The global service handgun market size was worth USD XX million in 2020 and is expected to reach USD XX million by 2026, rising with a CAGR of XX% during the forecast period 2021-2026.
Service handguns are the weapons issued to law enforcement and defense personnel. The guns are used with a single hand and a short barrel.
The service handguns market is likely to witness a significant effect during the pandemic period. The supply chain disturbance affects the company’s future growth throughout the lockdown period. The nations imposed a lockdown during the first half of 2020. Due to COVID-19 period, many companies have witnessed a major loss throughout the year.
Factors driving the service handguns market include growing demand for developing the law administration strength of nations, and the government sectors are spending huge capital in increasing the service handguns applications. The surge in defense budget accepted by some governments of different nations boosts the military strength and governing the safety of the defense, and also the public sectors play a crucial role in creating a prominent requirement for service handguns to enhance the market growth during the forecast period.
The mushrooming trend to develop the available weapon systems propels the service handguns market. The need for lightweight weapons and other associated accessories and the growing need for developing police strength in many countries push the service handguns market forward.
Factors like strict rules and laws for guns use and controls obstruct the service handguns market growth.
Market Size Available
2020 – 2026
2021 – 2026
North America, Europe, APAC, Middle East & Africa (MEA), Latin America
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The global service handgun market is segmented and sub-segmented based on the type, material, safety, and application.
By type, the pistol service handgun segment is to dominate throughout the forecast period. Pistols hold a large bullet capacity compared with revolvers. The attainability and mobility of pistols boost the service handgun market globally. The technology incorporation enables the development of featherweight pistols with upgraded coherence.
Sig Sauer received a contract worth USD 580 million by the US Army to manufacture Army's next service pistol based on the company's P320 handgun.
Polymer material service handgun is said to lead the market with the growing share during the timeline period. As per the study, Glock is one of the first polymers firearms and currently has increased significantly.
By safety, manual service handguns are growing with a substantial growth rate across the period.
The military and Defense and Law Enforcement segments lead the service handguns market equally. The market growth owes to the increasing number of wars between the countries, to control or to bring back the situations to normal stage.
Geographically, North American service handguns experience the largest share in the market because of many replacement contracts awarding handgun manufacturers. The United States is leading the market and also the military spender globally. In North America, as of now, Sig Sauer supplies the Army with both full-size and packed versions of guns driving the service handguns market during the period. The US market growth owes to the relationship between the people and guns that has become difficult resulting in a surge in the number of gun users. In the U.S, the number of gun users has increased and as per the Bureau of Alcohol, Tobacco, Firearms, and Explosives, 11 million guns were produced resulting in gun ownership by the people.
Europe ranks second in the service handguns market with a considerable growth rate during the forecast period. The region is estimated to have a constant demand throughout the historical period.
In October 2019, Portugal Army announced the supply from Glock supplying new Gen 5 G17 models to substitute the country's Walther military handguns.
However, Asia-Pacific is expected to have the swiftest growth in the service handguns market during the timeline period. China accounts for the largest share in the service handguns market owing to the military modernization program for the People's Liberation Army.
Latin American service handguns market is the second-quickest growing region with a notable CAGR growth rate. Brazil, Mexico, Peru, and the rest of Latin America.
The Middle East & African service handguns market is one of the quickest-growing markets with an estimated average annual growth of 9.0% from 2020 to 2026. In countries like UAE, South Africa, and Saudi Arabia, the regular use of guns is increasing. The market is likely to experience noteworthy growth over the upcoming years.
Key Market Players
Remington Arms Company LLC, FN Herstal, Glock Ges mbH, Colt Group SA, Swiss Arms AG, Baretta, Smith and Wesson, Israel Weapons Industries are some prominent players operating in the service handgun market.
