Market Research Report
Global Small Arms Market: Focus on Gun Type (Handguns, Rifles and Shotguns) Cutting Type (Rifled/Threaded Bore and Smooth Bore), Operation Type (Automatic, Semi-Automatic and Manual) and Application - Analysis and Forecast 2018-2023
|Published by||BIS Research Inc.||Product code||781857|
|Published||Content info||219 Pages
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|Global Small Arms Market: Focus on Gun Type (Handguns, Rifles and Shotguns) Cutting Type (Rifled/Threaded Bore and Smooth Bore), Operation Type (Automatic, Semi-Automatic and Manual) and Application - Analysis and Forecast 2018-2023|
|Published: January 31, 2019||Content info: 219 Pages||
The Global Small Arms Market is Anticipated to Reach $9.95 billion by 2023, Reports BIS Research
The global small arms market is expected to witness static growth during the forecast period 2018-2023, due to the rising demand from civilian (self-defense). A wide-range of firearms has been adopted by the defense forces of various nations in regions such as North America, Europe, and Asia-Pacific, among others in order to protect their countries from wars, conflicts, and terrorist activities. Of late, with the rising interests of people in activities such as hunting and shooting along with the rising concern for personal defense, the small arms industry has been observing a robust growth. For instance, trends such as trophy hunting or target shooting have become popular in major countries around the world. Moreover, the various regions of the world are increasing their defense expenditure to be more stable and competitive at the global level. The increasing defense budget of the countries is expected to drive the global small arms market.
According to BIS Research analysis, the global small arms market generated $8.37 billion in 2018 and is estimated to grow at a CAGR of 3.51%, during 2018-2023. North America dominated the global small arms market in 2017, with the U.S. acquiring the most significant market share, globally. However, Asia-Pacific is expected to have the highest growth rate during the forecast period, 2018-2023.
Arms are one of the most important requirements for defense forces, including the Army, Navy, and Air Force. A wide-range of firearms has been adopted by the defense forces of various countries in different regions such as North America, Europe, and Asia-Pacific, among others in order to protect their countries from wars, conflicts, and terrorist activities. The small arms industry has been observing a robust growth. A significant portion of the small arms market is dependent on the civilian market and hunting and shooting sports. There are various types of small arms, such as, rifles, pistols, and shotguns, among others that have been used in hunting & shooting sports and other civilian applications. The small arms industry in the recent years has seen the development of firearms for both commercial and military applications.
There has been an increase in the overall defense spending of various countries all over the world. The growing defense budget of the different countries is playing a major part in the defense modernization program adopted for strengthening a nation's military forces. The U.S. Department of Defense (DoD) had the highest defense budget of $611 billion for FY 2017. Asia-Pacific is one of the emerging regions that is continuously increasing expenditure on defense in order to develop the military power. Some of the leading players in the global small arms market includes Browning International S.A., Sig Sauer Inc., FN Herstal, Colt's Manufacturing Company, Beretta Arms Company, Taurus Holdings Inc, Glock Inc., Remington Outdoor Company, Kalashnikov Concern, American Outdoor Brands Corporation (Smith & Wesson), and Sturm, Ruger &Co., among others.
The market reported a revenue of $8.37 billion in 2018 and is expected to grow at a significant CAGR during the forecast period 2018-2023. The global small arms market has been segmented into four-gun types: handguns, rifles, shotguns, and others. The rifles gun type market acquired the largest share in 2017; however, shotguns gun type market is expected to grow at the highest CAGR during the forecast period, 2018-2023.
North America acquired the largest share of the global small arms market followed by Europe, Asia-Pacific, and Rest of-the-World (RoW). The U.S. and Canada are some of the prominent countries in North America for the development of the small arms market. The U.S. dominated the overall market of the small arms in the year 2017. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, 2018-2023. In Europe, the U.K. is one of the prominent countries which is currently focusing on the deployment of small arms. Some of the other prominent countries include Germany, Russia, Italy, and France.
The prominent countries in the Asia-Pacific region driving the small arms market are China, Australia, Japan, South Korea, and India. China, currently, has the largest share and is expected to grow at the highest rate in the Asia-Pacific region during the forecast period.