Global Handgun Market Insights Forecasts to 2033

• The Global Handgun Market Size was Valued at USD 3.39 Billion in 2023
• The Market Size is Growing at a CAGR of 6.59% from 2023 to 2033
• The Worldwide Handgun Market Size is Expected to Reach USD 6.42 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Handgun Market Size is Anticipated to Exceed USD 6.42 Billion by 2033, Growing at a CAGR of 6.59% from 2023 to 2033.

Market Overview

Any weapon small enough to discharge with one hand is referred described as a handgun. It typically fires one projectile or bullet, though a revolving mechanism or magazine may hold extra ammunition. Handguns can be used for self-defense, target practice, and small-game hunting. Opportunities to create lighter, more dependable, and more accurate handguns are presented by developments in materials science, engineering, and technology. For instance, weapons are made of sturdy, lightweight materials that minimize weight and allow for effortless handling without sacrificing functionality. To lessen the effect on the shooter and increase accuracy during shooting sessions, they also enhance recoil management. The World Health Organization (WHO) estimates that one in three (30%) women worldwide have experienced sexual violence at some point in their lives. Up to 38% of all female homicides worldwide are carried out by intimate partners. Six percent of women report experiencing sexual assault by someone other than a relationship, in addition to violence against intimate partners. The adoption of handguns for personal defense is influenced by the ongoing presence of threats among women.

Report Coverage

This research report categorizes the market for the handgun market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the handgun market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the handgun market.

Driving Factors

Many nations are also seriously threatened by terrorism, which makes armed forces and law enforcement agencies operational preparedness essential. Such incidents have made a large number of infantry forces necessary, which has led to militaries across the building up a robust stockpile of cutting-edge handguns in order to combat domestic unrest and bolster their armed forces—the primary goal being to be battle-ready. Due to the growing number of territorial wars, terrorist attacks, and political upheavals, the global weapons sector is seeing new investments, which is driving up the growth of the handgun market.

Restraining Factors

Customs and legislation about import-export, technological transfers, and anti-corruption statutes vary from one nation to the next. Failure to comply with these standards may have a negative effect on market participants' operations and reduce global market revenue. Global regulatory variations resulting from political, legal, or economic causes impede the expansion of the handgun market.

Market Segmentation

The handgun market share is classified into type, operation, and end user.

• The single-shot handguns segment is expected to hold the largest share of the handgun market during the forecast period.   

Based on the type, the handgun market is categorized into single-shot handguns and revolvers. Among these, the single-shot handguns segment is expected to hold the largest share of the handgun market during the forecast period. This category includes a variety of rifle types, including assault, bolt-action, sniper, recoilless, modern sporting, and anti-material rifles. Due to a growth in sporting and hunting activities, contemporary sporting single-shot handguns have also seen strong adoption in recent years. Due to ongoing modernization initiatives around the world, the market for assault and single-shot handguns has seen a sharp increase in demand compared to other small arms, which has helped the single-shot handguns category expand.

• The automatic segment is Expected to grow at the fastest CAGR during the forecast period.   

Based on the operation, the handgun market is categorized into automatic, semi-automatic, and manual. Among these, the automatic segment is expected to grow at the fastest CAGR during the forecast period. Their widespread use in the armed forces, law enforcement, and several civilian markets. They are praised for their ability to engage multiple targets effectively, suppressive fire efficacy, and rapid-fire capability. They can fire a series of rounds with a single stroke of the trigger. Furthermore, the market is expanding because of the defense and security forces' increasing need for automatic weapons for a variety of missions, including close-quarters fighting and tactical missions requiring a lot of firepower.

• The defense & homeland security segment is expected to hold a significant share of the handgun market during the forecast period.

Based on the end user, the handgun market is categorized into defense & homeland security, self-defense, sports, hunting, and law enforcement. Among these, the defense & homeland security segment is expected to hold a significant share of the handgun market during the forecast period. Because of technical developments in combat and growing defense spending around the world, this segment is likely to maintain its dominance over the projection period. Furthermore, the market is expanding at a moderate rate because of the defense sector's end-users’ modernization plans and the yearly increase in defense spending. International defense forces have been modernizing through the acquisition of new weapons in response to increased terrorism, cross-border conflicts, and the evolving character of warfare.

Regional Segment Analysis of the Global Handgun Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is projected to hold the largest share of the handgun market over the forecast period.

North America is projected to hold the largest share of the handgun market over the forecast period. The purchasing of new weapons for combat operations, a large defense budget, and the expansion of firing range in the United States and Canada are all contributing to the growth of the industry in the region. Textron Systems, General Dynamics Corporation, and SIG SAUER have been chosen by the nation to produce cutting-edge weaponry. A significant defense expenditure in North America, has declared its intention to replace its 5.56mm armaments and ammunition with the more powerful 7.62mm armaments and ammunition. These advancements have led to significant demand for small-caliber ammunition.

Asia Pacific is expected to grow at the fastest CAGR growth of the handgun market during the forecast period. Growth in the market is being driven by terrorist activities and cross-border conflicts in Asia. The market is expanding as a result of rising defense spending and plans for military modernization in China, India, South Korea, Australia, and China. For example, in July 2023, a Queensland-based corporation was given a multi-million-dollar contract by the Australian federal government to acquire and provide the Australian Defense Force (ADF) with a new generation of small guns. The agreement is a component of a $500 million pledge to provide Australia's air force, marines, and soldiers with cutting-edge, deadly weaponry.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the handgun market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Glock gmbh
• SIG SAUER
• Sturm, Ruger & Co., Inc.
• FN HERSTAL
• Ceska zbrojovka a.s.
• Israel Weapon Industries
• Colt's Manufacturing
• Beretta
• Smith & Wesson
• Taurus
• AWEIL
• Kalashnikov Group
• Others

Key Market Developments

• In July 2023, Taurus, a Brazilian armaments manufacturer, and Sepha Military Industries Company have an arrangement for Taurus to sell and distribute its products to the Saudi Arabian police and military.

• In August 2023, the state-owned business Advanced Weapons and Equipment India Limited (AWEIL), situated in India, has introduced the "Prabal," a long-range revolver. With a fire reach of up to 50 metres, the Prabal revolver surpasses other Indian revolvers by a significant margin.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global handgun market based on the below-mentioned segments: 

Global Handgun Market, By Type

• Single-Shot Handguns
• Revolvers

Global Handgun Market, By Operation

• Automatic
• Semi-Automatic
• Manual

Global Handgun Market, By End User

• Defense & Homeland Security
• Self-Defense
• Sports
• Hunting
• Law Enforcement

Global Handgun Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa