Light Weapons Global Market Report 2024

Light weapons are designed for use by a small crew or a single person, capable of being carried and operated by an individual. This category encompasses incendiary devices, crew-served kinetic firearms, and munitions with explosive capabilities.

The primary types of light weapons include Heavy Machine Guns (HMG), light cannons, MANPAT (Man-Portable Anti-Tank), mortars, MANPAD (Man-Portable Air-Defense Systems), grenades, missiles, launchers, Anti-Tank Weapons (ATW), and landmines. HMGs, for instance, can fire at a rate of 500 to 1,000 rounds per minute, sustaining continuous firing as long as the trigger is held or until the ammunition supply is exhausted. These weapons are typically constructed from materials such as steel and polymers, utilizing technologies like guided and unguided systems. Light weapons find their main applications in defense and homeland security.

The light weapons market research report is one of a series of new reports that provides light weapons market statistics, including light weapons industry global market size, regional shares, competitors with a light weapons market share, detailed light weapons market segments, market trends and opportunities, and any further data you may need to thrive in the light weapons industry. This light weapons market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The light weapons market size has grown strongly in recent years. It will grow from $12.13 billion in 2023 to $13.27 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. In the historical period, the growth in the domain of light weapons can be attributed to various factors, including the necessity for counter-terrorism operations, the requirements of law enforcement, the proliferation of small arms, escalating geopolitical tensions, and the dynamics of the firearms trade.

The light weapons market size is expected to see strong growth in the next few years. It will grow to $18.53 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
Looking ahead to the forecast period, the anticipated growth in the realm of light weapons can be linked to factors such as the increasing use of Unmanned Aerial Systems (UAS), concerns related to biosecurity threats, responses to global health crises, the need for protection against chemical and biological threats, and demilitarization initiatives. Noteworthy trends expected in this period encompass the development of modular weapon systems, the use of non-lethal weaponry, advancements in miniaturization and compact design, the integration of electro-optical sights, and the implementation of Remote Weapon Stations (RWS).

The growth of the light weapons market is expected to be driven by an increase in instances of terrorist activities, conflicts, and a rise in illegal activities. Terrorist acts involve the use or threat of violence to instill fear on a large scale, with light weapons such as pistols, rifles, submachine guns, assault rifles, and light machine guns being used by law regulators to control such activities. As the occurrences of terrorist activities, conflicts, and illegal actions continue to rise, there will be an elevated demand for light weapons to address these threats. According to the Global Terrorism Index (GTI) 2023, the number of deaths more than doubled from nine in 2021 to 19 in 2022, with 11 of these occurring in the US during a terrorist attack. This trend contributes to the growth of the light weapons market.

The growth of the light weapons market is also propelled by the increasing defense budget. Governments allocate funds for military expenditures and national security through defense budgets, which support the research, development, procurement, and maintenance of light weapons. For instance, the Ministry of Defense in the UK reported a total government spending of $55.68 billion (£45.9 billion) in 2021–22, representing an increase of $4.36 billion (£3.6 billion) from the previous year. This rise in defense budget allocation contributes to the growth of the light weapons market.

A key trend in the light weapons market is the evolution of technology, shaping how wars are fought, borders are protected, and individual rights are defined. Technological advancements have led to the development of guided weapons with high target hit ratios, supported by various accessories such as weapon sights, night vision equipment, targeting lasers, laser rangefinders, and fire control systems. For instance, the Bangladesh Navy received the QW-18A MANPADS (Man Portable Air Defense Missile System) from China in November 2021, featuring upgraded capabilities for improved air defense against supersonic cruise missiles.

Major companies in the light weapons market are focusing on product innovation, including thermal weapon sights, to enhance military effectiveness, safety, and operational capabilities. Thermal weapon sights combine a compact thermographic camera and an aiming reticle, providing day and night de-camouflage capabilities. Thales, a France-based technology company, launched XTRAIM in December 2021, a new weapon sight compatible with shoulder-fired assault rifles (HK416) and light machine guns (Minimi), offering unprecedented precision at night. This innovation meets precise operational needs in collaboration with users.

In January 2023, NIOA, an Australia-based defense contractor, acquired Barrett Firearms for an undisclosed amount. This strategic acquisition positions NIOA to manufacture and deliver world-class firearms and munitions globally, entering the US market. Barrett Firearms, a US-based light rifle design and manufacturing company, contributes to NIOA's capabilities in the light weapons market.

Major companies operating in the light weapons market include Lockheed Martin Corporation, Alliant Techsystems Inc., Rheinmetall AG, Raytheon Technologies Corporation, Thales Group, BAE Systems PLC, Northrop Grumman Corporation, General Dynamics Corporation, FN Herstal Group, Heckler & Koch GmbH, Kalashnikov Concern, SIG Sauer Inc., Colt's Manufacturing LLC, Beretta SpA, Smith & Wesson Brands Inc., Barrett Firearms Manufacturing Inc., Taurus Holdings LLC, Savage Arms, Steyr Arms, IWI Ltd., Springfield Armory Inc., Ceská zbrojovka AS, Mauser Jagdwaffen GmbH, Radom LLC, Serbska Fabrika Automobila, Arsenal Inc., Zastava Arms, China North Industries Group Corporation Limited., HS Produkt d.o.o.

North America was the largest region in the light weapons market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the light weapons market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the light weapons market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The light weapons market consists of sales of assault rifles, pistols, rifles, and submachine guns. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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