Global Firearms Market to Reach USD 70.6 Billion by 2032, Driven by Defense Modernization and Civilian Demand

The global firearms market — valued at USD 45.5 billion in 2024 — is forecast to expand at a 5.8% CAGR between 2025 and 2032, reaching USD 70.6 billion by 2032. This growth is being fueled by rising defense budgets and modernization programs, strong civilian demand for self-defense and sport shooting, accelerating technological advances in weapons design, and expansion of private security needs worldwide.

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Key Drivers of Market Expansion

• Defense spending surge: Global military expenditure reached USD 2,718 billion in 2024, an increase of 9.4% from 2023 — the steepest year-on-year rise in decades — underpinning increased procurement and modernization of small arms. 
• Civilian demand & culture: High civilian ownership and continuing interest in shooting sports and hunting (particularly in North America and parts of Europe) sustain robust demand for handguns and rifles.
• Technological innovation: Investment in guided-capability components, electronic firing systems, and ergonomics is expanding addressable markets for higher-precision firearms and professional applications.
• Private security growth: Rising demand for protection among high-value individuals, corporate executives, and VIPs supports specialized product lines and services.

Market Segmentation — Highlights

Product (2024):

• Handguns were the largest product category in 2024 (≈65% share) due to portability, cost, and civilian demand.
• Rifles are the fastest-growing product segment driven by defense modernization, law enforcement procurement, and hunting/sport markets.

Technology:

• Unguided firearms held the larger share in 2024 (≈60%) thanks to established production lines and broad civilian/government use.
• Guided firearms are the faster-growing technology segment as precision targeting becomes a higher priority for selected military and law-enforcement programs.

Operation:

• Semi-automatic weapons dominated in 2024 (≈70% share) because they balance capability and regulatory acceptability in many jurisdictions; automatic weapons show the highest CAGR as defense programs upgrade capability.

End Use:

• Military applications represented the largest end-use share in 2024 (≈75%) due to bulk procurement and modernization contracts.
• Self-defense is the fastest growing civilian end-use driven by public safety concerns and easy-carry product development.

Regional Dynamics

• North America: Largest regional market (~40% share in 2024) — supported by established ownership culture, sustained law-enforcement procurement, and recreational shooting popularity.
• Asia-Pacific: Fastest-growing region as countries expand defense budgets and modernize forces; China’s defense spending remains a major regional driver.

Competitive Landscape & Industry Activity

The market remains fragmented, composed of global majors and numerous regional manufacturers adapting to diverse regulatory and end-use requirements. Notable players include Smith & Wesson, FN Herstal, Sturm, Ruger, GLOCK, SIG Sauer, Beretta, Colt, Remington, Taurus, Browning, Springfield Armory, Mossberg, and Heckler & Koch.

Recent strategic moves and partnerships reflect active industry consolidation and localization efforts:

• SIG SAUER announced a joint venture with Nibe Defence and Aerospace to expand small arms and ammunition manufacturing in India (Nov 2024).
• SK Guns (SK Studios LLC) partnered with Phoenix Trinity Manufacturing to develop a double-stack, commander-sized concealed-carry pistol (Jan 2025).
• Industry acquisitions and distribution partnerships continue to reshape market access and product portfolios.

Notable Market Signals & Recent News

• SIPRI’s 2024 report confirms a historic increase in global military expenditure — a macroeconomic tailwind for firearms procurement.
• India’s ongoing AK-203 procurement and local production plans signal sustained demand for assault rifles and domestic manufacturing capacity expansion.