According to a study, the global firearms market is anticipated to grow from USD 4 billion in 2015 to USD 4.92 Billion by 2020. Thus, the global firearms market is likely to record a CAGR of 3.8 per cent between 2015 and 2020. Due to the expanding demand from the civilian applications, for sports and self-defence purposes, the global firearms market is expected to grow during the forecast period of 2015 to 2020. Presently, the growing incidences of terrorism and armed violence have motivated more civilians to procure small arms for self-defence purposes. Given these factors, the military forces and law enforcement agencies across the world have invested more into procurement of advanced weapon systems, including major small arms, such as rifles, pistols, and so forth.
The key end-users of the global firearms market include the military, law enforcement agencies, shooters, hunters, and people procuring small arms for self-defence. The list of key players of the global firearms market include Freedom Group (U.S.), Orbital ATK (U.S.), Smith & Wesson Holding Corp. (U.S.), and Sturm, Ruger, & Co., Inc. (U.S.), and forth. These players have recently adopted strategies including new product launches, long-term contracts, and acquisitions to strengthen their positions in the global firearms market. They are also focusing on investing considerable amount of their revenues on research and development to introduce firearms with higher precision and reduced weight.
On the basis of type, the global firearms market has been segmented into pistol, revolver, rifle, machine gun, and shotgun and so on. The overall market is expected to be dominated by the rifles segment and this segment is expected to witness the highest growth in the ensuing years, due to the growing civilian demand. The global firearms market is largely dominated by the gas-operated segment which is the most commonly used firing mechanism or technology in pistols, rifles and other major types of firearms. During 2015-2020, this segment is also expected to witness the maximum growth in the upcoming years, due to several benefits provided by the gas-operated firing system, including durability, precision, efficiency, higher number of rounds fired, and much more. The recoil-operated and manually-operated mechanisms are mainly seen in low-powered rifles, mainly used in civilian applications, like hunting and short-range shooting sports.
In the regional analysis, the Asia-Pacific region is expected to witness the highest growth in the global firearms market during the afore-mentioned period. This huge growth can be attributed to the increasing military expenditures of major economies of the region, which also includes China and India, high number of wars and cross-border disputes in the region, rising civilian participation in shooting sports, and increasing investments by governments for modernization of military as well as law enforcement forces.
The growth of the global firearms market could be adversely affected by certain major restraints which include strict regulations across major countries of the world, particularly the U.S. The stringent licensing policies on both, manufacturers as well as civilian end users, and declining defence budgets of advanced economies of the world, such as the U.S., Canada, the U.K., Germany, among others could harm the global firearms market.
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