The global small arms market was valued at USD 9.07 billion in 2023 and is anticipated to expand from USD 9.46 billion in 2024 to USD 12.32 billion by 2032, reflecting a CAGR of 3.35% over the forecast period. In 2023, North America led the market, accounting for a 43.33% share.
Small arms are guns or firearms that are used by individuals as a mode of self-defence. They are compact guns and can include rifles, handguns, light machine guns, and shotguns. The purpose of small arms can vary from defence to sports. They are normally used by military personnel and police. The material used in the manufacture of small arms is available in abundance and ease. The lenient law enforcement policies regarding the use of small arms will lead to a wider product adoption across the world. The low-cost of these arms are a primary reason why they are used on a large scale, especially in countries such as the United States. The increasing adoption of small arms will have a direct impact on the growth of the overall market in the coming years.
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List of companies profiled in the report:
The Coronavirus Outbreak to Affect Major Companies as Manufacturing Comes to a Standstill
The recent coronavirus outbreak has created a sense of panic among customers as well as manufacturers across the world. The collaborative steps taken by governments in numerous countries across the world have affected the product and manufacture of small arms. Although there are several countries where the Covid-19 pandemic hasn’t really affected the small arms market, the slow pace of manufacturing in other parts of the world has certainly affected the growth of the global market.
Increasing Number of Company Mergers will Bode Well for Market Growth