Service Handgun Market Statistics, Development and Growth 2021-Sturm, Ruger & Co. Inc., SIG SAUER, Smith & Wesson, Heckler & Koch GmbH, FN HERSTAL

Service Handgun Market by Component, Application, Services, and Region- Forecast to 2025

The Global Service Handgun Market Research Report 2021-2025 published by MarketInsightsReports is a significant source of keen information for business specialists. It furnishes the Service Handgun business outline with development investigation and historical and futuristic cost analysis, income, demand, and supply information (upcoming identifiers). The research analysts give a detailed depiction of the Service Handgun worth chain and its wholesaler examination. Service Handgun Market study gives extensive information which upgrades the agreement, degree, and use of this report.

The service handgun market is projected to register a CAGR of more than 2% during the forecast period.

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Top Leading Companies of Service Handgun Market are Sturm, Ruger & Co. Inc., SIG SAUER, Smith & Wesson, Heckler & Koch GmbH, FN HERSTAL, CZUB, Springfield Armory, Fabbrica d'Armi Pietro Beretta SpA, Colt's Manufacturing Company LLC, Walther Arms Inc., Remington Arms Company, GLOCK GmbH, Browning, KADDB, Armscor International Inc. and others.

Industry News And Updates on Service Handgun Market-

North America has the Largest Share in the Market as of 2019

As of 2019, North America has the highest share in the Service Handgun Market, primarily due to the replacement contracts which were awarded to the handgun manufacturers. Much of the demand from North America for the handguns are from the United States. The US has been the leading military spender in the world. The proposed Fiscal Year (FY) 2021 budget requested USD 740.5 billion for national security, out of which USD 705.4 billion is for the Department of Defense (DoD). The increase is expected to drive the implementation of new arms procurement programs, which are mainly focused on improving and upgrading the country's armed forces. In addition, the country is also focusing on increasing the military end strength by 5,600 in FY 2021 from the FY 2020 projected levels.

Key Market Trends Service Handgun Market-

The Pistols Segment to Dominate the Market in the Years to Come

The pistols segment is expected to have a larger market share in the service handgun market during the forecast period. Pistols generally have a larger bullet holding capacity of up to 17 rounds on a standard magazine, compared to revolvers, which have a very low bullet holding capacity. Also, pistols are more accurate compared to revolvers. These are the main reasons for the greater preference of militaries and law enforcement agencies for pistols over the revolvers. With the existing military handguns of the Armies dating back to the cold war times, the armies are replacing those handguns to newer models. For instance, in October 2019, the army of Portugal announced that it had selected Glock to supply special new Gen 5 G17 models to replace the countrys dated Walther military handguns. The contract follows the NATO Support and Procurement Agency (NSPA) tender launched in early 2019 for the Walther replacement. Likewise, the .38-calibre Taurus revolvers, used by the Singapore Police Force (SPF) frontline officers, are now being replaced by the semi-automatic pistols. This move is to give the police officers more powerful and accurate firearms to tackle heightened security threats. Such procurement and related plans are the main reasons for a larger share of the segment.

Competitive Landscape On Service Handgun Market-

Competitive Landscape

GLOCK GmbH, SIG SAUER, Sturm, Ruger & Co. Inc., FN HERSTAL, and CZUB are some of the major players in the market. As most of the contracts awarded in the market comprise large procurement with higher volumes, companies may benefit from higher revenues per contract. At the same time, there is intense competition between the players for service handguns contracts. Companies that provide durable products that pass every testing phase by the contracting agency will end up gaining long-term contracts in the market. In addition, ergonomics is also taken into consideration while selecting and finalizing a particular product. As such, the focus should be on building long-lasting, accurate, ergonomic products with high quality. Competitive pricing will also help the players gain new contracts, thereby enhancing their market share and market presence.

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