Service Handgun Market Size & Growth (2023 - 2030)

The global service handgun market size was worth USD XX million in 2022 and is expected to reach USD XX million by 2030, rising with a CAGR of XX% during the forecast period 2023 - 2030. 

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 2022. Due to COVID-19 period, many companies have witnessed a major loss throughout the year. 

MARKET DRIVERS

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. 

MARKET RESTRAINTS

Factors like strict rules and laws for guns use and controls obstruct the service handguns market growth.

SERVICE HANDGUN MARKET REPORT COVERAGE

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Segmentation Analysis

The global service handgun market is segmented and sub-segmented based on the type, material, safety, and application.

Service Handgun Market - By Type

• Revolver
• Pistol 

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. 

Service Handgun Market - By Material

• Steel
• Aluminum
• Polymer 

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. 

Service Handgun Market - By Safety

• Grip
• Drop
• Manual 

By safety, manual service handguns are growing with a substantial growth rate across the period. 

Service Handgun Market - By Application

• Military & Defense
• Law Enforcement

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. 

Regional Analysis

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 2022, 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. 

• On April 02, 2022, Singapore Police Force received a new supply of Glock's arms of 6,000 new duty pistols. Glock has confirmed and selected that *19mm Glock 19 Gen 5.
• On January 14, 2022, the Indian Ministry of Defense has announced that the Indian Army and Defense Research and Development Organization (DRDO) integrated and developed India's first indigenous 9mm machine pistol. 
• On January 06, 2022, the adoption of a new rifle and handgun for Self Defense Forces was announced by the Japanese Ministry of Defense. The handgun is the replacement for the present 9mm pistol.

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 2023 - 2030. 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

• On March 01, 2022, 5.7x28mm new NATO caliber for pistols and submachine guns was announced by the FN Herstal. The pistols are in service with a large number of military and police forces globally.
• On March 11, 2022, Remington has reopened the Herkimer County gun factory, the Arms factory in Illinois. 
• On December 17, 2022, Israeli counterparts are used by the US army soldiers, the newest howitzer, by Elbit. The guns are in service with the Isreal Defense Force and other nations.