Gun Safe Market Share, Size, Trends, Industry Analysis Report, By Product Type (Fingerprint Safes, Electronic Password Safes, Mechanical Password Safes, and Others); By Capacity; By Application; By Region; Segment Forecast, 2024 – 2032
- Published Date:Jan-2024
- Pages: 118
- Format: PDF
- Report ID: PM3791
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global gun safe market size and share was valued at USD 3729.89 million in 2023 and is expected to grow at a CAGR of 5.40% during the forecast period.
The increasing popularity of various types of recreational shooting and sports, including hunting, target shooting, and others, and the significant rise in the number of crime rates across the globe coupled with the advancements in firearm technology such as improved safety features, ergonomic designs, and modular systems, are primary factors fostering the global market at a rapid pace. In addition, companies that can meet the specific requirements and standards set by various law enforcement agencies globally have the potential to secure large-scale contracts and establish long-term relationships and are likely to have a positive impact on market growth over the years.
The research study offers an in-depth analysis of the competitive landscape in the industry. It examines the top players in the gun safe market based on multiple factors, including market position, sales, new developments, and products/services offered. Also, it details the key strategies like mergers, partnerships, and collaborations that have been taken by gun safe industry key players to improve their position in the market.
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For instance, in March 2023, a Colorado-based weapons startup unveiled its latest ‘Smart Gun,’ which is likely to lower the number of firearm deaths and gun violence. The newly developed smart gun weapon will fire normally as long as the owner’s fingerprint or face is stored in the memory banks of the weapon.
Moreover, the surging penetration and implementation of smart guns incorporating biometric or personalized authentication systems ensure that only authorized users can fire the weapon and operate the firearm, creating lucrative growth opportunities for the global market. This type of technology typically uses fingerprint recognition, grip recognition, or RFID technology to prevent unauthorized access to firearms and makes them a suitable option for firearm owners.
Industry Dynamics
Gun Safe Market: Growth Drivers
Rising interest of consumer for personal protection
The increasing consumer desire for personal protection and self-defense and the rise in the number of individuals seeking firearms as a means to protect themselves, their families, and their properties, especially in times of perceived or actual threats, are major factors driving the global market growth. Besides this, the continuous emergence of the recreational and sports shooting industry, which includes shooting sports like target shooting, competitive shooting, and hunting, attracts enthusiasts who purchase firearms for recreational purposes and is further likely to impact the market growth positively.
Furthermore, several major product manufacturers across the globe have incorporated new and enhanced safety mechanisms in firearms to minimize the risk of accidental discharges, which include trigger safety mechanisms, magazine disconnects, and loaded chamber indicators, providing better visuals to indicate the status of the firearm, are also among the factors propelling the global market at a significant pace.
Report Segmentation
The market is primarily segmented based on product type, capacity, application, and region.
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By Product Type |
By Capacity |
By Application |
By Region |
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By Product Type
Fingerprint safes segment accounted for the largest market share in 2022
The fingerprint safes held the largest share on account of their ability to offer a higher level of security compared to traditional safes or lock-and-key mechanisms, and it further help prevent accidental or unauthorized use, particularly in households with children or in situations where firearms need to be securely stored. Fingerprint safes often feature intuitive interfaces that are easy to use and require minimal training to make them accessible to a broader range of users across the globe.
The electronic password safes segment is likely to grow at a significant growth rate over the study period, mainly accelerated by its several advanced security features such as biometric authentication, keypad access codes, or RFID technology, which ensures that only authorized individuals can access the firearms, minimizing the risk of theft, misuse, or accidental discharge.
By Capacity
Medium segment held a significant market revenue share in 2022
The medium segment held the majority market share in terms of revenue in 2022, which is mainly driven by its beneficial characteristics and ability to offer a balance between compactness and functionality, which makes them easier to conceal and carry and can be widely used for various purposes including personal defense, concealed carry, or as a backup firearm for law enforcement personnel.
