Small Arms Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Small Arms Market is Segmented by End User (Civil and Law Enforcement and Military), Type (Handgun, Machine Gun, Shotgun, Rifle), and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa). The Report Offers Market Size and Forecast for all the Above Segments in Value (USD).

Small Arms Market Size

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Small Arms Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 9.43 Billion
Market Size (2029) USD 11.21 Billion
CAGR (2024 - 2029) 3.52 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Small Arms Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Small Arms Market Analysis

The Small Arms Market size is estimated at USD 9.43 billion in 2024, and is expected to reach USD 11.21 billion by 2029, growing at a CAGR of 3.52% during the forecast period (2024-2029).

The growth in global defense spending and initiation of infantry equipment upgrade programs is facilitating the procurement of sophisticated and deadlier military rifles. Also, several countries are focusing on the indigenous development of newer generation small arms that are lightweight and accurate. The growth in technological advancements is fostering such developments. 

On the other hand, several countries hold strict laws when it comes to acquiring a gun as an individual. In recent years, there is an increase in suicides and gun violence, which resulted in increased gun control measures. This factor is challenging the growth of the small arms market in the civilian sector.

Small Arms Market Trends

Military Segment Expected to Continue its Dominance During the Forecast Period

The military segment is projected to show remarkable growth in the market during the forecast period. Global defense spending is increasing each year, which is among the major factors driving the demand for small arms globally. According to the Stockholm International Peace Research Institute (SIPRI), the global military expenditure in 2022 was USD 2,240 billion, which was 3.7% higher than the global military expenditure in 2021. Also, with the increase in military engagements globally, armed forces are upgrading to more powerful small arms to deal with combat requirements. 

Additionally, with the armor being worn by the militaries becoming tougher to penetrate, armies are focusing on firearms that cause cyclical impacts, causing more damage to enemies. Several nations are now focusing on procuring a wide variety of latest-generation small arms for their militaries. For instance, in January 2022, the Indian armed forces announced that they had received the first batch of 70,000 rifles from Russia as part of a larger contract to procure and manufacture AK 203 assault rifles. The initial batch was delivered at a fast pace, as requested by India, despite the COVID-19 pandemic. The remaining rifles will be manufactured locally in India and will be delivered to the army, which is the main customer with a requirement of over 600,000 AK 203s. 

Likewise, the French Armed Forces initiated a radical modernization program as part of which they are replacing their FR-F2 bolt action sniper rifles. The army is procuring a new sniper rifle, SCAR-H PR, from the Belgian company FN Herstal. The army plans to put 2,235 units into service by 2023. Such procurements are expected to drive the segment's growth during the forecast period.

Small Arms Market: Global Military Expenditure (in USD Billion), 2017-2022

North America Holds Highest Shares in the Small Arms Market

North America is expected to lead the small arms market during the forecast period primarily due to high demand from the US and Canada. According to the SIPRI report published in 2022, the US was the largest defense spender in the world, with a defense budget of USD 877 billion. The high defense spending of the country is enabling it to spend more on procuring new-generation small arms. 

Also, the adoption of next-generation weaponry by political rivals such as Russia and China encouraged the US to adopt a similar approach and invest significantly toward enhancing the capabilities of its armed forces. In addition to active combat, the US personnel are typically deployed as part of several peacekeeping missions and military attachés or are part of the embassy, consulate security, and several other classified missions. Such deployments significantly contributed toward the growth of the procurement of small arms by the US armed forces.

The US forces use several infantry weapons designed to suppress enemy positions, free up movement for friendly troops, assault far-away targets, and neutralize fortified structures and vehicles. The US is now focused on procuring the next-generation squad weapon for its infantry. After nearly five years of development, the army is expected to finalize the design for its Next Generation Squad Weapon. It is to replace the M4 carbine and M249 machine guns currently in the hands of ground combat soldiers in mid-2022. The two weapons that come out of the Next Generation Squad Weapon program will be fielded to soldiers in frontline military occupational specialties, including infantry, cavalry scouts, combat medics, forward observers, combat engineers, and special operations forces. 

On the other hand, the civilian gun user base in the US is also significantly high, helping the country become home to a robust small arms industry over the years. Thus, the demand from both the civilian and military sectors is expected to continue a positive influence on the market in the region during the forecast period.

