[233 Pages Report] Rise in demand for the small arms for competitive sporting events and surge in number of territorial conflicts drive the growth of the global small arms market. North America held the largest share in 2020, contributing to nearly two-fifths of the market. The small arms industry witnessed a steady growth in 2020, due to adverse impact of the pandemic and decline in the supply of firearms for sports and law enforcement applications.
Portland, OR, Nov. 11, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global small arms market was pegged at $8.39 billion in 2020, and is expected to reach $13.75 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030.
Increase in demand for the small arms for competitive sporting events and rise in number of territorial conflicts across the world have boosted the growth of the global small arms market. However, stringent small arms ownership regulations hinder the market growth. On the contrary, surge in military expenditure and agreements and contract with law enforcement and military agencies are expected open new opportunities for the market players in the future.
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Covid-19 scenario on Small Arms Market:
The small arms industry witnessed a steady growth in 2020, due to adverse impact of the pandemic and decline in the supply of firearms for sports and law enforcement applications.
The strict regulations regarding social distance created a disruption in manufacturing and supply chain.
The majority of developing facilities of small arms halted due to commute restrictions and workforce unavailability.
The report segments the global small arms market on the basis of end use sector, type, action, and region.
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Based on end use sector, the civil & commercial segment held the largest share in 2020, accounting for more than two-thirds of the market. Moreover, the segment is estimated to register the highest CAGR of 5.4% during the forecast period. The report includes an analysis of the defense segment.
On the basis of type, the pistol segment dominated the market in 2020, contributing to more than one-third of the market. Moreover, the segment is projected to manifest the highest CAGR of 5.7% during the forecast period. The report also analyzes the segments such as shotgun, revolver, and others.
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The global small arms market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for nearly two-fifths of the market. In addition, the region is expected to register the highest CAGR of 6.0% during the forecast period.
The global small arms market report includes an in-depth analysis of the prime market players such as CZG - Ceská zbrojovka Group SE, Fabbrica d'Armi Pietro Beretta S.P.A., FN Herstal, Heckler & Koch, ISRAEL WEAPON INDUSTRIES (I.W.I) LTD, Smith & Wesson Brands, Inc., Sturm, Ruger & Co., Inc., Taurus International Manufacturing, Inc., Webley & Scott, and Weihrauch & Weihrauch Sport GmbH & Co. KG.
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