Colt, the manufacturer of the AR-15 rifle, has announced it's exiting the consumer rifle market as demand for high-powered, semi-automatic guns wanes.

The consumer market for rifles has "experienced significant excess manufacturing capacity" and there's too much supply of AR-15 guns on the market to justify making more, the company said in a statement. Colt will still manufacture other consumer guns, including pistols and revolvers, and it will continue to expand its network of dealers.