According to a recent report published by Allied Market Research, titled, “small arms market by end use sector, type, and action: global opportunity analysis and industry forecast, 2021–2030,” the global small arms market was valued at $8.39 billion in 2020, and is projected to reach $13.75 billion by 2030, registering a CAGR of 5.3%. North America was the highest revenue contributor, accounting for $3.33 million in 2020, and is estimated to reach $5.81 million by 2030, with a CAGR of 6.0%.
Increase in demand for the small arms for competitive sporting events and rise in number of territorial conflicts across the world have boosted the growth of the global small arms market. However, stringent small arms ownership regulations hinder the market growth. On the contrary, surge in military expenditure and agreements and contract with law enforcement and military agencies are expected open new opportunities for the market players in the future.
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Covid-19 scenario on Small Arms Market:
- The small arms industry witnessed a steady growth in 2020, due to adverse impact of the pandemic and decline in the supply of firearms for sports and law enforcement applications.
- The strict regulations regarding social distance created a disruption in manufacturing and supply chain.
- The majority of developing facilities of small arms halted due to commute restrictions and workforce unavailability.
Based on end use sector, the civil & commercial segment held the largest share in 2020, accounting for more than two-thirds of the market. Moreover, the segment is estimated to register the highest CAGR of 5.4% during the forecast period. The report includes an analysis of the defense segment.
On the basis of type, the pistol segment dominated the market in 2020, contributing to more than one-third of the small arms industry. Moreover, the segment is projected to manifest the highest CAGR of 5.7% during the forecast period. The report also analyzes the segments such as shotgun, revolver, and others.
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The global small arms market report includes an in-depth analysis of the prime market players such as 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, and Weihrauch & Weihrauch Sport GmbH & Co. KG.
The global small arms market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for nearly two-fifths of the market. In addition, the region is expected to register the highest CAGR of 6.0% during the forecast period.
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In addition, market participants are entering into long term agreements and contracts with end users such as law enforcement and military agencies to gain competitive advantage in the global market. North America dominated the small arms market in the year 2020. U.S., Germany, the UK, China, and India are expected to witness as emerging countries in the global small arms market during the forecast period. The global small arms market is a fairly fragmented market with several number of players operating in the global market. Majority of the market participants are strategically involved in contracts, collaborations,0 and product launch activities.
The defense equipment industry comprises thousands of small and medium-sized companies that are financed by governments. In addition, owing to adverse economic conditions triggered by the pandemic, several manufacturers had to shift their focus on keeping essential operations (due to project delays) running and helping governments in fighting against unique set of challenges. Projects pertaining to technology developments and modernization programs are witnessing significant delays in timelines and a major cut in spending. This is anticipated to impact efforts regarding procurement of small arms for law enforcement personnel in the coming years.