The gun industry faced a sales slump after the pandemic, reducing production for major manufacturers. However, despite fewer firearms sold in the US, the industry remains profitable as manufacturers adjust to meet changing consumer demand. Smith & Wesson and Sturm, Ruger & Company have stabilized their declines, assuring investors of positive trends that will help the industry rebound. The industry is slowing down production, slashing prices, and developing new-generation firearms with advanced technology and safety features.
Gun startups like Biofire Technologies are introducing smart guns that utilize facial recognition and fingerprint verification. Additionally, the industry focuses on lightweight materials and red dot sights to make firearms more appealing. New gun ownership rates reached a record high during the pandemic, with a shift in demographics and reasons for purchasing firearms. Protection has become the primary factor for gun ownership, replacing recreational and hunting purposes. The gun industry is adapting its marketing strategies to cater to a more diverse and younger consumer base.