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.”

Segments

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.

Information Source:

https://www.fortunebusinessinsights.com/small-arms-market-103173 

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)

 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.

Report Coverage

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.