Northbrook, IL -- (SBWIRE) -- 09/30/2021 -- The small arms market size is projected to grow from USD 8.6 billion in 2020 to USD 9.6 billion by 2025, at a CAGR of 2.1% from 2020 to 2025. Factors such as the changing nature of warfare, the militarization of police forces, the increasing incidence of drug trafficking and terrorist activities, and the modernization of armed forces are driving factors assisting the growth of the small arms market.
Increasing spending on the modernization of armed forces is driving the growth of the defense applications
The growth of the defense segment of the small arms market can be attributed to the increased spending of countries on military modernization programs, rise in domestic crimes, and cross border drug trafficking activities across regions. The defense segment of the small arms market has been classified into military and homeland security. The growth of the military segment of the market can be attributed to the increased spending of different countries on military modernization programs. For instance, the US is exploring the feasibility of replacing its current ammunition with the new advanced 6.8mm ammunition since 2018 and is also designing a new firearm for this ammunition type.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138024472
Based on caliber, the 5.56mm caliber segment of the small arms market is projected to witness the highest CAGR during the forecast period
The growth of the 5.56mm caliber segment can be attributed to the increasing adoption of small arms chambered for 5.56mm. Changing focus from shoot to kill to shoot to injure by armed forces has resulted in the greater demand for this caliber. This cartridge has various military and civil designations and is the most preferred caliber for rifle ammunition globally. 5.56mm caliber ammunitions are commonly used in AR-style rifles, as well as AR-style handguns, which are widely available.
Rifles segment of the small arms market is projected to witness the highest CAGR owing to increasing focus on upgrading inventory by armed forces
Based on type, small arms market has been segmented into various categories, namely, pistol, revolver, rifle, machine gun, shotgun, and others. Rifles are of various types such as assault rifles, snipers, recoilless rifles, modern sporting rifles, and anti-material/bolt-action rifles are being considered under this category. The modern sporting rifle has also witnessed high adoption in the past few years due to an increase in sporting and hunting activities. Owing to modernization programs undergoing across globe demand for assault rifles and sniper rifles has been significantly increased compared to other small arms thus assisting to the growth of the rifle segment.
The North America market is projected to contribute the largest share from 2020 to 2025 in the small arms market
The small arms market in the North American region has been studied for the US and Canada. North America showcases the highest demand potential for small arms, primarily due to the increased defense spending countries in the region, along with the rise in incidences of gun violence, which are driving both, law enforcement as well as civilian segments to procure small arms for counter-terrorism as well as self-defense applications, respectively. The increasing popularity of sporting and hunting activities among civilians has also led to a significantly higher demand for small arms in the North American region.
North American countries are awarding a number of contracts to major players of the small arms market for the delivery of small arms, thus driving the growth of the small arms market in the region. For instance, in February 2020, FN America was awarded a USD 119 million contract by the US Department of Defense over five years for the supply of more than 167,000 M4 and M4A1 rifles. In March 2020, Hecker & Koch was awarded a USD 33 million contract by the US Army Contracting Command for the supply of Compact Semi-Automatic Sniper Systems and Squad Designated Marksman Rifles. In May 2020, Colt Canada, a subsidiary of Colt's Manufacturing Company LLC, was awarded a contract by the Canadian Department of National Defense for the supply of 272 of the new C20 rifles.
Key Market Players
The small arms market is dominated by a few globally established players such as Colt's Manufacturing LLC (US), GLOCK Ges.m.b.H. (Austria), Smith & Wesson (US), Sturm, Ruger & Co., Inc. (US), Israel Weapons Industry (IWI) (US), Heckler & Koch Gmbh (Germany), Kalashnikov Group (Russia), and Èeská Zbrojovka a.s. (Czech Republic).