Ammunition Market to Hit USD 29.96 Billion by 2027 | Exhibiting a CAGR of 1.71% by 2020-2027
According to Fortune Business Insights, the Global Ammunition Market Size is projected to reach USD 29.96 Billion by 2027, at CAGR of 1.71% during forecast period 2020-2027 | Increasing Political Unrest to Accelerate Growth
Pune, India, Nov. 24, 2022 (GLOBE NEWSWIRE) — The global ammunition market is set to gain momentum from the increasing usage of 9mm cartridge as compared to the other calibers. It is mainly occurring because of the ongoing technological advancement, as well as its ability to perform in a versatile way. This information is provided by Fortune Business Insights™ in a recent report, titled, “Ammunition Market Size, Share & COVID-19 Impact Analysis, and Regional Forecast, 2020-2027.” The report further mentions that the global market size was USD 25.46 billion in 2019 is projected to reach USD 29.96 billion by 2027, exhibiting a CAGR of 1.71% during the forecast period from 2020 – 2027.
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List of Key Players Profiled in the Report
- BAE Systems (The U.K)
- CBC Global Ammunition (Brazil)
- Denel SOC Ltd (South Africa)
- General Dynamics Corporation(The U.S.)
- Nammo AS (Norway)
- Nexter group KNDS (France)
- Northrop Grumman Corporation (The U.S.)
- Olin Corporation(The U.S.)
- Poongsan Corporation (South Korea)
- RAUG Group (Switzerland)
- Thales Group(France)
- Vista Outdoor, Inc. (The U.S.)
|Market Size in 2020||USD 25.46 billion|
|2027 Value Projection||USD 29.96 billion|
|Growth Rate||CAGR 1.71% % 2020-2027|
|Historical Data for||2016 – 2018|
|Forecast Period||2020 – 2027|
|Segments Covered||By Application, By Calibre and By Component|
|Growth Driver||Increasing Political Unrest to Accelerate Growth|
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Highlights of This Report:
- In-depth information regarding the growth drivers, trends, and barriers.
- Insights of the top companies operating in the market.
- Extensive analysis of all the segments presents in the market, as well as their shares.
- Elaborate details about the competitive landscape including investments, novel product launches, mergers and acquisitions, agreements, contracts, and strategic collaborations.
Military & Homeland Security Segment to Lead Stoked by Military Modernization Initiatives
In terms of application analysis, the market is bifurcated into military & homeland security and civil & commercial. Amongst these, the military & homeland security segment held 65%ammunition market share in 2019. It is likely to remain at the forefront in the coming years backed by the rising demand for munitions from the military forces worldwide owing to increasing upgradation initiatives, cross border conflicts, and political unrest in various countries.
Drivers & Restraints-
Increasing Political Unrest to Accelerate Growth
Ammunitions are majorly utilized in rifles, shotguns, and handguns with a wide range of calibres. The rising cases of mass shooting, as well as increasing terrorist activities are further resulting in the need for personal safety. It is thereby surging the demand for handguns worldwide. Apart from that, the increasing number of shooting ranges for recreational and sports activities would augment the ammunition market growth during the forecast period. Besides, the rising political unrest, increasing fear owing to stringent gun control norms, and expansion of the shooting range industry would contribute to the growth of the market.
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Many Countries Ban Sales of Ammunition Owing to Covid-19 Pandemic
As per our research, in the U.S., the sales of ammunition and guns have surged since March 2020. Amongst the consumers, many of them are first-time gun buyers who fear of the sudden change in social order owing to the outbreak of the Covid-19 pandemic. Some of the other gun buyers are tensed about the fact that the U.S. government may implement stringent norms and regulations regarding the purchase of projectiles because of the spread of coronavirus infection. However, several other countries have banned the purchase of ammunition for recreational purposes and sports shooters.
Increasing R&D Activities to Favour Growth in North America
In terms of geography, North America generated USD 13.76 billion revenue in 2019 and is set to be the largest market in the near future. This growth is attributable to the rising adoption of innovative projectile in the U.S. Army. Besides, the rising government expenditure on research and development activities would aid growth. Coupled with this, the rising insecurity amongst the populaces owing to the outbreak of Covid-19 pandemic is surging the sales of guns in this region. It would also augment growth. In Asia Pacific, the market is likely to grow significantly fuelled by the expansion of the military forces in countries, such as South Korea, India, and China. Additionally, an upsurge in the military upgradation program and high defence expenditure would bolster growth in this region.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Global Ammunition Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Military & Homeland Security
- Civil & Commercial
- Market Analysis, Insights and Forecast – By Caliber
- Market Analysis, Insights and Forecast – By Products
- Aerial Bombs
- Artillery Shells
- Market Analysis, Insights and Forecast – By Components
- Fuzes & Primers
- Gun Powder
- Projectiles & warheads
- Market Analysis, Insights and Forecast – By Guidance
- Market Analysis, Insights and Forecast – By Lethality
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia pacific
- The Middle East
- Rest of the world
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Key Players Aim to Receive New Orders for Strengthening Their Positions
The prominent companies operating in the market are mainly engaging in research and development activities to launch new multi-purpose and lightweight lethal munitions. They are also focusing on bagging new orders from government agencies and other regulatory bodies to strengthen their positions.
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