Increasing demand for lightweight weapons promotes Service Handgun Market

Market overview:
The global Service Handgun Market was worth USD xx billion in 2020, and it is estimated that it will reach USD xx billion by 2025 at a notable CAGR during the outlook period.
Service Handguns are pistols issued to defense and law enforcement personnel. A pistol is a firearm with a short barrel and a magazine that can be held and used with one hand. Replacing Handgun with high-end revolvers and pistols has many advantages, including all pistols can be configured to receive a silencer and have standard and extended capacity magazines. They are small, safe pistols that are ideally used to defend your own home. This trend is expected to continue to provide significant growth opportunities for players in the global service pistol market. Service Handgun are issued to soldiers or law enforcement officers for use as personal or military weapons. Revolvers and pistols are the types of handgun covered in this report.

Recent developments:
In October 2019, the Portuguese army announced that they were choosing the Glock to supply a new fifth-generation G17 model that would replace the country's old Walther military pistol.
(https://www.guns.com/news/2019/10/14/glock-gen-5-g17-wins-major-nato-military-contract)

January 2017 - The US Army announced that it would replace its service pistol after 35 years, and the standard issued the Beretta M9 as the last pistol, the P320 developed by Sauer and Shon.
(https://www.military.com/daily-news/2017/01/19/army-picks-sig-sauer-replace-m9-service-pistol.html)

Market Drivers and Restrains:
Rising defense budgets in developing countries and evolving economies enhance the replacement of old pistols, which increases with law enforcement, and the military is a true growth engine in the Service Handgun market. As defense budgets grow in developing and emerging economies, they will want to replace old guns with law enforcement and the military. At the same time, most of the pistols used by soldiers and law enforcement officials are old, outdated and need to be replaced. In this sense, pistol acquisition plans are leading the market.

There is a growing need to improve the police force in many countries of the world. Increasing demand for light weapons and related accessories is expected to drive the growth of the Service Handgun market in the coming years. There is a growing need to improve the police force in many countries of the world. At the same time, most of the pistols used by soldiers and law enforcement are old, outdated and require replacement. Gun acquisition plans in this regard are currently leading the market. The increasing demand for small arms and related accessories is creating opportunities for the service pistol market in the future.

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Report is segmented as:
The global market for Service Handgun is segmented by material, type and safety. By type, the market is segmented into revolvers and pistols. On the basis of the material, the market is segmented into aluminum, steel and polymer. Also, according to security, the market is segmented into drop, catch and manual. The pistols segment is foreseen to record a leading share in the global Service Handgun market during the outlook period. Pistols typically have a higher bullet-holding capacity of up to 17 rounds in a standard magazine compared to revolvers with very low bullet-holding capacity. Also, pistols are more accurate compared to revolvers. This is the main reason why the military and law enforcement agencies prefer pistols to revolvers. Using existing military pistols in the military that date back to the Cold War era, the military is replacing those pistols with newer models.

Geographical Segmentation:
North America has the largest share of the service handgun market primarily due to replacement contracts awarded to gun manufacturers. Much of the North American demand for pistols comes from the United States. The United States leads the military spending in the world. This increase is expected to lead to the implementation of new weapons acquisition programs focused primarily on improving and modernizing the country's armies. This market is expected to experience the highest growth rate in Europe, and procurement of Service Handgun for law enforcement agencies in several countries in the region is expected to increase. The surge in the crime rate in France has affected the government arming all local police with guns. The country has already witnessed an increase in the use of semi-automatic pistols in the last three years. These developments are expected to drive the growth of the European service handgun market.

Key market players:
Key players in the market includes Remington Arms Company LLC, Baretta, FN Herstal, Colt's Manufacturing Company, LLC, Glock Ges mbH, FN HERSTAL, Colt Group SA, Swiss Arms AG, Heckler and Koch, Smith and Wesson, SIG SAUER and Armas From Israel. industry.
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.

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