Global Small Arms Market to Reach $9.6 Billion by 2026

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Mar 03, 2022, 10:55 ET

SAN FRANCISCO, March 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Small Arms - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 10; Released: February 2022
Executive Pool: 473
Companies: 93 - Players covered include Beretta Holding SpA; Colt's Manufacturing Company, LLC; Forjas Taurus S.A.; Freedom Group; General Dynamics Corporation; Glock Ges.M.B.H; Heckler & Koch GmbH; Herstal SA; Orbital ATK, Inc.; Ruger Firearms; Small Arms Survey (Sturm); Smith & Wesson and Others.
Coverage: All major geographies and key segments
Segments: Type (Rifle, Pistol, Shotgun, Revolver, Other Types); End-Use (Military, Law Enforcement, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

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ABSTRACT-

Global Small Arms Market to Reach $9.6 Billion by 2026
Small arms (excluding light weapons, their replicas and antique small arms) are designed to launch or expel a projectile, bullet, or shot through an explosive's action. They include self-loading pistols, revolvers, assault rifles, light and sub-machine guns, and carbines. These arms are mostly intended for personal use. They are provided with accessories and ancillaries such as cleaning kits, slings, oil bottles, sound suppressors, under-barrel grenade launchers, optical sights, flash lights and fore-grips to enhance the usefulness and effectiveness of the weapons. Small arms consist of barrel, action, stock and other operating components, manufactured as per military specifications. They find exhaustive use in commercial applications like sports shooting, self-defense, hunting, and law enforcement agencies & militaries. Firearms are generally manufactured using high-quality steel, while some of their components are made from wood and Bakelite. Nowadays, however, polymers are replacing metal because weapon markings easily are erasable from polymers. The raw material required for manufacturing the arms is abundantly and easily available.

Amid the COVID-19 crisis, the global market for Small Arms estimated at US$8.7 Billion in the year 2022, is projected to reach a revised size of US$9.6 Billion by 2026, growing at a CAGR of 2.6% over the analysis period. Rifle, one of the segments analyzed in the report, is projected to grow at a 2.8% CAGR to reach US$5.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Pistol segment is readjusted to a revised 2.4% CAGR for the next 7-year period. This segment currently accounts for a 34.2% share of the global Small Arms market.

The global count of small arms amounts to over one billion with the inclusion of the civilian sector, and is projected to display a strong growth in the future due to the increasing demand from civilians. A major part of the worldwide small arms are held by civilians due to the increasing requirement for self-defense, including non-state armed forces, private security personnel, gangs, and private citizens. The increase in cross-border issues, regional unrest, security threats, and tense relations is expected to result in a greater product adoption at the global level. The legal provision in some countries enabling ownership of small arms by civilians for defense needs is among the major factors driving the growth of the market. Small arms have a wide usage in many countries including the U.S. owing to its low-cost. The growing use of small arms is expected to directly impact the growth of the worldwide market in the future.

The U.S. Market is Estimated at $3.8 Billion in 2022, While China is Forecast to Reach $987.4 Million by 2026
The Small Arms market in the U.S. is estimated at US$3.8 Billion in the year 2022. The country currently accounts for a 43.28% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$987.4 Billion in the year 2026 trailing a CAGR of 3.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.7% and 2.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.2% CAGR while Rest of European market (as defined in the study) will reach US$1 Billion by the close of the analysis period.

Political instability, rising participation in shooting and hunting sports, and growing demand for law enforcement and self-defense are propelling the arms market. Implementation of stringent rules related to keeping and procuring arms, and tough enforcement of laws against hunting are hindering the growth of the market. Increasing measures to eliminate terrorism is expected to create opportunities for the market. Surging demand from civilian applications such as self-defense and sports is forecast to drive the growth of small arms market. In recent past, growing prevalence of armed violence and terrorism has driven a large number of civilians to obtain small arms to ensure their self-defense. The same factor is also responsible for driving the law enforcement agencies and military forces across the world to make investments in order to acquire advanced weapon systems that include leading small arms such as pistols and rifles. Factors such as growing cross-border disputes, rising wars, and surging instances of terrorism and increasing use by civilians are anticipated to propel the growth of small arms market. Several wars against the terrorist outfits, especially in Asia-Pacific and Middle-East regions are driving the enhanced procurement of small arms by law enforcement authorities and militaries.

Major small arms that are being acquired include heavy machine guns, pistols, and rifles. Stringent regulations related to use of small arms in leading nations across the world, and decreasing defense expenditures in advanced economies such as Germany, United Kingdom, Canada, and the US are the most significant factors that can restrain the growth of small arms market in upcoming years. Specifically, strict licensing policies in the US on both civilian end users and manufacturers are especially hampering the growth in demand of small arms. The market is witnessing a growth in demand in the defense industry. The driving factor that boosts the demand for small arms is the large scale procurement of these weapons by the defense organizations to gear up their armed forces all over the world. Examples of small arms that are basically used by individuals are Rifles, Machine guns, Shot guns and Hand guns among others. Such weapons are normally used by single individuals. The small arms usually launch projectiles such as a bullet by an explosive action.

Other key trends include the continuous R&D activities in order to increase efficiency and upgrade current weapons, a growing trend for 3D printed firearms as well as corner shot rifles, and increasing use of SALW's in developing nations. The growing terrorist attacks, increasing attention to counter operation, rising regional unrest, rising drug trafficking, increasing cross-border firing, shifting patterns of warfare nature, and other lawbreaking activities impact the small arms market growth. Further, rising concerns of personal safety result in growing small arms adoption for self-defense purposes among civilians. Besides, people are taking a rising interest in activities like shooting and hunting, which also factor in the robust growth of the global small arms market growth. For example, target shooting and trophy hunting are finding popularity in several leading countries across the world. The adoption of agile and intelligent manufacturing concepts, lightweight materials, noise suppression technology, and laser technology creates several promising opportunities for growth for the global small arms market.

Shotgun Segment to Reach $542.8 Million by 2026
Shotguns are used mostly for commercial aspects like sports, personal safety, and hunting. The shotgun category, however, will have moderate growth due to a demand for 10, 12 and 20- gauge shotguns for hunting activities and sports shooting. In the global Shotgun segment, USA, Canada, Japan, China and Europe will drive the 2.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$399.7 Million will reach a projected size of US$464.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$41.4 Million by the year 2026. More

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