GITNUX REPORT 2024

Firearm Industrys Economic Impact: Robust Growth and Impressive Numbers

Dive into the booming global firearms market and its impact on the economy and society.

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

The National Instant Criminal Background Check System (NICS) conducted 38,876,673 background checks for gun purchases in 2021

Statistic 2

The number of NICS background checks increased by 40% from 2019 to 2020

Statistic 3

Smith & Wesson's net sales for fiscal year 2022 were $864.1 million

Statistic 4

Sturm, Ruger & Company's net sales for 2021 were $730.7 million

Statistic 5

Vista Outdoor's shooting sports segment sales for fiscal year 2022 were $1.43 billion

Statistic 6

The number of women owning firearms in the US increased by 77% from 2005 to 2020

Statistic 7

First-time gun buyers accounted for 40% of all firearms sales in 2020

Statistic 8

The firearms and ammunition industry in the US generated about $70.52 billion in total economic activity in 2021

Statistic 9

The firearms industry paid over $7.85 billion in business taxes in 2021

Statistic 10

The US firearms industry paid $6.98 billion in federal taxes in 2021

Statistic 11

The US firearms industry paid $5.80 billion in state taxes in 2021

Statistic 12

The excise tax on firearms and ammunition generated $1.1 billion in 2021

Statistic 13

The US firearms industry's economic impact increased 269% from 2008 to 2021

Statistic 14

The firearms industry in the US paid $2.06 billion in federal excise taxes in 2021

Statistic 15

The US firearms industry's total economic impact increased by 300% since 2008

Statistic 16

The US firearms industry's total output increased by 41% from 2016 to 2021

Statistic 17

The US firearms industry's total tax payments increased by 47% from 2016 to 2021

Statistic 18

The US firearms industry's supplier economic impact increased by 43% from 2016 to 2021

Statistic 19

The US firearms industry's induced economic impact increased by 44% from 2016 to 2021

Statistic 20

The firearms industry employed over 375,819 people in the US in 2021

Statistic 21

The average annual wage in the firearms industry was $56,976 in 2021

Statistic 22

The US firearms industry supports 375,819 jobs in the United States

Statistic 23

The US firearms industry's job growth increased 269% from 2008 to 2021

Statistic 24

The US firearms industry's total jobs increased by 33% from 2016 to 2021

Statistic 25

The US firearms industry's total wages increased by 40% from 2016 to 2021

Statistic 26

The US firearms industry's jobs multiplier effect increased by 3% from 2016 to 2021

Statistic 27

There were 71,107 Type 01 Federal Firearms Licensees (dealers) in the US as of 2021

Statistic 28

There were 13,869 Type 02 Federal Firearms Licensees (pawnbrokers) in the US as of 2021

Statistic 29

There were 2,593 Type 07 Federal Firearms Licensees (manufacturers) in the US as of 2021

Statistic 30

There were 118 Type 10 Federal Firearms Licensees (manufacturers of destructive devices) in the US as of 2021

Statistic 31

The firearms market is expected to grow at a CAGR of 4.5% from 2023 to 2030

Statistic 32

The small arms market is projected to reach USD 11.61 billion by 2028

Statistic 33

The ammunition market is expected to grow at a CAGR of 3.7% from 2022 to 2030

Statistic 34

The non-lethal weapons market is expected to grow at a CAGR of 7.4% from 2022 to 2030

Statistic 35

The smart weapons market is projected to reach USD 22.0 billion by 2026

Statistic 36

The less lethal ammunition market is expected to grow at a CAGR of 6.3% from 2022 to 2030

Statistic 37

The hunting equipment market is expected to grow at a CAGR of 3.7% from 2022 to 2030

Statistic 38

The firearm sights market is expected to grow at a CAGR of 4.2% from 2022 to 2030

Statistic 39

The gun safes market is expected to grow at a CAGR of 5.7% from 2022 to 2030

Statistic 40

The shooting ranges market is expected to grow at a CAGR of 8.4% from 2022 to 2030

Statistic 41

The gun accessories market is expected to grow at a CAGR of 4.8% from 2022 to 2030

Statistic 42

The gun cleaning products market is expected to grow at a CAGR of 4.5% from 2022 to 2030

Statistic 43

The global firearms market size was valued at USD 9.05 billion in 2022

Statistic 44

The global small arms market size was valued at USD 8.5 billion in 2020

Statistic 45

The US accounted for about 40% of the global firearms market in 2020

Statistic 46

The global ammunition market size was valued at USD 21.7 billion in 2021

Statistic 47

The global non-lethal weapons market size was valued at USD 7.29 billion in 2021

Statistic 48

The global smart weapons market size was valued at USD 14.9 billion in 2021

Statistic 49

The global less lethal ammunition market size was valued at USD 1.1 billion in 2021

