details |
| Market Revenue | USD 21.3 Bn |
| Estimated Value | USD 38.4 Bn |
| Growth Rate - CAGR | 7.0 % |
| Forecast Period | 2023-2031 |
| No. of Pages | 100 Pages |
| Market Segmentation | Type, Application |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America |
| Companies covered | Action Target, Inc., Zen Technologies Ltd., Cubic Corporation, Virtra Training Systems, Laser Shot Inc., InVeris Training Solutions, Polytronic International AG, Range Systems, Inc., Saab AB, Theissen Training Systems GmbH |
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Key Findings of Market Report
- Based on application, the military segment is expected to lead the global industry from 2023 to 2031. Rise in number of women serving in the military and usage of cutting-edge technologies in defense training is likely to drive the segment.
- Usage of shooting ranges is a crucial part of military preparation and training. Military personnel are expected to go through thorough weapons training as well as practice in order to guarantee that they are skilled in handling firearms in different situations. Hence, demand for shooting ranges is high in the military industry.
Global Shooting Ranges Market: Growth Drivers
- Countries across the world are investing in ammunition and weapons to combat terrorism, safeguard their borders, and stop anti-national activities. These are increasing their defense and military spending to acquire and develop cutting-edge security solutions. Furthermore, large number of individuals increasingly carry weapons for self-defense, particularly in industrialized countries such has the U.S. These factors are propelling market value.
- Surge in number of women participating in shooting sports is expected to boost demand for shooting ranges. Rising number of women are developing a hobby in shooting. This has increased pressure to open shooting ranges that are tailored to their requirements. Hence, companies in the shooting ranges market are responding with innovative services, including women-only training & events, amenities, and specific tools. Furthermore, shooting ranges are putting more focus on safety, which is crucial in a business where males predominate and where women can feel intimidated.
Global Shooting Ranges Market: Regional Landscape
- Based on recent market forecast, North America is anticipated to account for the largest share of the global shooting ranges market between 2023 and 2031. Presence of key suppliers and growing popularity of training activities for military personnel is expected to drive business growth in the region.
- The market in Asia Pacific is likely to grow at a rapid pace during the forecast period. Development of more modern shooting ranges for defense and law enforcement agencies, as well as higher spending on defense and military industry, are expected to boost the growth of the market in Asia Pacific.
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Global Shooting Ranges Market: Key Players
- Theissen Training Systems GmbH
- Action Target, Inc.
- Polytronic International AG
- Virtra Training Systems
- Range Systems, Inc.
- InVeris Training Solutions
Global Shooting Ranges Market: Segmentation
Type
- Indoor Shooting Range
- Outdoor Shooting Range
Application
- Military
- Recreational
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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