The global small arms market is experiencing growth due to a rise in demand for small arms for competitive sporting events, growth in number of territorial conflicts across the globe, and growing innovation of modern weapons.
PORTLAND, Ore., Sept. 20, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Small Arms Market by Type, Action End Use Sector, and Region. By Type, (Pistol, Shotgun, Revolver, and Others). Based on Action (Automatic and Semi-Automatic). By End Use Sector (Civil & Commercial and Defense). Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global small arms industry generated $8.42 billion in 2022, and is anticipated to generate $14.15 billion by 2032, witnessing a CAGR of 5.3% from 2023 to 2032.
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Small arms are specifically designed for individual use, typically by a single person. These arms are characterized by their relatively compact size and portability, which makes them convenient for an individual to carry and operate. Small arms are used among military personnel, law enforcement officers, and civilians for purposes such as self-defense, sport shooting, hunting, and various other applications. Additionally, military and law enforcement personnel rely on small arms to execute their respective duties and operations.
Prime determinants of growth
Governments across the globe have introduced regulations and rules for small arms solution acquisition and usage activities. Growth in the adoption of small arms solutions in sports events and the increase in requirements of small arms for self-defense applications are crucial factors that support growth for small arms across the globe. However, strict small arms ownership regulations and threats retained by other types of weapons restrain market growth. On the contrary, the increase in military expenditure globally and agreements & and contracts with law enforcement and military agencies are projected to offer lucrative growth opportunities for the market players.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
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Market Size in 2022 |
$8.42 billion |
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Market Size in 2032 |
$14.15 billion |
|
CAGR |
5.3 % |
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No. of Pages in Report |
374 |
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Segments Covered |
End Use Sector, Type, Action and Region. |
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Drivers |
Rise in demand for small arms for competitive sporting events Growth in the number of territorial conflicts across the globe Rising modernized weapon innovations |
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Opportunities |
Increase in military expenditure globally Agreements and contracts with law enforcement and military agencies |
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Restraints |
Strict small arms ownership regulations Negative public perception |
Russia-Ukraine War Scenario
- The conflict has prompted Ukraine to increase its arms procurement to bolster its defense capabilities. The conflict has led to an increased demand for small arms and military equipment in the region.
- However, due to the conflict and strained relations, Ukraine has sought alternative sources of arms procurement. This has opened up opportunities for non-Russian arms manufacturers to supply the Ukrainian military. The ongoing conflict has resulted in human suffering, displacement, and loss of life.
The pistol segment to maintain its leadership status throughout the forecast period
Based on the type, the pistol segment held the highest market share of more than one-third of the global small arms market and is estimated to maintain its leadership status from 2023 to 2032. The same segment is also projected to manifest the highest CAGR of 6.0% throughout the forecast timeframe. This is due to the rise in concern for personal safety that has been a driving force behind the growth of the pistol segment. Pistols are handy, lightweight, and easy to carry for desired operations. Pistols are used by military and law enforcement officers as sidearms. These advancements attract both professional users and civilian consumers.
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The automatic segment to maintain its leadership status throughout the forecast period
Based on action, the automatic segment held the highest market share in 2022 accounting for more than half of the global small arms market and is projected to maintain its leadership status from 2023 to 2032. The same segment is estimated to obtain the highest CAGR of 5.6%. This is due to advancements in robotics and AI that have led to discussions about the integration of automatic arms in unmanned systems and robotic platforms. These developments introduce a new dimension to the concept of automatic arms, expanding their potential applications beyond traditional firearms. As technology continues to evolve, the growth trajectory of automatic arms is likely to remain intertwined with broader discussions about security, ethics, and the responsible use of advanced weaponry.
The civil and commercial segment to maintain its lead position during the forecast period
Based on end-use sector, the civil and commercial segment held the highest market share in 2022 contributing for more than two-thirds of the global small arms market and is expected to maintain its leadership status from 2023 to 2032. The same segment is projected to portray the highest CAGR of 5.5% throughout the forecast timeframe. This is due to the rise in concern toward personal safety and growth in adoption of modern sporting rifles are the key factors anticipated to support the growth of the segment. Moreover, the expansion in adoption of small arms for hunting activities, sporting events, and self-defense activities are estimated to spur demand for the civil & commercial segment during the forecast period.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, contributing to nearly two-fifths of the global small arms market and is estimated to maintain its leadership status throughout the forecast period. The growth is attributed to the increase in adoption of products and services related to small arms, owing to multiple military and law enforcement modernization and enhancement programs underway in North America. However, the Europe region is expected to witness the fastest CAGR of 6.5% from 2023 to 2032, owing to rise in participation in shooting competitions across the region. Various countries in the region allow usage of rifles and pistons for sports and recreational activities, which acts as a driver for the growth of the small arms market in the region during the forecast period.
Leading Market Players: –
- CZG – Ceská Zbrojovka Group SE
- Fabbrica D’Armi Pietro Beretta S.P.A.
- FN Herstal
- Heckler & Koch
- Israel Weapon Industries (I.W.I) Ltd.
- Smith & Wesson Brands, Inc.
- Sturm, Ruger & Co., Inc.
- Taurus International Manufacturing, Inc.
- Webley & Scott
- Weihrauch & Weihrauch Sport GmbH & Co. Kg
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The report provides a detailed analysis of these key players in the global small arms market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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