Small Arms Market to Hit $13.41B by 2031 as Defense Modernization Accelerates
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Hyderabad – September 19, 2026 -- The global small arms market is projected to grow from $10.75 billion in 2026 to $13.41 billion by 2031, a 4.53% CAGR, according to a new report from Mordor Intelligence.
Military modernization programs push demand for larger-caliber, modular rifle platforms
Procurement initiatives in Canada and India are driving adoption of newer rifle systems using 6.8 mm and 7.62 mm calibers, the report finds. The US Army's Next Generation Squad Weapon initiative exemplifies the shift toward advanced small arms designed for greater range, accuracy, and armor-penetration capability. Similar requirements among NATO members and Middle Eastern buyers are expected to sustain procurement activity for manufacturers and component suppliers.