Published on : Apr 21, 2016
Small arms and light weapons are two classes of weapons that are designed for the use of individuals or a crew of two to three persons. The various weapons that fall under the small arms and light weapons category are: pistols, rifles, shotguns, handguns, and man portable machine guns. Modernization of police is one of the major factors driving the small arms and light weapons market. According to a report published by a market intelligent company called Transparency Market Research, the global small arms and light weapons market is expected to expand at a CAGR of 3.8% between 2014 and 2023. The small arms and light weapons market was valued at US$15.75 bn in 2014 and is anticipated to reach US$22.12 bn by 2023.
Measures Taken by Various Countries to Address Issues of Drug Trafficking Boosts Market
The small arms and light weapons market is growing due to an increasing focus on the modernization of the police forces by the government on account of growing crime rates. Increase in the urban warfare will promote growth of the small arms and light weapons market. Small arms and light weapons are extensively used for counter attacks where bombing cannot be done. The rising number of drug trafficking is leading to the adoption small arms and light weapons by various countries.
Military Segment Accounted for a Share of over 50% in the Global Small Arms and Light Weapons Market
The global small arms and light weapons market is segmented on the basis of application into law enforcement, military, and others. Out of these, the military segment held the largest market share in 2014 by accounting for over 50% of the total share. The growth was primarily due to defense modernization programs.
On the basis of geography, the small arms and light weapons market is segmented into Europe, Asia Pacific, North America, and Rest of the World. Out of these, Europe held the largest market for small arms and light weapons in 2014 by accounting for 30% in the global market. North America was the second largest market for small arms and light weapons.