Global small arms market was valued at $8.05 billion in the year 2019 and is expected to reach $11.10 billion by 2025 at a CAGR of 5.50% from 2020 to 2025 in terms of value. In terms of volume, market size of small arms market was 33,202.8 thousand units in the year 2019 and is expected to reach 44,241.3 thousand units in 2025, at a CAGR of 4.90% from 2020 to 2025. Growing demand for small arms in emerging regions such as Asia-Pacific and Middle East & Africa is likely to increase opportunities for small arms players across different sectors, including civilian, law enforcement, hunting & sports, and military. Increasing civilian conflicts and terror activities across the world have further increased the business prospects for the small arms industry. In case of North America and Europe, the increasing demand for small arms, is due to rising popularity of hunting and shooting sports and concern for personal safety.
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Major small firearms that find extensive use in small arms industry include handguns which cover both pistols and revolvers, rifles, shotguns, and other miscellaneous firearms such as pistol grip firearms, starter guns, firearm frames and receivers. In terms of market value, the rifles market is the most dominating product followed by the handguns, other small arms and shotguns. In 2019, the rifles market acquired the largest share and reported a revenue of $4.40 billion which is estimated to grow at a CAGR of 5.88% during the forecast period 2020-2025. However, handguns (second highest gun type after rifles) was valued at $2.14 billion in 2019 and is expected to reach $2.95 billion by 2025, at a CAGR of 5.51% during the forecast period, 2020-2025.
The small arms market has witnessed different market dynamics across various regions of the globe. The market has witnessed rising demand from countries such as U.S., Russia, India, China, Germany, and France., among others. The following figure represents the global small arms market by region. It includes North America, Europe, Asia-Pacific, and the Rest-of-the-World. Globally, North America is one of the most prominent regions, which is continuously progressing in the field of small arms market. In the year 2019, North America had a global market share of 43.9% (in terms of value). It has the largest market value accounting for $3.53 billion which is expected to reach $5.08 billion by 2025 at a CAGR of 6.21% from 2020 to 2025. The U.S. is one of the prominent countries in the world and it recorded the highest market revenue of $3.40 billion in the year 2019 and is expected to reach $4.92 billion by the year 2025.
Europe is the second most prominent region for small arms market and includes some of the major countries such as the U.K., Germany, France, Italy, Spain, Russia, and Rest-of-Europe. The small arms market in Europe reported a revenue of $2.79 billion in the year 2019 and is expected to grow at a CAGR of 4.56% during the forecast period 2020-2025. In Europe, Russia acquired the major market share and is expected to grow at the highest CAGR of 4.58% during the period, 2020-2025. Global small arms market in Asia-Pacific is likely to grow at a CAGR of 6.22% during the forecast period, owing to the defense modernization programs. For instance, the defense modernization program or future soldier program of India includes Future Infantry Soldier as System (F-INSAS) which has been expected to be completed by 2020.
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The global small arms industry is one of the most competitive industries with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the small arms industry exhibits an inclination toward emerging strategies and developments by market players.
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