The market research report titled ‘Global Military Rifle Market Size study, by Product (Assault Rifle, Light Machine-Gun, General-Purpose Machine Gun, Designated Marksman Rifle, Sniper Rifle), by Range (Up to 500 meters, 500 to 1,000 meters, above 1,000 meters) and Regional Forecasts 2021-2027’, available with MarketStudyReport, opines that global military rifle market is expected to showcase an annual growth rate of over 4% during 2021-2027.
 

Increasing expenditure on defense and security concerns is playing a vital role in the augmentation of global military rifle market. Further, the growing prevalence of terrorist activities may increase the demand in the market over the forecast period.
 

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For the uninitiated, military rifles refer to versatile and rugged battle rifles, assault rifles or carbine rifles. These are typically utilized in the armed forces but can be found across different environments.
 

Despite the positive industry outlook, high cost of production may affect product demand during the assessment timeline.
 

Moving on to segmentation, the market is bifurcated on the basis of product type (assault rifle, light machine-gun, designated marksman rifle, general-purpose machine gun, sniper rifle), range (up to 500 meters, above 1,000 meters, and 500 to 1,000 meters.
 

From a regional frame of reference, North America (U.S., Canada), Europe (U.K., Germany, Spain, France, Italy), Asia Pacific (India, China, Japan, South Korea, Australia), and Latin America (Mexico, Brazil) are the major geographies highlighted in the document.
 

North America military rifle market is slated to exhibit a robust growth rate over the analysis period owing to technological advancements and the presence of major defense equipment players in the region. Meanwhile, Asia Pacific market is touted to grow significantly, mainly due to rising military budget and increasing frequency of threats & conflicts between nations.
 

Speaking of the competitive landscape, major companies influencing the market trends are SIG Sauer, ASC Pty Ltd, Austal Limited, Bravo Company Usa, Inc., Adcor Defense, Arsenal Inc., Santiago Shipyard and Shipbuilding Corporation, Fabrica Argentina de Aviones SA, and Bersa.