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Hunting Equipment & Accessories Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global hunting equipment & accessories market was valued at USD 21.4 billion in 2022 and is projected to expand at a CAGR of 6.5% from 2023 to 2030. The market is driven by the increasing popularity of hunting as a recreational activity, along with the rising disposable income of individuals. In addition, increasing awareness of hunting and its associated benefits, such as the conservation of wildlife and natural resources, are expected to drive the growth of the market.
The rising demand for outdoor recreational activities, such as camping and hunting, has resulted in the expansion of the hunting equipment & accessories market. Hunting enthusiasts are continuously looking for better equipment to improve their hunting experience. Manufacturers are investing heavily in the development of technologically advanced hunting accessories. For instance, in April 2021, Bushnell introduced the Fusion 1 Mile CONX, a rangefinder-binocular combo device with advanced laser rangefinder and Bluetooth technology. The device simplifies the user’s experience of taking long-range shots with speed and accuracy.
The growing demand for lightweight and portable hunting equipment is expected to propel the growth of the market. Moreover, the availability of technologically advanced hunting equipment and accessories is driving the market. For instance, in October 2021, Badlands released a range of hunting packs with features such as a patented HexGrid load-bearing system, which can be customized to carry the load more evenly. The company is also offering a limited lifetime warranty on all its products.
The increasing number of hunting clubs and hunters is expected to drive the growth of the market. Furthermore, the rising trend of hunting as a recreational activity is expected to propel the growth of the market. For instance, in April 2021, the National Shooting Sports Foundation (NSSF) reported that the number of hunters in the United States had grown by 8% from 2016 to 2021. This growth is primarily attributed to the increasing popularity of archery and the introduction of new hunting formats, such as target shooting.
The increasing number of online sales is expected to further drive the growth of the market. Online stores have become the preferred choice for hunters due to the convenience offered by them. Furthermore, the availability of discounts and offers on hunting equipment & accessories is expected to drive the market growth. For instance, in January 2021, Bass Pro Shops announced the launch of the Pro Qualifier 2 Series, which includes a variety of discounts and offers on a range of hunting equipment & accessories.
Product Insights
The firearms and ammunition segment held the largest share of the market in 2022. The rising popularity of hunting and outdoor recreational activities worldwide is driving the demand for firearms and ammunition globally. According to an article published by Outdoor Life, in May 2020, the number of hunters in the United States is estimated to be around 14 million. Furthermore, the introduction of new products such as muzzleloaders, shotguns, and rifles are driving the demand for firearms and ammunition among hunters.
The hunting accessories segment is expected to expand at the fastest CAGR of 5.0% over the forecast period. The increasing demand for essential hunting accessories such as binoculars, rangefinders, decoys, and GPS systems is boosting the demand for hunting equipment and accessories market. Moreover, the increasing popularity of outdoor activities and the rising disposable incomes of consumers are further driving the growth of the hunting accessories market.
Distribution Channel Insights
The hunting equipment & accessories segment is expected to witness significant growth over the forecast period. The segment is expected to be driven by the increasing demand for hunting equipment such as firearms, ammunition, scopes, and optics. The growing demand for hunting equipment is due to the increasing interest in hunting and outdoor activities. According to a survey conducted by the National Shooting Sports Foundation (NSSF) in 2020, 1 in 3 Americans participated in hunting, shooting, or other outdoor activities in the past year.
The online segment is anticipated to expand at the highest CAGR of 11.1% over the forecast period. The growing trend of online purchasing and the ease of convenience associated with it is expected to drive the segment’s growth. In addition, manufacturers are focusing on increasing their presence in the online space. For instance, in November 2020, Remington Arms Company, LLC launched an online store, which offers a wide range of firearms, ammunition, and accessories. The store provides customers with the convenience of ordering products online. Moreover, the availability of products at competitive prices is expected to drive the segment’s growth.
Type Insights
The global hunting equipment and accessories market is segmented on the basis of type as weapons, apparels, and others. The weapons segment accounted for the largest revenue share of 60.3% in the year 2022. This is attributed to the rising demand for advanced and efficient weapons such as rifles, handguns, and shotguns for hunting. Furthermore, the increasing demand for hunting as a leisure activity is also driving the segment.
