““Increasing civilian use of small arms for shooting sports and self-defense is a major factor driving the small arms market growth, globally”
The global small arms market is expected to grow from an estimated USD 4.09 billion in 2015 to USD 4.92 billion by 2020, at a CAGR of 3.8% from 2015 to 2020. The market for small arms is driven by several factors, such as rising number of wars and cross-border disputes, rise in terrorism, and increasing civilian use of small arms for sports and self-defense, globally.
“Sports segment to witness highest growth during the forecast period”
The key end users considered for the market study are military, law enforcement, hunting, sports, and self-defense. The sports segment is estimated to grow at the highest CAGR during the forecast period. This rapid growth can be attributed to the increasing civilian participation in shooting sports, such as target shooting, rifle shooting, handgun shooting, and so on, globally.
“North America dominates; Asia-Pacific to grow at the highest rate”
The North American region dominates the global small arms market as of 2015, and is expected to continue its dominance during the forecast period of 2015 to 2020. The U.S. is considered to be the largest market for small arms, primarily owing to the high military expenditure, impacts of terrorism, rising armed violence in the country, and so on, thereby resulting in the large share of the North American region in the global small arms market.
The market in Asia-Pacific is projected to grow at the highest CAGR during the forecast period. This rapid growth can be attributed to the increasing procurement of advanced sniper rifles, assault rifles, heavy machine guns, and pistols, among others, by military forces and law enforcement agencies in the region, primarily as part of their modernization programs as well as for advanced combat and counter-terrorist operations.
“Break-up of profile of primary participants for the small arms market”...