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During the Vietnam War, the U.S. Special Forces needed a 9 mm machine gun capable of rapid fire, and thus took a liking to the Carl Gustav M45 Swedish K Submachine Gun. But when Sweden placed an export ban on its submachine gun in 1967 due to U.S. involvement in Vietnam, the Army went to the powers that be at Smith & Wesson for a solution, who produced a copy of the Carl Gustav Submachine Gun which became the Model 76 SMG. For more on the Smith & Wesson Model 76 SMG, watch this "I Have This Old Gun" segment from a recent episode of American Rifleman TV.
In 2024, former owner Gregg Ritz purchased Thompson/Center Arms. Now the company has introduced a modern take on its classic Contender/Encore concept: the ENCORE PROHunter.
While it's certainly a saturated marketplace these days, the AR-15 has never been more popular with American firearm enthusiasts, and many manufacturers are continuing to feed the need with new options loaded with new features.