New York, United States , July 19, 2024 (GLOBE NEWSWIRE) -- The Global Handgun Market Size Expected to Grow from USD 3.39 Billion in 2023 to USD 6.42 Billion by 2033, at a CAGR of 6.59% during the forecast period 2023-2033.
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A handgun is defined as any weapon small enough to be fired with one hand. Though more ammo may be stored in a magazine or revolving mechanism, it usually only discharges one projectile or bullet. Handguns are useful for small-game hunting, target practice, and self-defense. According to statistics from the World Health Organization (WHO), one in three (30%) women globally have been victims of sexual violence at some point in their life. Intimate partners are responsible for up to 38% of all female killings committed globally. In addition to violence against intimate partners, 6% of women report having been sexually assaulted by someone with whom they are not in a relationship. The prevalence of threats against women has an impact on the adoption of handguns for self-defense. The gathered an extensive collection of state-of-the-art handguns to quell internal dissent and support their armed forces, with the main objective being to be prepared for a fight. The frequency of territorial conflicts, terrorist attacks, and political upheavals is rising, which is attracting new investments to the global weapons industry and propelling the handgun market's expansion. However, variations in international regulations brought about by political, legal, or economic factors hamper the growth of the handgun market.
Browse key industry insights spread across 204 pages with 110 Market data tables and figures & charts from the report on the "Global Handgun Market Size, Share, and COVID-19 Impact Analysis, By Type (Single-Shot Handguns, Revolvers), By Operation (Automatic, Semi-Automatic, Manual), By End-user (Defense & Homeland Security, Self-Defense, Sports, Hunting, Law Enforcement), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The single-shot handguns segment is expected to hold the largest share of the handgun market during the anticipation timeframe.
Based on the type, the handgun market is categorized into single-shot handguns, and revolvers. Among these, the single-shot handguns segment is expected to hold the largest share of the handgun market during the anticipation timeframe. Because of continuous modernization projects around the world, the market for assault and single-shot handguns has witnessed a substantial increase in demand compared to other small arms, allowing the single-shot handguns category to grow.
The automatic segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the operation, the handgun market is categorized into automatic, semi-automatic, and manual. Among these, the automatic segment is expected to grow at the fastest CAGR during the anticipation timeframe. Their extensive application in numerous civilian markets, law enforcement, and the military services. They are commended for their effectiveness in engaging multiple targets, suppressing fire, and firing quickly. With just one pull of the trigger, they can discharge a number of shots.
The defense & homeland security segment is expected to hold a significant share of the handgun market during the anticipation timeframe.
Based on the end user, the handgun market is categorized into defense & homeland security, self-defense, sports, hunting, and law enforcement. Among these, the defense & homeland security segment is expected to hold a significant share of the handgun market during the anticipation timeframe. Due to the modernization plans of end users in the defense sector and the annual increase in defense spending, the market is growing at a moderate rate. In reaction to rising levels of terrorism, cross-border conflicts, and the changing nature of combat, international defense forces have been modernizing by acquiring new weaponry.
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North America is projected to hold the largest share of the handgun market over the anticipation timeframe.
North America is projected to hold the largest share of the handgun market over the anticipation timeframe. The region's economy is expanding as a result of the acquisition of new weapons for use in war, a significant defense budget, and the construction of firing ranges in the US and Canada. The country has selected Textron Systems, General Dynamics Corporation, and SIG SAUER to manufacture advanced weaponry.
Asia Pacific is expected to grow at the fastest CAGR growth of the handgun market during the anticipation timeframe. The market is growing as a result of cross-border conflicts in Asia and terrorist activity. Rising defense spending and ambitions for military modernization in China, India, South Korea, Australia, and other countries are driving market expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global handgun market are Glock gmbh, SIG SAUER, Sturm, Ruger & Co., Inc., FN HERSTAL, Ceska zbrojovka a.s., Israel Weapon Industries, Colt's Manufacturing, Beretta, Smith & Wesson, Taurus, AWEIL, Kalashnikov Group, and other key companies.
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Recent Developments
- In July 2023, The Saudi Arabian police and military purchased and received products from Brazilian arms producer Taurus through a distribution agreement with Sepha Military Industries Company.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global handgun market based on the below-mentioned segments:
Global Handgun Market, By Type
- Single-Shot Handguns
- Revolvers
Global Handgun Market, By Operation
- Automatic
- Semi-Automatic
- Manual
Global Handgun Market, By End User
- Defense & Homeland Security
- Self-Defense
- Sports
- Hunting
- Law Enforcement
Military Rotorcraft Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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