Market Size of Service Handgun Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 2.00 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Service Handgun Market Analysis
The service handgun market is projected to register a CAGR of more than 2% during the forecast period.
Although the COVID-19 pandemic affected the global economy, its impact was not significant on global defense spending. Several countries' governments are taking measures to modernize their military equipment and reduce their dependence on imports. In order to successfully counter-attack military and internal civil conflicts, the governments are increasing the military budget focusing on the use of technologically advanced weaponry. Thus, due to such factors, the market growth potential and revenue influx into the market have been witnessing a steady growth rate.
There is an increasing need to improve the police strength of many countries globally. At the same time, most handguns used by military personnel and law enforcement agencies are old, outdated, and need to be replaced. The handgun procurement plans in this regard are driving the market.
Increasing demand for light weapons and associated accessories is expected to propel the market growth for service handguns in the coming years.
