Small Arms Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 9.5 Billion |
| Market Size (2029) | USD 11.31 Billion |
| CAGR (2024 - 2029) | 3.54 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
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 9.5 billion in 2024, and is expected to reach USD 11.31 billion by 2029, growing at a CAGR of 3.54% during the forecast period (2024-2029).
The global surge in defense spending and infantry equipment upgrades drive the demand for more advanced and lethal military rifles. Simultaneously, many nations prioritize developing lightweight, accurate small arms, emphasizing indigenous innovation. Rapid technological advancements bolster these trends.
As battlefields evolve, countries are increasingly seeking advanced small arms. Rising defense budgets, border tensions, and the need to enhance defense capabilities further propel the demand for small arms. Many nations are phasing out aging arms in favor of newer, longer-lasting models with improved storage and handling. This shift, alongside a notable trend toward localized manufacturing, is set to fuel the small arms market in the coming years. However, indigenous production faces challenges due to technological constraints, potentially dampening market demand.
While some countries have stringent regulations on individual gun ownership, a rise in gun-related suicides and violence has prompted heightened gun control measures globally, posing a challenge for the civilian small arms market. Despite a growing interest in small arms manufacturing, the high set-up costs present a barrier for new entrants. While governments are rolling out defense-industrial initiatives, the economic viability of establishing local industries remains uncertain.
Small Arms Market Trends
The Military Segment Expected to Continue its Dominance During the Forecast Period
The military segment is poised for significant growth in the coming years. Global defense spending, on a consistent rise, is a key driver for the heightened demand for small arms. Rising threats from terrorism, territorial disputes, and geopolitical tensions are compelling nations to bolster their defense budgets. Consequently, there is a notable surge in investments, particularly in military modernization programs, aimed at acquiring advanced weaponry to either supplement or replace existing arsenals. This trend is prominently visible in countries like Germany, France, India, China, and Russia, all actively bolstering their ground forces with cutting-edge small arms. Moreover, as armies worldwide strive to maintain ample ammunition reserves and witness a rising demand for training ammunition, the small military arms segment is set to benefit.
As military armor advances and becomes more resilient, armies pivot toward firearms designed for enhanced impact, inflicting more significant damage on adversaries. Many nations are now prioritizing the acquisition of the latest small arms for their forces. For instance, in January 2022, India and Russia inked a deal to produce AK-203 assault rifles in India. This collaboration established a joint venture, Indo-Russia Rifles Private Ltd, between OFB-Rosoboronexport and Kalashnikov. The new rifles are slated for induction into the Indian Armed Forces by 2024.
North America to Dominate Market Share During the Forecast Period
North America, spearheaded by the United States and Canada, is poised to dominate the small arms market during the forecast period. With its robust defense spending, the United States is prioritizing the procurement of advanced small arms and bolstering its armed forces' capabilities. This move is partly in response to the adoption of cutting-edge weaponry by nations like Russia and China, which are traditional political rivals. Moreover, beyond combat scenarios, US military personnel are extensively involved in peacekeeping missions, embassy security, and other classified operations, all of which have fueled the demand for small arms.
The US military relies on diverse infantry weapons, from suppressing enemy positions to neutralizing vehicles and fortified structures. There is a heightened emphasis on acquiring the next-generation squad weapon for its infantry.
Conversely, civilians in the United States possess over 45% of the world's civilian-held firearms. The nation's emphasis on personal safety is evident in initiatives promoting firearm safety, with programs like the Civilian Marksmanship Program explicitly targeting youth and advocating firearm safety training and rifle practice.
Small Arms Market Industry Overview
The small arms market features a fragmented landscape, with numerous players holding significant market shares. Notable players include HSturm, Ruger & Co. Inc., Sig Sauer Inc., Heckler & Koch GmbH, Fabbrica d’Armi Pietro Beretta SpA, and FN HERSTAL.
Leading OEMs are prioritizing the development of durable, precise, and ergonomic products to attract new customers. For instance, in November 2022, Malaysia's Maruss Sdn Bhd and Indonesia's PT Pindad inked a Memorandum of Understanding (MoU) for arms manufacturing. This collaboration aimed to explore opportunities, such as contract manufacturing for small arms and their components. PT Pindad was also set to provide ammunition of a different caliber.