The large segment is projected to gain a substantial growth rate during the anticipated period because of the surging popularity of shooting sports, including target shooting and competitive shooting events, along with the rising number of shooting enthusiasts preferring larger calibers due to factors like recoil management, long-range accuracy, and the excitement of shooting high-powered firearms.
By Application
Personal safety segment is expected to witness the highest growth during the forecast period
The personal safety segment is expected to grow at the highest growth rate over the anticipated period, mainly attributable to the increasing prevalence of crime, including assaults, robberies, and other forms of violence, which has led to a heightened awareness among individuals about the need for personal safety measures. Additionally, Gun Safe is now being designed to be user-friendly and accessible to a wide range of individuals, as they are often compact, lightweight, and easy to carry, resulting in higher adoption of Gun Safe among personal individuals.
The law enforcement segment led the industry market with a considerable share in 2022, which is largely accelerated by the increasing number of law enforcement prioritizing the safety and protection of their officers and opting for less-lethal weapons, non-lethal projectiles, and specialized firearms. Moreover, there has been a growing emphasis on law enforcement accountability and the reduction of excessive use of force in the last few years across the globe, which is also likely to boost the segment market at a rapid pace.
By Regional Analysis
North America region dominated the global market in 2022
The North America region dominated the global market with the largest share in 2022 and is projected to maintain its market dominance throughout the study period, which is highly attributed to the growing desire for personal safety and protection and the rise in the number of individuals across the region purchasing firearms for self-defense purposes and significant advancements in technology, leading to the development of innovative safety features and non-lethal alternatives including biometric safeties, smart gun technology, and improved effectiveness of non-lethal self-defense options.
The Asia Pacific region is likely to emerge as the fastest growing region with a healthy CAGR throughout the study period, owing to a rapid increase in the number of crime rates in countries like India, China, and Indonesia and rising government efforts towards the enhancement of personal safety coupled with the drastic increase in adoption of security and safety technologies among both commercial and domestic users.
Competitive Insight
The Gun Safe market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include
- Beretta Holding S.p.A.
- BSA Guns
- Canon Safe
- Colt’s Manufacturing Company
- FN Herstal
- Gardall Safe Corporation
- Heckler & Koch
- Homak Manufacturing
- Hunt-Pro
- Liberty Safe
- Mossberg
- Remington Arms Company
- Rhino Metals Inc.
- Securelt Safe Company
- Smith & Wesson
- Sturdy Dun Safe Mfg
- Sturm, Ruger & Co.
- Superior Safe Company
- Viking Security Safe
Recent Developments
- In June 2023, the North Carolina governor introduced a new safer gun storage campaign to reduce the surging number of gun thefts and shooting injuries. Under this campaign, the government will distribute free gun locks and equip local law enforcement, school personnel, and doctors to prevent kids from using them.
- In January 2023, Giffords, a global gun safety organization, introduced its new chapter of Gun Owners for the Safety in Montana, a coalition of hunters, sports shooters, and collectors. The Montana chapter of Gun Owners for Safety includes 137 gun owners supporting the commonsense gun laws.
Gun Safe Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 3923.85 million |
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Revenue Forecast in 2032 |
USD 5,967.28 million |
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CAGR |
5.40% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments Covered |
By Product Type, By Capacity, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements for countries, region, and segmentation. |
Explore the landscape of gun safe in 2024 through detailed market share, size, and revenue growth rate statistics meticulously organized by Polaris Market Research Industry Reports. This expansive analysis goes beyond the present, offering a forward-looking market forecast till 2032, coupled with a perceptive historical overview. Immerse yourself in the depth of this industry analysis by acquiring a complimentary PDF download of the sample report.
FAQ's
The gun safe market report covering key segments are product type, capacity, application, and region.
Gun Safe Market Size Worth $5,967.28 Million By 2032.
The global gun safe market is expected to grow at a CAGR of 5.4% during the forecast period.
North America is leading the global market.
key driving factors in gun safe market are Rising interest of consumer for personal protection.