Statistic 50

The global hunting equipment market size was valued at USD 25.1 billion in 2021

Statistic 51

The global firearm sights market size was valued at USD 2.1 billion in 2021

Statistic 52

The global gun safes market size was valued at USD 1.5 billion in 2021

Statistic 53

The global shooting ranges market size was valued at USD 1.3 billion in 2021

Statistic 54

The global gun accessories market size was valued at USD 1.8 billion in 2021

Statistic 55

The global gun cleaning products market size was valued at USD 1.2 billion in 2021

Statistic 56

In 2021, there were approximately 16.4 million firearms manufactured in the United States

Statistic 57

Handguns accounted for 65.5% of total firearms produced in the US in 2021

Statistic 58

Rifle production in the US increased by 24% from 2020 to 2021

Statistic 59

Shotgun production in the US decreased by 21% from 2020 to 2021

Statistic 60

The US exported 274,316 firearms in 2021

Statistic 61

The US imported 6,790,841 firearms in 2021

Statistic 62

The US imported 3.8 billion rounds of ammunition in 2021

Statistic 63

The US exported 1.2 billion rounds of ammunition in 2021

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Summary

  • The global firearms market size was valued at USD 9.05 billion in 2022
  • The firearms market is expected to grow at a CAGR of 4.5% from 2023 to 2030
  • In 2021, there were approximately 16.4 million firearms manufactured in the United States
  • Handguns accounted for 65.5% of total firearms produced in the US in 2021
  • The US exported 274,316 firearms in 2021
  • The US imported 6,790,841 firearms in 2021
  • There were 71,107 Type 01 Federal Firearms Licensees (dealers) in the US as of 2021
  • There were 13,869 Type 02 Federal Firearms Licensees (pawnbrokers) in the US as of 2021
  • The firearms and ammunition industry in the US generated about $70.52 billion in total economic activity in 2021
  • The firearms industry employed over 375,819 people in the US in 2021
  • The average annual wage in the firearms industry was $56,976 in 2021
  • The firearms industry paid over $7.85 billion in business taxes in 2021
  • Smith & Wesson's net sales for fiscal year 2022 were $864.1 million
  • Sturm, Ruger & Company's net sales for 2021 were $730.7 million
  • Vista Outdoor's shooting sports segment sales for fiscal year 2022 were $1.43 billion

Lock and reload, folks, because the numbers are in, and the firearm industry is firing on all cylinders. With the global firearms market hitting a whopping USD 9.05 billion in 2022 and expected to keep shooting up at a CAGR of 4.5%, its clear that guns are blazing hot. From handguns dominating US production to a surge in background checks and tax contributions, this industry is aiming high. So, whether youre a sharpshooter or just along for the ride, get ready for a loaded discussion on the explosive growth and economic impact of all things guns. Lets dive in!

Background Checks

  • The National Instant Criminal Background Check System (NICS) conducted 38,876,673 background checks for gun purchases in 2021
  • The number of NICS background checks increased by 40% from 2019 to 2020

Interpretation

It appears that Americans were taking the phrase "lock and load" quite literally in 2021, as the National Instant Criminal Background Check System (NICS) was busier than ever with a whopping 38,876,673 background checks for gun purchases. With a 40% increase from the previous year, it seems that the combination of lockdowns and social unrest had many citizens feeling the need to exercise their Second Amendment rights and potentially start their own version of a "gun show." Let's hope that this surge in background checks translates to responsible gun ownership and doesn't just contribute to more heated debates than a barrel of gunpowder.

Company Performance

  • Smith & Wesson's net sales for fiscal year 2022 were $864.1 million
  • Sturm, Ruger & Company's net sales for 2021 were $730.7 million
  • Vista Outdoor's shooting sports segment sales for fiscal year 2022 were $1.43 billion

Interpretation

In the realm of the firearm industry, the numbers speak louder than the shots fired. With Smith & Wesson's impressive net sales of $864.1 million for fiscal year 2022, one could say they're hitting the target with precision. Sturm, Ruger & Company's net sales of $730.7 million in 2021 show they're not far off the mark either. And Vista Outdoor's shooting sports segment sales of $1.43 billion in fiscal year 2022 suggest they're setting the bar high, aiming for a bullseye in the market. It seems that in the world of firearms, the competition is smoking hot, and these companies are locked and loaded for success.

