Chicago, Oct. 18, 2023 (GLOBE NEWSWIRE) -- MarketsandMarkets, a leading provider of market research reports, has unveiled a comprehensive research study that forecasts remarkable growth in the global Small Arms market. The report predicts that the market will increase in value from USD 8.9 billion in 2022 to a substantial USD 11.1 billion by 2027, demonstrating a Compound Annual Growth Rate (CAGR) of 4.5% over the period from 2022 to 2027.
Small Arms, which encompass a range of portable firearms, are of significant interest due to their impact on military and law enforcement sectors, as well as their relevance to personal defense and sport shooting. This surge in market value is driven by various factors and presents a myriad of opportunities.
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Growth Drivers:
The small arms market growth is attributed to several key factors, including:
Increasing Defense Budgets: Governments around the world are increasing their defense budgets, leading to higher procurement of small arms for military and law enforcement agencies.
Rising Security Concerns: Growing security concerns due to terrorism and geopolitical tensions have led to a surge in demand for small arms among military and law enforcement organizations.
Technological Advancements: Advancements in small arms technology, such as smart firearms and improved ammunition, are driving market growth.
Civilian Market Expansion: An expanding civilian firearms market, driven by self-defense and sporting purposes, is further boosting the industry.
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Challenges:
Despite the promising growth, the small arms market faces some challenges, including:
Stringent Regulations: Strict government regulations and export controls can limit market expansion.
Ethical Concerns: Ethical concerns surrounding the proliferation of small arms and their impact on society can lead to negative publicity and hinder growth.
Opportunities:
The small arms market presents opportunities in the following areas:
Technological Innovation: Continued innovation in smart firearms and non-lethal weaponry is expected to open new market avenues.
Emerging Markets: Emerging economies in Asia-Pacific and Latin America present untapped potential for small arms manufacturers.
Scope of the Report
| Report Metric | Details |
| Estimated Value | USD 11.1 Billion in 2027 |
| Projected Value | USD 8.9 Billion in 2022 |
| Growth Rate | 4.5% |
| Market size available for years | 2018–2027 |
| Base year considered | 2021 |
| Forecast period | 2022-2027 |
| Forecast units | Value (USD Million/USD Billion) |
| Segments covered | By End user, By Caliber, By Type, By Firing System, By Mode of Operation, By Cutting Type, By Technology |
| Geographies covered | North America, Europe, Asia Pacific, Middle East, Africa, and LatinAmerica |
| Companies covered | Colt’s Manufacturing LLC (US), Sig Sauer (US), Steyr Arms (US), Remington Outdoor Company (US), Smith & Wesson (US), Daniel Defense Inc. (US), Sturm, Ruger & Co., Inc. (US), Israel Weapons Industry (IWI) (US), Heckler & Koch Gmbh (Germany), GLOCK Ges.m.b.H. (Austria), Kalashnikov Group (Russia), and Èeská Zbrojovka a.s. (Czech Republic) are some of the major suppliers of small arms. (29 Companies) |
Key Players:
The report highlights key players in the global small arms market, including:
Smith & Wesson Brands, Inc. - Known for its wide range of firearms and accessories.
Heckler & Koch - A renowned German manufacturer of small arms for military and law enforcement.
Sturm, Ruger & Co., Inc. - A leading American firearms manufacturer.
FN Herstal - A Belgian firearms manufacturer known for its innovative small arms solutions.
Beretta S.p.A. - An Italian company famous for its handguns and shotguns.
The global small arms market is poised for remarkable growth, driven by increasing defense budgets, security concerns, and technological advancements. While regulatory challenges persist, opportunities in technological innovation and emerging markets present a positive outlook for the industry.
For a detailed analysis and insights into the small arms market, please refer to the complete report available from MarketsandMarkets.
