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. The market is expected to reach USD 11.16 billion by 2029, exhibiting a CAGR of 3.53% during the forecast period. Rising armed conflicts, cross-border conflicts, increasing hunting activities, and shooting ranges are likely to boost the market growth. Fortune Business Insights™ provides this information in its report titled “Small Arms Market, 2022-2029.”
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.
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List of Key Players Profiled in the 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)
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.
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.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
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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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.
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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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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