The apparels segment is anticipated to expand at the highest CAGR of 8.3% over the forecast period. The rising demand for camouflage-style hunting apparels is one of the key factors driving the segment. For instance, in November 2020, REALTREE, a camouflage apparel company, launched a new pattern called Edge, which is designed for open terrain hunting. The pattern is available in several clothing items such as shirts, shorts, jackets, and others. This product launch is likely to boost the market over the forecast period.
Regional Insights
North America held the largest revenue share in 2022, owing to the increasing demand for hunting equipment and accessories. The increasing number of wildlife hunting tournaments in the region is also a key factor driving the market growth. Moreover, a large number of hunters across the region and the presence of prominent players, such as Cabela’s and Bass Pro Shops, are expected to drive the market growth.
Europe is expected to register the second-fastest growth in the coming years. This can be attributed to the increasing awareness among hunters regarding the importance of safety and technological advancements in the field. For instance, in June 2021, HuntnLabs launched the world’s first smart hunting vest that allows hunters to monitor vital stats and track their location, as well as analyze data in real-time.
Financial Projections
In this part of the hunting equipment & accessories products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your hunting business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenue for a hunting equipment & accessories products business comes from the sale of products such as hunting gear, firearms, ammunition, optics, and apparel. Additionally, there may be other sources of income, such as online sales, rental of hunting gear, and repair services.
Projecting Expenses
In this section, all the regular expenses related to keeping the hunting equipment & accessories business running will be described. The list of operating expenses includes employee wages, inventory costs, insurance policies, advertising, rent, utilities, and others. Additionally, you should also consider any taxes that may be applicable.
Key companies & market share insights
Some of the key companies operating in the hunting equipment & accessories market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Browning launched the X-Bolt Max Long Range rifle, which is designed for long-range shooting.
– In August 2022, Remington Arms Company, LLC released the 870 Tac-14, a tactical shotgun with a pistol grip.
– In October 2022, CZ-USA launched the Scorpion EVO 3 S2 Pistol Micro, a subcompact pistol designed for self-defense.
Some of the prominent players in the hunting equipment & accessories market include:
– Browning
– Winchester Repeating Arms
– Remington Arms Company, LLC
– CZ-USA
– Beretta U.S.A. Corp.
– Savage Arms
– Mossberg & Sons
– Sturm, Ruger & Co., Inc.
– Bushnell Corporation
– Nikon Corporation
Global Hunting Equipment & Accessories Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global hunting equipment & accessories products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Firearms
– Ammunition
– Hunting Apparel
– Hunting Footwear
– Hunting Gear
– Optics
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Specialty Stores
– Online
– Supermarkets & Hypermarkets
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Hunting Equipment
– Hunting Accessories
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Main Drivers of the Hunting Equipment & Accessories Market?
[A]: The increasing popularity of hunting as a leisure activity is the primary driver for the hunting equipment and accessories market. Additionally, the rising number of hunting clubs and organizations, technological advancements in hunting equipment, and the growing number of hunting magazines and websites are all contributing to the growth of this market.
[Q]: What are the Key Players in the Hunting Equipment & Accessories Market?
[A]: Key players in the hunting equipment and accessories market include Browning, Inc., Beretta Holding S.p.A., Cabela’s Inc., The Bushnell Corporation, and Vista Outdoor, Inc.
[Q]: What are the Different Types of Hunting Equipment?
[A]: Hunting equipment includes rifles, handguns, shotguns, bows and arrows, and muzzleloaders. Accessories include camouflage clothing, binoculars, rangefinders, hunting knives, hunting calls, and scent control products.
[Q]: What are the Opportunities for the Hunting Equipment & Accessories Market?
[A]: The increasing demand for online shopping, rising disposable income, and the growing number of hunting enthusiasts are expected to provide numerous opportunities for the hunting equipment and accessories market. Additionally, the development of technologically advanced hunting equipment and the emergence of new hunting clubs and associations are expected to further drive the growth of this market.
[Q]: What is the Outlook for the Hunting Equipment & Accessories Market?
[A]: The global hunting equipment and accessories market is expected to witness a CAGR of 4.4% during the forecast period (2020-2025). This is attributed to the increasing popularity of hunting as a leisure activity and the rising number of hunting clubs and organizations. Additionally, the emergence of technologically advanced hunting equipment and the growing demand for online shopping are expected to further drive the growth of this market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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