Small Arms Market Share to Reach $14.2 Billion by 2032

By Type, the Pistol segment dominated the global market in 2022, in terms of revenue, and is expected to lead the market throughout the forecast period. By Action, the Automatic segment accounted for a major share in 2022. Based on the End-Use Sector, the Civil and Commercial segment is anticipated to dominate the market over the forecast period. By Application, the Narrow-Body segment is anticipated to dominate the market over the forecast period. At present, North America is the highest revenue contributor, followed by Europe, Asia-Pacific, and LAMEA

According to a new report published by Allied Market Research, titled, "Small Arms Market," The small arms market size was valued at $8.4 billion in 2022, and is estimated to reach $14.2 billion by 2032, growing at a CAGR of 5.3% from 2023 to 2032.

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Growth of the global small arms market is driven by surge in use of small arms solutions for sports events & hunting activities and modernization of law enforcement agencies in developing countries. Changing nature of warfare and growth in defense expenditure are the key factors that support growth of the small arms market. In 2020, by end use sector, the civil & commercial segment witnessed leading market share. Moreover, the automatic segment is expected to witness leading market growth and dominate the market share during the forecast period.

In addition, market participants are entering into long term agreements and contracts with end users such as law enforcement and military agencies to gain competitive advantage in the global market. North America dominated the small arms market in the year 2020. U.S., Germany, the UK, China, and India are expected to witness as emerging countries in the global small arms market during the forecast period.

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The small arms market is segmented on the basis of type, action, end use sector, and region. By type, it is categorized into pistol, shotgun, revolver, and others. Depending on action, it is fragmented into automatic and semi-automatic. Depending on end-use sector, the market is segregated into civil & commercial and defense. By region, the market is evaluated across North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA) with country-level analysis for each region.

The defense equipment industry comprises thousands of small and medium-sized companies that are financed by governments. In addition, owing to adverse economic conditions triggered by the pandemic, several manufacturers had to shift their focus on keeping essential operations (due to project delays) running and helping governments fight against unique set of challenges. Projects pertaining to technology developments and modernization programs are witnessing significant delays in timelines and a major cut in spending. This is anticipated to impact efforts regarding the procurement of small arms for law enforcement personnel in the forecasted year.

Furthermore, the small arms industry is in the process of creating advanced weaponry with intelligent features aimed at enhancing operational precision, efficiency, and reliability. Intelligent firearms incorporate cutting-edge technologies like fingerprint scanners, Radio Frequency Identification (RFID) chips, and biometric sensors to deter unauthorized users. These smart weapons can only be operated by authorized individuals, thereby assisting in the prevention of criminal activities and acts of violence. Biometric sensors are responsible for activating the firearm upon detecting a valid fingerprint, grip, or palm print. The market is poised for growth, driven by increasing demand for intelligent firearms characterized by improved attributes such as rapid access, fingerprint authentication, extended battery life, and other enhancements.

Additionally, the composition and armament of military forces in various locations have evolved, along with the weaponry itself. The growing demand for more efficient technologies, including weaponized vehicles, weaponized robots, and light arms, the effectiveness of warfare propels the demand of the small arms market. The U.S. military is also getting advanced weaponry capable of firing 6.8mm ammunition. General Dynamics Corporation, Textron Systems, and SIG SAUER have been selected by the U.S. for the manufacture of these high-tech firearms. India, a significant player in defense spending, is transitioning from 5.56mm weaponry and ammunition to more lethal 7.62mm weapons and munitions. These factors have contributed to a high demand for small-caliber ammunition.

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By action, the small arms market is divided into automatic and semi-automatic. Automatic small arms are firearms that continuously chamber and fire rounds after the actuation of the trigger mechanism. Advancements in robotics and artificial intelligence have led to discussions about the integration of automatic arms in unmanned systems and robotic platforms. These developments introduce a new dimension to the concept of automatic arms, expanding their potential applications beyond traditional firearms.

Russia-Ukraine War Impact Analysis

The conflict between Russia and Ukraine has led to an increased use of armored vehicles throughout Europe, particularly among NATO member countries. Armed defense forces have been equipped with various small weapons for both combat and border protection. Notably, the European Union (EU) has made a historic decision to purchase weapons and supply them to Ukraine, significantly contributing to the growth of the global small arms market. With the world seemingly returning to a 21st-century version of the Cold War, characterized by modern nuclear weaponry, the U.S. and NATO member states are in the process of rebuilding their military forces for deployment along Russia's borders and enhancing their operational capabilities.

KEY FINDINGS OF THE STUDY

By Type, the Pistol segment is anticipated to exhibit significant growth in the small arms market in the near future.
By Action, the Automatic segment is projected to exhibit significant growth in the small arms market in the near future.
By End-Use Sector, the Civil and Commercial segment is expected to exhibit significant growth in the small arms market in the near future.
By Region, Europe is anticipated to register the highest CAGR during the forecast period.

Key players covered in the small arms market report include CZG - Ceská zbrojovka Group SE, Fabbrica d'Armi Pietro Beretta S.P.A., FN Herstal, Heckler & Koch, ISRAEL WEAPON INDUSTRIES (I.W.I) LTD, Smith & Wesson Brands, Inc., Sturm, Ruger & Co., Inc., Taurus International Manufacturing, Inc., Webley & Scott, and Weihrauch & Weihrauch Sport GmbH & Co. KG

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