New York (CNN Business) 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.

Colt said its business remains healthy, buoyed by its numerous military and law enforcement contracts.

"Currently, these high-volume contracts are absorbing all of Colt's manufacturing capacity for rifles," the Connecticut-based company said.

Colt reaffirmed its support for the Second Amendment, but the company said that it is "good sense to follow consumer demand and to adjust as market dynamics change."