Small Arms Market - Growth Rate by Region (2023 - 2028)

Small Arms Industry Overview

The small arms market is fragmented, with the presence of several players holding significant shares in the market. Some of the key players in the market are Heckler & Koch GmbH, Sturm, Ruger & Co. Inc., GLOCK Gesellschaft m.b.H., FN Herstal SA, and Sig Sauer, Inc. 

Key OEMs in the market are focusing on building long-lasting, accurate, ergonomic products with high quality that will help them attract new customers. For instance, in November 2021, Russia's Lobaev Arms Corporation unveiled the DXL-5 'Havoc' sniper rifle, which, according to the company, is the most powerful sniper rifle in Russia. The weapon is chambered with 50 BMG caliber rifle ammunition. 

As most of the contracts awarded in the market comprise large procurements with higher volumes, companies may benefit from higher revenues per contract. At the same time, there is intense competition among players to obtain small arms contracts. With several countries increasing their local small arms manufacturing capabilities, the competition in the market is expected to intensify further in the years to come.

Small Arms Market Leaders

  1. Heckler & Koch GmbH

  2. Sturm, Ruger & Co., Inc.

  3. FN Herstal

  4. GLOCK Gesellschaft m.b.H.

  5. Sig Sauer, Inc.

*Disclaimer: Major Players sorted in no particular order

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Small Arms Market News

  • January 2023: India announced that the manufacture of over six lakh AK-203 Kalashnikov rifles for the Indian Army for over 10 years started at the Korwa ordnance factory in Uttar Pradesh.
  • January 2022: Smith & Wesson unveiled its new micro 9 mm CSX pistol and Volunteer line of AR-style rifles alongside some legacy firearms chambered for .30 ammunition. S&W announced that it would offer flat-faced triggers, B5 Systems stocks/pistol grips, and chromed firing pins as standard for the Volunteer line of rifles.

Small Arms Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 End User

      1. 5.1.1 Civil and Law Enforcement

      2. 5.1.2 Military

    2. 5.2 Type

      1. 5.2.1 Handgun

      2. 5.2.2 Machine Gun

      3. 5.2.3 Shotgun

      4. 5.2.4 Rifle

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Russia

        5. 5.3.2.5 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 South Korea

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 Latin America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Rest of Latin America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Egypt

        4. 5.3.5.4 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Vista Outdoor Inc.

      2. 6.2.2 Sturm, Ruger & Co. Inc.

      3. 6.2.3 Sig Sauer Inc.

      4. 6.2.4 Heckler and Koch GmbH

      5. 6.2.5 JSC Kalashnikov Concern

      6. 6.2.6 Fabbrica d'Armi Pietro Beretta SpA

      7. 6.2.7 FN Herstal

      8. 6.2.8 Barret Firearms

      9. 6.2.9 Springfield Armory Inc.

      10. 6.2.10 Browning Arms Company

      11. 6.2.11 Winchester Repeating Arms

      12. 6.2.12 Benelli Armi SpA

      13. 6.2.13 SMITH & WESSON BRANDS, INC.

      14. 6.2.14 Armscor International Inc.

      15. 6.2.15 GLOCK Gesellschaft m.b.H.

      16. 6.2.16 Colt's Manufacturing Company LLC

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Small Arms Industry Segmentation

Small arms are individual-service kinetic projectile firearms. These include handguns (revolvers and pistols), shotguns, rifles (assault rifles, sniper rifles, anti-materiel rifles, carbines, etc.), and machine guns (submachine guns, automatic weapons, and light machine guns).

The small arms market is segmented into end-user and type. By end user, the market is segmented into civil and law enforcement and military. By type, the market is segmented into handguns, machine guns, shotguns, and rifles. The report also covers the market sizes and forecasts for the small arms market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).

End User
Civil and Law Enforcement
Military
Type
Handgun
Machine Gun
Shotgun
Rifle
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Egypt
Rest of Middle-East and Africa
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Small Arms Market Research FAQs

The Small Arms Market size is expected to reach USD 9.43 billion in 2024 and grow at a CAGR of 3.52% to reach USD 11.21 billion by 2029.

In 2024, the Small Arms Market size is expected to reach USD 9.43 billion.

Heckler & Koch GmbH, Sturm, Ruger & Co., Inc., FN Herstal, GLOCK Gesellschaft m.b.H. and Sig Sauer, Inc. are the major companies operating in the Small Arms Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Small Arms Market.

In 2023, the Small Arms Market size was estimated at USD 9.10 billion. The report covers the Small Arms Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Small Arms Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Small Arms Industry Report

Statistics for the 2024 Small Arms market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Small Arms analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Small Arms Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)