Pune, India, June 01, 2023 (GLOBE NEWSWIRE) -- The global small arms market size was valued at USD 8.53 billion in 2021 and is expected to reach USD 8.75 billion by 2022. According to a recently published report by Fortune Business Insights™ titled "Small Arms Market, 2022-2029," the global market for small arms is expected to reach USD 11.16 billion by 2029, exhibiting a Compound Annual Growth Rate (CAGR) of 3.53% during the forecast period. The report highlights the significant role of rising armed conflicts, cross-border conflicts, increasing hunting activities, and shooting ranges in boosting the market growth.
Small arms are firearms designed for personal use, and the market for these weapons is constantly evolving. The increasing prevalence of armed conflicts and cross-border tensions has led to a rise in demand for small arms, particularly in the military and law enforcement sectors. Additionally, the growing popularity of hunting and shooting sports has also contributed to the demand for small arms.
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List of Key Players Profiled in the Small Arms Market Report:
- Kalashnikov Group (Russia)
- Smith & Wesson Brands Inc. (U.S.)
- Sturm, Ruger & Co., Inc. (U.S.
- Heckler & Koch GmbH (Germany)
- American Outdoor Brands Corporation (U.S.)
- Glock Ges.m.b.H. (Austria)
- Remington Arms Compant LLC (U.S.)
- Colts Manufacturing LLC (U.S.)
- FN Herstal (Belgium)
- Israel Weapons Industries (Israel)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 3.53% |
| 2029 Value Projection | USD 11.16 Billion |
| Market Size in 2022 | USD 8.75 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 175 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Small Arms Market Growth Drivers | Rising Modernized Weapon Innovations to Propel Market Progress |
| Increasing Demand for Small Weapons from Civilians to Aid Growth |
Browse a Detailed Summary of the Research Report with TOC: https://www.fortunebusinessinsights.com/small-arms-market-103173
COVID-19 Impact
Strong Demand for Guns for Civil and Commercial Purposes Fostered Industry Growth
This industry was positively impacted during the COVID-19 pandemic due to strong demand for guns for commercial and civil purposes. The escalating border conflicts among nations fueled the demand for firearms. Further, strong demand for arms due to the Japan Olympics fostered industry growth. Moreover, the resumption of activities after the lockdown enhanced production and arms manufacturing. These factors incited growth during the pandemic.
Segments
Handgun Segment Held the Largest Market Share Owing to Surge in Demand for Handguns
By type, the market is segmented into handgun, rifles, and shotgun.
The rifles segment is expected to hold the largest market share due to strong demand for pistols and revolvers for security purposes. Furthermore, cross-border conflicts, political turmoil, rising hunting, and personal safety concerns are expected to foster industry growth.
Defense & Homeland Security Segment to Hold Major Market Share Owing to Strong Defense Expenditure
By application, the market is classified into law enforcement, hunting, sports, self-defense, homeland security & defense.
The defense & homeland security segment is expected to dominate attributable to strong defense expenditures. Further, increasing cross-border conflicts and rapid modernization of defense expenditures may fuel the adoption of small guns.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, and the Rest of the World.
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Russia/Ukraine War Impact
Extensive Demand for Various Firearms from NATO Countries Propelled Market Progress
The demand for various firearms during the war enhanced small arms adoption. Rising armored vehicle usage across Europe is expected to foster sales. Furthermore, increasing demand for the product from the U.S. may bolster industry growth. Moreover, the rising adoption of guns for border defense and war is expected to enhance sales. Also, strengthening operational capabilities are expected to enhance industry growth.
Report Coverage
The recently published report provides an in-depth analysis of the top segments and emerging trends in the market. It covers a comprehensive discussion of the driving and restraining factors, as well as the impact of the COVID-19 pandemic on the market. The report also examines the regional developments and highlights the strategies implemented by key players in the market. Overall, the report offers valuable insights to help stakeholders make informed decisions and stay up-to-date with the latest market trends.
Drivers and Restraints
Rising Modern Weapons Innovation to Propel Industry Progress
Small arms comprise rifles, handguns, shotguns, and rifles. Escalating border issues, Russia Ukraine war, and strong demand for advanced weaponry and ammunition may enhance the arms adoption. Further, increasing modern weapon innovation is expected to foster the product’s demand. Also, manufacturers develop advanced ammunition to enhance efficiency and boost security. For example, U.S.-based arms manufacturer, True Velocity, is developing 6.8mm ammunition to replace its 5.56mm weaponry. In addition, strong demand for arms from civilians is expected to bolster its adoption. These factors may incite the small arms market growth.
However, the difference in rules between several countries may hinder the industry’s growth.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Global Small Arms Market
- Impact of COVID-19 on Global Small Arms Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Potential Opportunities Due to COVID-19 Outbreak
- COVID Impact on the U.S. Small Arms Market
- Global Small Arms Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Type
- Handgun
- Rifles
- Shotgun
- Market Analysis, Insights and Forecast – By Application
- Defense & Homeland Security
- Self-Defense
- Sports
- Hunting
- Law Enforcement
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
TOC Continued...!
Regional Insights
Robust Defense Budgets to Foster Market Growth in North America
North America is expected to dominate the small arms market share due to robust defense budgets. The market size in North America stood at USD 3.69 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the presence of many shooting bases in the region is expected to foster the weaponry demand. These factors may propel industry progress in the region.
In Asia Pacific, increasing border conflicts and terrorist activities are likely to foster the product demand. Further, rising defense budgets and military modernization planning may foster the industry’s growth.
In Europe, the presence of Thales Group, Heckler & Koch GmbH, and Fabbrica d'Armi Pietro Beretta S.p.A. may foster the product demand. These factors may promote the industry’s progress.
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Competitive Landscape
Companies Enter into Agreements to Foster Sales
Prominent companies operating in the market enter into agreements to improve sales performance and maintain a strong consumer base. For example, Èeská zbrojovka a.s. signed an agreement with Czech Republic Army in April 2020. The company supplied nearly 39,000 little arms valued at approximately USD 105 million. Under this agreement, the military shall procure nearly 16,000 BREN 2 attack rifles, more than 1,600 CZ 805 G1 underslung explosive launchers, north of 21,000 CZ P-10 guns, preparing ammo, and nearly 100 CZ SCORPION PDWs. This strategy may enable the company to enhance its sales and bolster its brand image. Furthermore, companies devise expansions, automated production techniques, research and development, mergers, and partnerships to elevate their market position.
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Small Caliber Ammunition Market to Hit USD 9.41 Billion by 2022-2029 | Rising Utilization of Guns for Personal Security to Boost Market Growth
Key Industry Development
- April 2022: The U.S. army shortlisted next-generation squad machine guns and assault rifles barrelled in 6.8mm ammunition. The army aims to purchase 13000 M250 machine guns from Sig Sauer and 107000 M5 rifles.
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