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Market Highlights:Factors such as rising terrorist attacks and focus on counter operations, changing nature of warfare, and increasing drug trafficking and other criminal activities are positively impacting the small arms market growth. In addition, rise in defense expenditure especially in developing countries further boosts market growth. However, illegal trading of small arms, and stringent licensing procedure & regulation policies in terms of import and export hinders market growth to a certain extent.
Meanwhile, adoption of laser technology, noise suppression technology, lightweight materials, and smart & agile manufacturing concepts creates promising growth opportunities for the small arms market.
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Small arms are weapons designed for individual use. It can launch a bullet or other projectiles by the action of an explosive. Unlike few light weapons, all small arms (firearm along with its ammunition) can be transported and operated by a single individual on foot. Furthermore, these weapons can also be procured by civilians for self-defense. According to the Small Arms Survey publication, there are an estimated 875 million small arms in circulation worldwide, produced by more than 1,000 companies from nearly 100 countries. It also estimates that the annual authorized trade exceeds USD 8.5 billion.
The Small Arms Market is estimated to register a CAGR of nearly 4% during the forecast period of 2018 to 2023.
Segmentation:
The global small arms market has been segmented by type, barrel, operation, end-user and region. Based on type, the small arms market is divided into handguns, shotguns, machine guns, and rifles & others. In 2017, the rifles segment accounted for the largest market share as it is more lethal during combat amongst all weapons. Hence it is being widely procured by the defense organizations throughout the world. Based on barrel, the small arms market is divided into rifled-bore and smooth-bore. In 2017, the rifled-bore segment accounted for the largest market share as it ensures the projectile flies accurately. Based on operation, the small arms market is divided into manually operated firearm and self-loading firearm. In 2017, the self-loading firearm segment accounted for the largest market share as it uses the potential energy stored within a cartridge, to cycle the weapon rather than relying on the user. Based on end-user, the small arms market is divided into armed forces, law enforcement, sporting & hunting, and civilian self-defense. In 2017, the armed forces segment accounted for the largest market share owing to the huge procurement of these weapons by military organizations globally to strengthen their armed forces.
Key Players:
The key players in the global small arms market are Accuracy International Ltd. (UK), American Outdoor Brands Corporation (US), Beretta Holding SpA (Italy), Colt's Manufacturing Company, LLC (US), Glock Ges.m.b.H. (Austria), Heckler & Koch GmbH (Germany), Herstal SA (Belgium), Remington Outdoor Company (US), Steyr Arms GmbH (Austria), and Sturm, Ruger & Co., Inc. (US).
Intended Audience:
• Defense Contractors
• Hunting & Sporting Enthusiasts
• Law Enforcement Agencies
• Regulatory Bodies
• Research Institutes
• Small Arms Manufactures
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