The global handgun market size was valued at USD 3.12 billion in 2022 and is expected to be worth USD 3.41 billion in 2023. The market is projected to reach USD 5.35 billion by 2030, recording a CAGR of 6.6% during the forecast period.
A handgun is a small firearm that can fire a single round or bullet and is majorly used for activities, such as hunting, target shooting, and self-defense. The two of the most commonly used handguns include a semi-automatic pistol and a revolver. Factors, such as rising border conflicts, personal security threats, and growing investments in the defense sector are expected to bolster market growth.
Fortune Business Insights™ displays this information in a report titled, “Handgun Market, 2023-2030.”
Russia-Ukraine War Impact:
Strong Growth in Procurement of Weapons Boosts Market Growth Due to Russia-Ukraine War
The ongoing Russia-Ukraine war has created a positive impact on the market forecast as the arms markets in Europe and the U.S. witnessed a strong growth. Many weapon and ammunition manufacturers also saw a major rise in their revenue margins as the demand for their products from both the countries increased considerably. This scenario further accelerated the market progress.
List of Key Companies Profiled In the Report:
- Glock gmbh (Austria)
- SIG SAUER (U.S.)
- Sturm, Ruger & Co., Inc. (U.S.)
- FN HERSTAL (Belgium)
- Ceska zbrojovka a.s. (Czech Republic)
- Israel Weapon Industries (Israel)
- Colt’s Manufacturing (U.S.)
- Beretta (Italy)
- Smith & Wesson (U.S.)
- Kalashnikov Group (Russia)
Information Source:
https://www.fortunebusinessinsights.com/handgun-market-108876
Segmentation:
Use of Semi-Automatic Pistols in Personal Security and Hunting & Shooting Sports to Boost Their Demand
Based on type, the market is classified into single-shot handguns (Muzzleloaders), revolvers, and semi-automatic pistols. The semi-automatic pistol segment accounted for the largest handgun market share in 2022 as these pistols are being increasingly used in shooting sports, hunting, and personal security activities.
Demand for Automatic Handguns to Rise Owing to Growing Spending On Defense Sector
Based on operation, the market is classified into automatic, semi-automatic, and manual. The automatic segment held a dominant market share in 2022 as countries across the world are increasing their spending on their defense sector, which has also increased the purchase of advanced weapons.
Modernization of Defense Forces to Boost Product Use in Defense & Homeland Security
Based on end-user, the market is classified into defense & homeland security, self-defense, sports, hunting, and law enforcement. The defense & homeland security segment held the largest market share in 2022 as advanced technologies are being introduced in the defense sector to enhance the warfare capabilities of various countries.
With respect to region, the market covers North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage:
The report has studied the market in depth and covered various crucial areas, such as top product types, end-users, operations, and leading market players. It also offers key insights into the latest market trends and prominent industry developments. Apart from factors mentioned above, the report covers several other factors that have augmented the market’s growth.
Drivers and Restraints:
Introduction of Advanced Tech in Innovative Weapons to Drive Market Growth
Many countries across the world are trying to enhance their military capabilities by investing in advanced technologies to upgrade their current range of weapons and ammunition. Weapons with smart technologies, such as little submachine guns, automatic guns, and light weapons are being adopted on a large scale as they improve the performance of the armed forces during warfare. This factor will drive the handgun market growth.
However, differences in political, legal, and economic frameworks can restrict the adoption of these guns.
Regional Insights:
North America to Dominate Market Due to Increased Investments in Defense Sector
North America is estimated to dominate the global market share as governments across the region are increasing their investments in the defense sector to equip their military personnel with advanced military weapons. Moreover, the number of fire ranges in Canada and the U.S. are increasing, which will further help the regional market grow.
Asia Pacific will also expand at a significant rate in the coming years due to rising terrorist activities and cross-border tensions across the region.
Competitive Landscape:
Leading Companies to Develop Innovative Handguns to Maintain Market Dominance
Some of the key companies operating in this market include SIG SAUER, Glock GmbH, and FN HERSTAL, among many others. These firms are developing advanced handguns to give a major boost to the defense capabilities of various countries. They are also focusing on entering emerging markets, technological improvements, and signing merger & acquisition deals to maintain their dominant position in the market.
Notable Industry Development:
August 2023 – Advanced Weapons and Equipment India Limited (AWEIL), a state-owned company in India, introduced a new long-range revolver named ‘Prabal’. The Prabal has a firing range of up to 50 meters, which is more than double that of other revolvers produced in India.
May 2022 – Colorado-based Biofire Tech introduced a smart gun featuring facial recognition, which will allow only authorized users to use the gun. Biofire’s firearm also claims to have a fingerprint reader to decrease the number of suicides, avoid accidental shooting by kids, make lost & stolen firearms unusable, and restrict the police from confiscating firearms.
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