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 At the same time, most handguns used by military personnel and law enforcement agencies are old, outdated, and need to be replaced.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.
Service Handgun Industry Segmentation
A handgun is a firearm with a short barrel and magazine to facilitate it to be held and used with one hand. Service handguns are issued to military personnel or law enforcement officers to be used as personal or ordnance weapons. The service handgun market is segmented by type and geography. By type, the market is segmented into revolvers and pistols. By geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report provides market size and forecasts in terms of value in USD billion.
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Service Handgun Market Size Summary
The service handgun market is experiencing steady growth, driven by the need for modernization in military and law enforcement agencies worldwide. Despite the global economic challenges posed by the COVID-19 pandemic, defense spending remained resilient, with governments focusing on upgrading their military equipment and reducing reliance on imports. This trend is fueled by the necessity to address military and internal civil conflicts with advanced weaponry. The demand for service handguns is further propelled by the aging inventory of firearms used by military and police forces, necessitating procurement plans to replace outdated models. The increasing preference for pistols over revolvers, due to their higher bullet capacity and accuracy, is also contributing to the market's expansion.
North America currently holds a significant share of the service handgun market, largely due to replacement contracts in the United States, which is a leading military spender. The U.S. Army's efforts to replace old pistols with newer models, such as those supplied by Sig Sauer, are driving market revenues in the region. Meanwhile, Europe is expected to witness the highest growth rate, spurred by increased procurement for law enforcement agencies in response to rising crime rates. Major players in the market, including GLOCK GmbH, SIG SAUER, and Sturm, Ruger & Co. Inc., are competing for large procurement contracts, with a focus on delivering durable, ergonomic, and high-quality products. Competitive pricing and the ability to meet rigorous testing standards are crucial for securing long-term contracts and enhancing market presence.
Service Handgun Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porters Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Revolver
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2.1.2 Pistol
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Russia
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2.2.2.5 Spain
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2.2.2.6 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 India
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2.2.3.2 China
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2.2.3.3 Japan
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2.2.3.4 South Korea
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2.2.3.5 Rest of Asia-Pacific
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2.2.4 Latin America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Rest of Latin America
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2.2.5 Middle East and Africa
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2.2.5.1 United Arab Emirates
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2.2.5.2 Saudi Arabia
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2.2.5.3 South Africa
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2.2.5.4 Rest of Middle East and Africa
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Service Handgun Market Size FAQs
What is the current Service Handgun Market size?
The Service Handgun Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in Service Handgun Market?
GLOCK GmbH, SIG SAUER, Sturm, Ruger & Co. Inc., FN HERSTAL and CZUB are the major companies operating in the Service Handgun Market.
