Technavio, a leading provider of market research reports, has released its latest study on Small Arms Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
According to Technavio, the global small arms market is a significant segment of the expansive global capital goods market, which encompasses the aerospace and defense industry. This sector comprises organizations involved in the manufacturing and supply of aerial and defense platforms, arms and ammunition, defense electronics, defense logistics equipment, space platforms, and related MRO activities for both commercial aviation and defense sectors. The global capital goods market size is determined by the collective revenue generated by manufacturers and providers in industries such as aerospace and defense, building and construction, electrical equipment, industrial conglomerates, machinery, trading companies, and distributors. - The Small Arms Market is experiencing significant growth, fueled by the Rising concerns about personal safety and security. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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The market size is estimated to grow by USD 2.60 billion, at a CAGR of 5.21% during the forecast period. Increasing popularity of modular firearms platforms | Integration of technology such as biometrics and radio frequency identification into small arms | Increasing participation of women in shooting sports and self-defense
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The North American region holds immense significance in the global small arms market, characterized by a robust demand driven by cultural affinity towards gun ownership, constitutional rights, and recreational shooting activities. The United States, as a key player, dominates the production and consumption landscape in this region. Key factors fueling the market growth include the strong culture of gun ownership, personal safety concerns, and self-defense needs. Furthermore, procurement contracts and modernization initiatives from military and law enforcement agencies contribute significantly to the market expansion in North America.
The small arms market encompasses a wide range of firearms, including machine guns, shotguns, sniper rifles, assault rifles, rifles, revolvers, and handguns. These firearms are used for various purposes, from military applications to civilian use for hunting and self-defense. Military expenditure plays a significant role in the small arms market, with countries continuously investing in modernizing their arsenals. The Stockholm International Peace Research Institute (SIPRI) reports that in 2020, global military expenditure amounted to USD1,981 billion, with a large portion allocated to small arms acquisition. Some of the most iconic firearms in the small arms market include the M4 Carbine, Uzi, Rheinmetall MG 3, and AK 47. These weapons have become synonymous with military power and have been used in various conflicts around the world. The development of new technologies and ammunition types continues to drive innovation in the small arms market. For instance, the use of polymer frames, adjustable stocks, and advanced optics has made modern firearms more accurate, reliable, and user-friendly. Moreover, the civilian market for firearms, particularly handguns and shotguns, remains strong, with revolvers and pistols being popular choices for self-defense and recreational shooting. The small arms market is a dynamic and evolving industry that continues to adapt to the changing needs of military and civilian users alike.
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