According to analysts at TMR, each key segment in the North America less lethal and self-defense weapons market also holds a number of patents – both filed and published – between 2012 and 2015, that are expected to influence the market’s growth rate between 2015 and 2023. The future growth of this market will also rely on the expressed potential of new entrants such as Salt Supply Co. and ARMA USA.
Women Show a Significant Increase in Purchase of Less Lethal and Self-defense Weapons
Women’s safety has consistently been a major cause of concern for civilians. In a bid to improve their safety, companies in the North America less lethal and self-defense weapons market provide a large array of women-specific self-defense measures in categories such as stun guns, Taser devices, lighting devices, and pepper sprays. Over the recent past, the sales of these products, especially through the female population, has increased significantly, even making it a major driver for the market. Additionally, companies are working to improve the size, weight, and response time of each less lethal weapon aimed at women to improve their effectiveness and consequently, the player sales figures.
As a complementary fact to the high sales of less lethal self-defense weapons by women, the category of pepper sprays is expected to continue its lead over others in the North America less lethal and self-defense weapons market. Pepper sprays were already the most-purchased item in this market in 2014. Owing to the increasing female owners of less lethal weapons and the convenience of carrying and using pepper sprays as an effective deterrent, this segment is expected to retain its dominance till 2023.
Ramped up R&D Efforts Open Wider Opportunities for North America Less Lethal Weapons Players
Two factors for all players in the North America less lethal and self-defense weapons market for the coming few years is the rate at which competitors are improving existing weapons technology and the growing crime rates, especially in Canada.
One of the more recent entrances in the North America less lethal and self-defense weapons market was in January 2013 by ARMA USA. The release of their product, the ARMA 100 gun, which was approved by the U.S. BATFE division. It is considered as a major improvement to effective less lethal weapons and competitors has since improved investment rates in the company’s research and development. Similar examples can be seen from other players, both new and established.
Thus, driven by increased sales of pepper sprays and an overall growth in individual security among civilians, the North America less lethal and self-defense weapons market is expected to progress at a CAGR of 4.0% from 2015 to 2023. This market was valued at US.10 mn in 2014 and is expected to reach US.16 mn by the end of 2023. The dominant segment of pepper sprays is expected to reach a market value of US.25 mn.