Given that most market contracts involve substantial volumes, companies stand to gain higher revenues per contract. However, this comes amid fierce competition as more countries bolster their local small arms production, hinting at heightened market rivalry in the future.
Small Arms Market Leaders
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Sturm, Ruger & Co., Inc.
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Sig Sauer, Inc.
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Heckler & Koch GmbH
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Fabbrica d’Armi Pietro Beretta S.p.A.
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FN HERSTAL
*Disclaimer: Major Players sorted in no particular order
Small Arms Market News
March 2023: Sako Ltd sealed a long-term deal with the Finnish and Swedish defense forces. The agreement, spanning a decade, includes provisions for up to three additional seven-year extensions. In the first phase, Finland is expected to evaluate assault rifles and individual protection weapons, allocating a budget of USD 0.75 million. Meanwhile, Sweden, a key participant, made an initial purchase of assault rifles and personal protection weapons, amounting to roughly SEK 875 million (USD 84 million).
January 2023: The Indian Army initiated an 'emergency procurement' under the Fast Track Procedure (FTP) of the Defense Acquisition Procedure, aiming to acquire 5,000 9×19 mm machine pistols valued at approximately USD 6 million.
Small Arms Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 End User
- 5.1.1 Civil and Law Enforcement
- 5.1.2 Military
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5.2 Type
- 5.2.1 Handgun
- 5.2.2 Machine Gun
- 5.2.3 Shotgun
- 5.2.4 Rifle
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Russia
- 5.3.2.5 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 South Korea
- 5.3.3.5 Rest of Asia-Pacific
- 5.3.4 Latin America
- 5.3.4.1 Brazil
- 5.3.4.2 Rest of Latin America
- 5.3.5 Middle East and Africa
- 5.3.5.1 United Arab Emirates
- 5.3.5.2 Saudi Arabia
- 5.3.5.3 Egypt
- 5.3.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 Sturm, Ruger & Co. Inc.
- 6.2.2 Sig Sauer Inc.
- 6.2.3 Heckler & Koch GmbH
- 6.2.4 Fabbrica d’Armi Pietro Beretta SpA
- 6.2.5 FN HERSTAL
- 6.2.6 Vista Outdoor Inc.
- 6.2.7 Kalashnikov Concern JSC
- 6.2.8 Barrett Firearms Manufacturing Inc.
- 6.2.9 SPRINGFIELD ARMORY
- 6.2.10 Browning International SA
- 6.2.11 Winchester Repeating Arm
- 6.2.12 Benelli Armi SpA
- 6.2.13 Armscor International Inc.
- 6.2.14 GLOCK Gesellschaft mbH
- 6.2.15 Colt’s Manufacturing Company LLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Small Arms Market 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 by end user, type, and geography. 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 covers the market sizes and forecasts for the small arms market in major countries across different regions. For each segment, the market size and forecasts are 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 | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Russia | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Latin America | Brazil |
| Rest of Latin America | ||
| Geography | Middle East and Africa | United Arab Emirates |
| Saudi Arabia | ||
| Egypt | ||
| Rest of Middle East and Africa |
Small Arms Market Research FAQs
How big is the Small Arms Market?
The Small Arms Market size is expected to reach USD 9.5 billion in 2024 and grow at a CAGR of 3.54% to reach USD 11.31 billion by 2029.
What is the current Small Arms Market size?
In 2024, the Small Arms Market size is expected to reach USD 9.5 billion.
Who are the key players in Small Arms Market?
Sturm, Ruger & Co., Inc., Sig Sauer, Inc., Heckler & Koch GmbH, Fabbrica d’Armi Pietro Beretta S.p.A. and FN HERSTAL are the major companies operating in the Small Arms Market.
Which is the fastest growing region in Small Arms Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Small Arms Market?
In 2024, the North America accounts for the largest market share in Small Arms Market.
What years does this Small Arms Market cover, and what was the market size in 2023?
In 2023, the Small Arms Market size was estimated at USD 9.16 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.