Recent Market Developments
Chapter 1. Service Handgun Market – Scope & Methodology
1.1. Market Segmentation
1.3. Research Methodology
1.4. Primary Sources
1.5. Secondary Sources
Chapter 2. Service Handgun Market – Executive Summary
2.1. Market Size & Forecast – (2021 – 2026) ($M/$Bn)
2.2. Key Trends & Insights
2.3. COVID-19 Impact Analysis
2.3.1. Impact during 2021 - 2026
2.3.2. Impact on Supply – Demand
2.3.3. Impact on Production Cost
2.3.4. Impact on Supply Chain
Chapter 3. Service Handgun Market – Competition Scenario
3.1. Market Share Analysis
3.2. Product Benchmarking
3.3. Competitive Strategy & Development Scenario
3.4. Competitive Pricing Analysis
3.5. Supplier - Distributor Analysis
Chapter 4. Service Handgun Market Entry Scenario
4.1. Case Studies – Start-up/Thriving Companies
4.2. Regulatory Scenario - By Region
4.3 Customer Analysis
4.4. Porters Five Force Model
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Powers of Customers
4.4.3. Threat of New Entrants
4.4.4. Rivalry among Existing Players
4.4.5. Threat of Substitutes
Chapter 5. Service Handgun Market - Landscape
5.1. Value Chain Analysis – Key Stakeholders Impact Analysis
5.2. Market Drivers
5.3. Market Restraints/Challenges
5.4. Market Opportunities
Chapter 6. Service Handgun Market – By Type
Chapter 7. Service Handgun Market – By Material
Chapter 8. Service Handgun Market – By Safety
Chapter 9. Service Handgun Market – By Application
9.1. Military & Defense
9.2. Law Enforcement
Chapter 10. Service Handgun Market , By Geography – Market Size, Forecast, Trends & Insights
10.1. North America
10.2.7. Rest of Europe
10.3. Asia Pacific
10.3.2. South Korea
10.3.5. Australia & New Zealand
10.3.6. Rest of Asia-Pacific
10.4. Rest of the World
10.4.1. Middle East
10.4.3. South America
Chapter 11. Service Handgun Market – Company Profiles – (Overview, Product Portfolio, Financials, Developments)
11.1. Company 1
11.2. Company 2
11.3. Company 3
11.4. Company 4
11.5. Company 5
11.6. Company 6
11.7. Company 7
11.8. Company 8
11.9. Company 9
11.10. Company 10
Primary & Secondary Sources to Collect & Validate Data
Utilization of Both Top Down & Bottom Up Approach
Holistic Research Methodology
Scope & Introductory Research
In the initial stage of research, the scope for market is defined. In order to better understanding of the market, secondary focus is on different segmentations of the market. Preliminary research involves identifying key data points related to the market under consideration to estimate the market sizes to the best extent.
Based on the scope of the market and the key data points, a number of secondary sources are considered. This data collection stage consists of a team of analysts who gather data from various secondary resources, accessing proprietary databases and primary research by reaching out to key market participants and opinion leaders.
At this stage, collected data using several sources is arranged in structured format. The sources include industry participants, in-house models, key opinion leaders in the market ecosystem and databases. Historical data trends are established at this point, and compared to the current scenario. Based on the macro- and micro-factor prevailing in various geographies, proprietary data models are used to analyze key market countries. Key players in this market are listed based on their capabilities in revenue, sales, and development. The study also involves the identification of companies in the category of 'new entrants' and their potential effects on the market.
At this stage, the analyst team moves on to understand how the market has changed over the years. The total size of the market is gathered after an study of different business segments and end-users is done. An impact research is also done to see what factors will/may influence the market in the years ahead. The effect of various variables on the industry is often taken into account when forecasting market sizes.
Data verification is conducted at all research levels, however this stage is dedicated to more rigorous checking of the data points. At this stage, the estimated data is triangulated with company revenues and checked with industry experts including several senior executives and key opinion leaders in the market. The data is then summarized, and the findings are derived from the same for the report.
Quality Assurance & Report Preparation
Holistic research methodology is followed with combination of Top Down and Bottom Up approach to undertake the estimation and forecasting task in order to ensure quality of data. At this stage of the research process, a dedicated QA team checks the data and approves after several predefined checks. Each section is checked and questioned to make the report accurate and reliable. In case of discrepancy, a team of analysts reviews the issue, and the whole process is repeated again. That significantly improves the report's quality. After approval, all the parts of the report are brought together and is formatted by highly trained team thus making it ready to dispatch.