Small arms are the types of weapon that can be carried by a person, making them man portable. Different types of small arms include revolvers, assault rifles, pistols, submachine guns, carbines, light machine guns and such other weapons. The global distribution of these products is wide, making them some of the most common types of weapons. The global small arms market is witnessing significant traction across the world, which is mainly attributed to the changing nature of warfare and the types of these arms along with the diverse applications. Regulatory concerns and strong governmental norms however, are expected to create challenges for the growth of the industry.
Factors Driving Growth in Small Arms Industry
Small arms have become commonplace across different countries. Along with being used in the defense and security operations, these weapons are predominantly used for self-defense. Rising use as self protection arms by private individuals, VIP personalities and significant use by recreational hunters are some of major driving factors for the small arm market. Easy availability of these weapons makes them within easy reach for most of the users, which also calls for strict governmental eye in terms of their misuse. Changing nature of applications, modern day nature of warfare, technological advancements in introduction to new weapons and growth in the number of private users applying for the legal use of these weapons are also significant factors driving the growth in this industry.
Segments and Growth Prospects
The global market for small arms is categorized on the basis of the types of these weapons, their users, and growth across different geographic regions. As mentioned earlier, the types of small weapons include submachine guns, light machine guns, rifles, pistols, assault rifles, and carbines. The geographic regions researched for the analysis of the industry include Asia Pacific, North America, Europe, Middle East and Latin America. According to the researchers, United States of America and Israel are the major players in this industry. Growth in the applications for homeland security, commercial uses, and defense activities are expected to help the overall small weapons market.
According to the latest market research reports, the global small arms market is set to grow at a steady compound annual growth rate of over 2.95 from 2014 to 2019. At this estimated CAGR, the industry is expected to become worth $1,927.46 million by the end of the year 2019. Easy availability of these weapons and relatively lower cost are also estimated to work in the favor of this market. As a result, businesses in the market are aiming at steady growth during the forecasting period.