The small arms market has been segmented by barrel, type, end-user, and operation.
By type, the small arms market is segmented into shotguns, handguns, rifles, machine guns, and others. The handguns segment is sub-segmented into revolvers and pistols. The rifles segment, owing to the increase in civilian procurement of rifles for sporting and hunting activities, is expected to garner high CAGR across the assessment years. In addition, the surge in need to combat raging terrorism is likely to amplify the expansion of the small rifle segment.
By barrel, the small arms market is bifurcated into smooth-bore and rifled-bore. The rifled-bore segment is expected to thrive at a high CAGR across the review years and contribute to the upscaling of the market. The geometry of rifle-bore is such, that its imparts gyroscopic stability to the projectile, which ensures the point first accuracy. Hence, rifle-bore is gaining high popularity.
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By operation, the small arms market is segmented into self-loading firearm and manually-operated firearm. The self-loading firearm segment is further sub-segmented into automatic firearm and semi-automatic firearm. The self-loading firearm segment accounted for the major share of the global market. The availability of a wide variety of operating mechanisms, such as self-loading firearms gas-operated, and recoil-operated is expected to gain high traction for the global market of small arms.
By end-user, the small arms market is segmented into law enforcement, armed forces, sporting & hunting, and civilian self-defense. The armed forces segment, followed by the sporting & hunting segment, is likely to expand at the highest CAGR during the forecast years. The rise in procurement of small arms by sporting enthusiasts to accomplish activities, such as target shooting, hunting, and others is expected to escalate the market.
Market Research Future (MRFR) states, the market is likely to thrive at a CAGR of about 4% across the forecast period of 2018 to 2023. The rise in military and defense activities is expected to be significantly promoting the expansion of the global small arms market.
Key players that are operating in the global small arms market are Accuracy International Ltd. (UK), Steyr Arms GmbH (Austria), Beretta Holding SpA (Italy), American Outdoor Brands Corporation (US), Colt’s Manufacturing Company, LLC (US), Heckler & Koch GmbH (Germany), Glock Ges.m.b.H. (Austria), Remington Outdoor Company (US), Herstal SA (Belgium), and Sturm, Ruger & Co., Inc. (US)
Other factors, such as increase in terrorist activities, increase in drug trafficking, and change in the nature of warfare are noted to cast a positive impact on the market. Additionally, the increase in defense budget by governments of developing economies can spur the global small arms market growth. However, illegal trading of small arms can be a major restraining factor on the market. Stringent licensing procedure and regulation policies can hinder import and export of small arms, which can impede the market expansion.
By region, the small arms market has also been analyzed across five regions, namely, Asia-Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is likely to hold the most significant share of the global market in the evaluation period. The increase in military expenditure and quick adoption of technologies are factors that can influence the expansion of the regional market. The Canada small arms market is likely to attain a sizable valuation due to hefty investment made by the government developing small arms. However, the North America market explosion is primarily dependent on the United States because of eminent market players residing in the region.
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