Small arms market to reach $ 6.52 billion by 2027
Pune, India, November 29, 2021 (GLOBE NEWSWIRE) – The world small arms market the size is expected to reach $ 6.52 billion by the end of 2027. The increase in cross-border disputes and strained relationships will lead to wider adoption of the products across the world. According to a report published by Fortune Business Insights, the market was worth $ 4.80 billion in 2019 and will display a CAGR of 3.96% during the forecast period 2020-2027.
Small arms are firearms or firearms that are used by individuals as a means of self-defense. They are compact weapons and can include rifles, handguns, light machine guns, and shotguns. The purpose of small arms can vary from defense to sport. They are normally used by military personnel and police. The material used in the manufacture of small arms is available in abundance and ease. Lenient law enforcement policies regarding the use of small arms will lead to wider adoption of the products around the world. The low cost of these weapons is one of the main reasons they are used on a large scale, especially in countries like the United States. The increasing adoption of small arms will have a direct impact on the growth of the overall market in the years to come.
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List of companies presented in the small arms market report:
- American Outdoor Brands Corporation (United States)
- Fabbrica d’Armi Pietro Beretta SpA (Italy)
- FN HERSTAL (Belgium)
- General Dynamics Corporation (United States)
- Heckler & Koch GmbH (Germany)
- Lockheed Martin Corporation (United States)
- Northrop Grumman Corporation (United States)
- Sturm, Ruger & Co., Inc. (United States)
- Taurus International Manufacturing, Inc. (Brazil)
- Thales Group (France)
Coronavirus outbreak will affect large companies as manufacturing shuts down
The recent coronavirus outbreak has created a sense of panic among customers as well as manufacturers around the world. Collaborative actions taken by governments in many countries around the world have affected the production and manufacture of small arms. While there are several countries where the Covid-19 pandemic has not really affected the small arms market, slow manufacturing in other parts of the world has certainly affected the growth of the global market.
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Rising number of business mergers will bode well for market growth
The report encompasses several factors which have contributed to the growth of the overall market in recent years. Among all the factors, the increasing number of mergers and acquisitions of companies has had the greatest impact on the growth of the market. Due to the constant demand for small arms, companies are partnering with manufacturers to provide these products over a long period of time. In January 2019, the U.S. military announced it had signed a contract with Sig Sauer for the supply and long-term development of the company’s popular P320 handgun. The contract is estimated at $ 580 million and will last 8 years. This will be an important step in the progress and expansion of the business. Collaboration with the US military will also make it more popular in the world market. Sig Sauer’s collaboration with the United States Army will not only help the company grow, but play a huge role in the growth of the overall small arms market for the foreseeable future.
North America has the highest market share; A high defense budget is a major factor in the growth of the market
The report analyzes the latest market trends in five major regions including North America, Rest of the World, Europe, Asia-Pacific, Middle East and Africa. Among all regions, the North American market is expected to become dominant in the coming years. High defense budgets in countries like the United States have not only led to wider adoption of the products, but also resulted in technologically advanced products. Growing terrorist attacks and strained cross-border relations have also contributed to the growth of the small arms market in this region. In 2019, the market in North America was worth $ 1.56 billion and this value is expected to increase at a considerable rate in the coming years.
February 2019: Portugal have announced that they have signed a contract worth $ 50.3 million with FN Herstal. The contract will cover 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 multipurpose machine guns.
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Detailed table of contents:
- Scope of research
- Market segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Key ideas
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Latest technological advances
- Porters Five Forces Analysis
- Supply chain analysis
- Quantitative analyzes – Impact of the COVID-19 pandemic on the global small arms market
- Impact of COVID-19 on the global small arms market
- Measures taken by industry / companies / governments to overcome the impact
- Key developments in the industry in response to the COVID-19 pandemic
- Potential opportunities due to the COVID-19 epidemic
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