Small arms are man-portable weapons designed for individual use. Major factor driving growth of the global small arms market is increasing demand for small arms in military and law enforcement institutions. Growing adoption of small arms by civilian, due to rising security concerns is another factor fueling growth of the global market. However, stringent government regulation against usage and possession of small arms may hamper growth of the target market.
The global small arms market has been segmented on the basis of product type, caliber, cutting type, application, and region. On the basis of product type, the market is segmented into shotgun, pistol, rifle, revolver, machine gun, and others. On the basis of caliber, the market is segmented into 5.56 mm, 7.62 mm, 9 mm, 12.7 mm, and others. On the basis of cutting type, the market is segmented into threaded and smooth bore.
On the basis of application, the market is segmented into military, law enforcement, self-defense, sports, and hunting. Military segment dominates the global market in terms of revenue and is expected to maintain its position over the forecast period. Self-defense segment is anticipated to witness lucrative growth in terms of revenue, due to increasing incidents of gun violence.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Currently, the market in North America dominates the global market in terms of revenue, owing to presence of key firearm manufacturers in this region. Lack of gun control laws is another factor propelling growth of small arms market in North America region. The market in Asia Pacific is expected to witness high growth in terms of revenue, owing to increasing military budgets and updating of regional law enforcement offices, followed by Middle East and Africa.
Key players operating in the global small arms market include Northrop Grumman Innovation Systems Inc. (Orbital ATK), Smith & Wesson Holding Corporation, Sturm, Ruger & Company, Inc., Freedom Group, General Dynamics Corporation, Forjas Taurus SA, Glock Ges. M.B.H, Heckler & Koch GmbH, and Herstal SA, and Beretta Holding S.p.A.