Consumer Trends

  • The number of women owning firearms in the US increased by 77% from 2005 to 2020
  • First-time gun buyers accounted for 40% of all firearms sales in 2020

Interpretation

In a surprising display of female empowerment and newfound self-reliance, the number of women packing heat in the US has soared by 77% over the past 15 years, proving that the phrase "who run the world? Girls with guns" may hold more truth than we thought. Meanwhile, in a twist that has seasoned gun enthusiasts nodding in contemplation, first-time gun buyers have stormed the scene, making up a whopping 40% of all firearms sales in 2020. It seems that in these uncertain times, Americans are not only exercising their Second Amendment rights but also discovering the age-old truth that nothing says self-confidence like a brand new firearm.

Economic Impact

  • The firearms and ammunition industry in the US generated about $70.52 billion in total economic activity in 2021
  • The firearms industry paid over $7.85 billion in business taxes in 2021
  • The US firearms industry paid $6.98 billion in federal taxes in 2021
  • The US firearms industry paid $5.80 billion in state taxes in 2021
  • The excise tax on firearms and ammunition generated $1.1 billion in 2021
  • The US firearms industry's economic impact increased 269% from 2008 to 2021
  • The firearms industry in the US paid $2.06 billion in federal excise taxes in 2021
  • The US firearms industry's total economic impact increased by 300% since 2008
  • The US firearms industry's total output increased by 41% from 2016 to 2021
  • The US firearms industry's total tax payments increased by 47% from 2016 to 2021
  • The US firearms industry's supplier economic impact increased by 43% from 2016 to 2021
  • The US firearms industry's induced economic impact increased by 44% from 2016 to 2021

Interpretation

In a world where dollars talk louder than bullets, the firearms industry in the US not only fuels heated debates but also generates a smoking $70.52 billion in economic activity. With a tax bill that could make even the most financially savvy cringe, amounting to billions in federal, state, and business taxes, it's clear that these gunslingers are locked and loaded when it comes to contributing to the country's coffers. As the industry's economic impact skyrockets faster than a speeding bullet, one thing is certain: in the land of the free, the business of firepower is a booming business indeed.

Employment

  • The firearms industry employed over 375,819 people in the US in 2021
  • The average annual wage in the firearms industry was $56,976 in 2021
  • The US firearms industry supports 375,819 jobs in the United States
  • The US firearms industry's job growth increased 269% from 2008 to 2021
  • The US firearms industry's total jobs increased by 33% from 2016 to 2021
  • The US firearms industry's total wages increased by 40% from 2016 to 2021
  • The US firearms industry's jobs multiplier effect increased by 3% from 2016 to 2021

Interpretation

In a booming kaleidoscope of figures that could make even the most stoic statistician's head spin, the firearms industry in the US has fired up a constellation of jobs, wages, and growth over the years. With over 375,819 individuals locked and loaded in the industry in 2021, wielding an average annual wage of $56,976, it's evident that this sector is no small shooter in the economic landscape. This sharpshooting industry has seen its job growth skyrocket by 269% from 2008 to 2021, with a remarkable 33% increase in total jobs and a 40% rise in wages from 2016 to 2021. So, if you've ever wondered whether the firearms industry packs a punch in the American economy, the numbers speak for themselves - it's an industry that's not just shooting for the stars but hitting the bullseye.

Licensing

  • There were 71,107 Type 01 Federal Firearms Licensees (dealers) in the US as of 2021
  • There were 13,869 Type 02 Federal Firearms Licensees (pawnbrokers) in the US as of 2021
  • There were 2,593 Type 07 Federal Firearms Licensees (manufacturers) in the US as of 2021
  • There were 118 Type 10 Federal Firearms Licensees (manufacturers of destructive devices) in the US as of 2021

Interpretation

With over 71,000 dealers, 13,000 pawnbrokers, and 2,500 manufacturers dealing in firearms across the US, one can't help but wonder if Americans are simply preparing for an impending zombie apocalypse or planning the most elaborate game of paintball in history. In a country where you can find more people licensed to sell guns than there are flavors of ice cream at your local supermarket, it's clear that the Second Amendment is being exercised with a zeal that would make even the founding fathers do a double-take. So, whether these licensees are gearing up for doomsday or just really love target practice, one thing's for certain: the firearms industry is booming, and it’s not just the gun barrels that are hot.

