Small Arms Market to Hit USD 6.52 billion by 2027 | Global Small Arms Industry Growth, Share, Size, Analytical Report By Fortune Business Insights™
Fortune Business Insights
5 min read
Companies covered in small arms market are American Outdoor Brands Corporation (The U.S.), Fabbrica d'Armi Pietro Beretta S.p.A. (Italy), FN HERSTAL (Belgium), General Dynamics Corporation (The U.S.), Heckler & Koch GmbH (Germany), Lockheed Martin Corporation (The U.S.), Northrop Grumman Corporation (The U.S.), Sturm, Ruger & Co., Inc. (The U.S.), Taurus International Manufacturing, Inc. (Brazil), Thales Group (France) and many more
Pune, India, Nov. 29, 2021 (GLOBE NEWSWIRE) -- 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 wider product adoption across the world. According to a report published by Fortune Business Insights, 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-defense. They are compact guns and can include rifles, handguns, light machine guns, and shotguns. The purpose of small arms can vary from defense 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 wider product adoption across the world. The low cost of these arms is 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.
List of companies profiled in the small arms market report:
American Outdoor Brands Corporation (The U.S.)
Fabbrica d'Armi Pietro Beretta S.p.A.(Italy)
FN HERSTAL (Belgium)
General Dynamics Corporation (The U.S.)
Heckler & Koch GmbH (Germany)
Lockheed Martin Corporation (The U.S.)
Northrop Grumman Corporation (The U.S.)
Sturm, Ruger & Co., Inc. (The U.S.)
Taurus International Manufacturing, Inc. (Brazil)
Thales Group (France)
The Coronavirus Outbreak to Affect Major Companies as Manufacturing Comes to a Standstill
The recent coronavirus outbreak has created a sense of panic among customers as well as manufacturers across the world. The collaborative steps taken by governments in numerous countries across the world have affected the product and manufacture of small arms. Although there are several countries where the Covid-19 pandemic hasn’t really affected the small arms market, the slow pace of manufacturing in other parts of the world has certainly affected the growth of the global market.
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 the 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 be 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.
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, the 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 have 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.
Industry Developments:
February 2019: Portugal announced that it has signed a contract of worth USD 50.3 million with FN Herstal. The contract will be aimed at the distribution and development of 1,000 5.56x45mm rifles and 300 new 7.62x51mm rifles. It will also include the development of 830 5.56x45mm light machine guns and 320 7.62x51mm general-purpose machine guns.
Key Industry Developments –Mergers, Acquisitions and Partnerships
Latest technological Advancements
Porters Five Forces Analysis
Supply Chain Analysis
Quantitative Insights- Impact of COVID-19 Pandemic on Global Small Arms Market
Impact of COVID-19 on Global Small Arms Market
Steps Taken by Industry/Companies/Governments to Overcome the Impact
Key Developments In The Industry In Response To COVD-19 Pandemic
Potential Opportunities Due to COVID-19 Outbreak
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