The global small arms market size is projected to reach USD 6.52 billion by the end of 2027. The rising cross-border disputes and tense relations will lead to a wider product adoption across the world. According to a report published by Fortune Business Insights, titled “Small Arms Market Size, Share and Global Trend By Type (Handgun, Rifle, Shotgun) By Application (Defense Homeland Security, Self-Defense, Sports, Hunting, and Law Enforcement), and Regional Forecast, 2020-2027,” the market was worth USD 4.80 billion in 2019 and will exhibit a CAGR of 3.96% during the forecast period, 2020-2027.
Small arms are guns or firearms that are used by individuals as a mode of self-defence. They are compact guns and can include rifles, handguns, light machine guns, and shotguns. The purpose of small arms can vary from defence to sports. They are normally used by military personnel and police. The material used in the manufacture of small arms is available in abundance and ease. The lenient law enforcement policies regarding the use of small arms will lead to a wider product adoption across the world. The low-cost of these arms are a primary reason why they are used on a large scale, especially in countries such as the United States. The increasing adoption of small arms will have a direct impact on the growth of the overall market in the coming years.
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/small-arms-market-103173
North America Holds the Highest Market Share; High Defense Budget is a Primary Factor Behind Market Growth
The report analyses the latest market trends across five major regions, including North America, Rest of the Word, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is expected to emerge dominant in the coming years. The high defense budgets in countries such as the United States has not just led to a wider product adoption, but has also yielded technologically advanced products. The increasing terror attacks and tense cross-border relations have also contributed to the growth of the small arms market in this region. As of 2019, the market in North America was worth USD 1.56 billion and this value is projected to increase at a considerable pace in the coming years.
Increasing Number of Company Mergers will Bode Well for Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on market growth. Due to constant demand for small arms, companies are tying-up with manufacturers for supply of these products for a long duration. In January 2019, the United States Army announced that it has signed a contract with Sig Sauer for long-term supply and development of the company’s popular P320 handgun. The contract is said to worth USD 580 million and will last for 8 years. This will be a significant step in the progress and expansion of the company. The collaboration with US Army will also make it more popular in the global market. Sig Sauer’s collaboration with the United States Army will not just help the company grow, but will play a huge part in the growth of the overall small arms market in the foreseeable future.
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