Authored By: Sarah
24 Aug 2024

Small Arms Market Size to grow by USD 2.60 billion between 2024-2028

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.

Key Highlights

  • Market Research Overview:

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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  • Major Findings

    • Rising concerns about personal safety and security
    • Increasing demand for small arms from law enforcement sector
    • Strict regulatory frameworks and licensing requirements for small arms
    • Illegal arms trade proliferation threatening legitimate markets
  • Growth Projections

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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  • Regional Insights

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.

Research Analysis Overview

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.

About Technavio                                                                        

Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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