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The global small arms market size is expected to exhibit strong growth by reaching USD 11.16 billion by 2029. Fortune Business Insights™ in its report titled “Small Arms Market Size, Share, and COVID-19 Impact Analysis By Type (Handgun, Rifles, Shotgun), By Application (Defense and Homeland Security, Self-Defense, Sports, Hunting, Law Enforcement), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 8.53 billion and touched USD 8.75 billion in 2022. The market is expected to exhibit a CAGR of 3.53% during the forecast period. Rising armed conflicts, cross-border conflicts, increasing hunting activities, and shooting ranges are likely to boost the market growth.
Kalashnikov Offered the Russian Army with AK12 Assault Rifles to Bolster Sales
Kalashnikov provided the Russian Army with AK-12 rifles in August 2021. The rifles are chambered in 5.45mm calibers and shall be delivered to the Russian Army under the contract that the Russian Ministry of Defense awarded. This strategy may allow Kalashnikov to bolster its sales figures.
Robust Demand for Guns for Commercial and Civil Purposes Propelled Market Progress
This industry was positively impacted during the COVID-19 pandemic due to the strong demand for guns for civil and commercial purposes. Escalating border conflicts among nations fueled firearms demand. Furthermore, robust demand for arms due to the Japan Olympics fostered market progress. Moreover, the resumption of activities post lockdown enhanced production and arms manufacturing. These factors propelled industry growth during the pandemic.
Widespread Demand for Various Firearms from NATO Countries Fueled Industry Growth
Strong demand for several firearms during the war bolstered small arms adoption. Increasing armored vehicle usage across Europe may foster sales. Further, strong adoption of the product from the U.S. may bolster industry growth. Moreover, strong demand for guns for border defense and war is expected to foster sales. Also, rising operational capabilities are expected to elevate industry progress.
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Increasing Modern Weapon Innovations May Foster Industry Growth
Small arms consist of rifles, handguns, shotguns, and rifles. Its demand is expected to grow due to escalating border issues and the Russia-Ukraine war. Further, strong demand for advanced weaponry and ammunition may bolster small arms adoption. Also, increasing modern weapon innovation may foster the product’s demand. Also, manufacturers develop advanced ammunition to escalate efficiency and bolster security. For example, a U.S.-based arms manufacturer, True Velocity, is creating 6.8mm ammunition to replace its 5.56mm weaponry. Additionally, the rising demand for arms from civilians may enhance its adoption. These factors may bolster the small arms market growth.
Major Players Enter into Agreements to Boost Sales
The prominent companies operating in the market enter into agreements to boost their sales and maintain a strong consumer base. For example, Èeská zbrojovka a.s. signed an agreement with Czech Republic Army in April 2020. The company supplied nearly 39,000 little arms valued at approximately USD 105 million. Under this agreement, the military shall procure nearly 16,000 BREN 2 attack rifles, more than 1,600 CZ 805 G1 underslung explosive launchers north of 21,000 CZ P-10 guns, preparing ammo, and nearly 100 CZ SCORPION PDWs. This strategy may allow the company to boost its sales and improve its brand image. Furthermore, companies adopt research and development, automated production techniques, mergers, expansions, and partnerships to enhance their market position globally.
Notable Industry Development
List of Key Players Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD Billion)