Published on : Oct 05, 2016
ALBANY, New York, Oct 05, 2016: The report offers key insights into the global small arms market. According to the research report, the market is expected to rise at a CAGR of 2.49% from 2016 to 2020.
The rising demand from civilian applications such as self-defense and sports is anticipated to fuel the growth of the global small arms market. Additionally, several governments worldwide are legally providing small arms for civilian defense. As per the findings of the report, about 60% of the global small arms are possessed by private security personnel, private citizens, gangs, and non-state armed forces. Moreover, the introduction of technologically advanced guns such as smart guns is likely to boost the growth prospects of this market. Furthermore, the increasing application of 3D printing in gun manufacturing is fuelling the growth of the market. Another factor driving the market is the growing procurement of small arms by law enforcement agencies and military forces across the globe owing to increasing cases of terrorism and armed violence.
On the other hand, the strict licensing procedures related to the allotment of small arms are restraining the global small arms market. Other factors hampering the growth of the market are declining defense budgets of developed economies and increasing illicit trade and trafficking of arms. However, the rising trend of foreign direct investment (FDI) in defense in emerging markets is estimated to shape the future of the market.
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Based on type, the global small arms market is segmented into pistols, revolvers, guns, submachine, light machine guns, rifles, grenade launchers, portable anti-aircraft guns, mortars, and portable anti-tank guns. On the basis of end users, the civilians segment dominated the market in 2015, accounting for 62% of the overall market. The rising concerns regarding self-defense and governments increasingly promoting shooting sports are contributing to the growth of this segment.
Geographically, the Europe, Middle East and Africa (EMEA) will continue to retain its dominance until 2020. The growth of this region can be attributed to the increasing funding for military and law enforcement modernization programs. Moreover, countries such as Austria, Belgium, France, Germany, Italy, Russia, Sweden, Switzerland, Spain, and the U.K. are the major importers and exporters of small and light weapons in this region.
The global small arms market is highly competitive in nature. The key vendors in the market are focusing on the price, quality, design, and size of the products to gain a competitive edge over others. The authors of the report suggest that vendors can increase their profit margins by opting for efficient production techniques that can mitigate associated risks and diminish production expenses. Some of the key players in the market are Beretta, Heckler & Koch, HS Produkt, SIG SAUER, and Smith & Wesson.
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