Market Growth

  • The firearms market is expected to grow at a CAGR of 4.5% from 2023 to 2030
  • The small arms market is projected to reach USD 11.61 billion by 2028
  • The ammunition market is expected to grow at a CAGR of 3.7% from 2022 to 2030
  • The non-lethal weapons market is expected to grow at a CAGR of 7.4% from 2022 to 2030
  • The smart weapons market is projected to reach USD 22.0 billion by 2026
  • The less lethal ammunition market is expected to grow at a CAGR of 6.3% from 2022 to 2030
  • The hunting equipment market is expected to grow at a CAGR of 3.7% from 2022 to 2030
  • The firearm sights market is expected to grow at a CAGR of 4.2% from 2022 to 2030
  • The gun safes market is expected to grow at a CAGR of 5.7% from 2022 to 2030
  • The shooting ranges market is expected to grow at a CAGR of 8.4% from 2022 to 2030
  • The gun accessories market is expected to grow at a CAGR of 4.8% from 2022 to 2030
  • The gun cleaning products market is expected to grow at a CAGR of 4.5% from 2022 to 2030

Interpretation

In a world where the only thing growing faster than population sizes are the statistics of the firearm industry, one can't help but wonder: Are we aiming for safety or for a showdown at the OK Corral? With markets for smart weapons, non-lethal options, and gun safes thriving, it seems there's a paradoxical dance between security and firepower at play. As the numbers shoot up faster than a speeding bullet, one must ponder if these escalating figures are leading us towards a more guarded society or simply a more trigger-happy one. In this expanding marketplace, the question remains: will the target ever be peace, or are we on a perpetual reload cycle?

Market Size

  • The global firearms market size was valued at USD 9.05 billion in 2022
  • The global small arms market size was valued at USD 8.5 billion in 2020
  • The US accounted for about 40% of the global firearms market in 2020
  • The global ammunition market size was valued at USD 21.7 billion in 2021
  • The global non-lethal weapons market size was valued at USD 7.29 billion in 2021
  • The global smart weapons market size was valued at USD 14.9 billion in 2021
  • The global less lethal ammunition market size was valued at USD 1.1 billion in 2021
  • The global hunting equipment market size was valued at USD 25.1 billion in 2021
  • The global firearm sights market size was valued at USD 2.1 billion in 2021
  • The global gun safes market size was valued at USD 1.5 billion in 2021
  • The global shooting ranges market size was valued at USD 1.3 billion in 2021
  • The global gun accessories market size was valued at USD 1.8 billion in 2021
  • The global gun cleaning products market size was valued at USD 1.2 billion in 2021

Interpretation

In a world where values are measured in currency, the booming firearms industry seems to have found its target market. From smart weapons to gun safes, it's clear that when it comes to spending, the global population aims to be locked and loaded. With billions of dollars swirling around ammunition, small arms, and even non-lethal options, one can't help but wonder: are we preparing for peace or perpetuating a cycle of conflict? As the numbers continue to climb in the hunting equipment, firearm sights, and gun accessories sectors, perhaps it's time to set our sights on a different kind of investment—one that values dialogue over firepower and harmony over harm.

Production

  • In 2021, there were approximately 16.4 million firearms manufactured in the United States
  • Handguns accounted for 65.5% of total firearms produced in the US in 2021
  • Rifle production in the US increased by 24% from 2020 to 2021
  • Shotgun production in the US decreased by 21% from 2020 to 2021

Interpretation

In a country where the sound of "pew pew" is as American as apple pie, the 16.4 million firearms churned out in 2021 prove that the business of bangs is booming. Handguns continue to reign supreme, making up the majority of this arsenal, while rifles are seeing a resurgence with a 24% spike in production. On the other end of the spectrum, shotguns seem to be taking a breather, perhaps opting for a more chill "click-clack" lifestyle. Whether you're a Second Amendment enthusiast or just a curious observer, these trends show that in the land of the free, the right to bear arms comes with a side of statistical complexity.

Trade

  • The US exported 274,316 firearms in 2021
  • The US imported 6,790,841 firearms in 2021
  • The US imported 3.8 billion rounds of ammunition in 2021
  • The US exported 1.2 billion rounds of ammunition in 2021

Interpretation

In a classic case of one step forward, two steps back – or perhaps more accurately, one bullet out, several bullets in – the United States firearm industry continues to showcase an impressive grasp of the import-export dance. With the finesse of a seasoned performer, the country sent over a quarter of a million firearms out into the world last year, a gesture that was somewhat negated by the staggering inflow of nearly 6.8 million firearms. And let's not forget the supporting cast – a grand total of 5 billion rounds of ammunition played their part in this international production, with over a billion rounds making their exit as souvenirs. As the curtain falls on these statistics, one can't help but wonder if it's time for a new script, or at the very least, a revision of the current plotline.

References