New York, USA, Sept. 07, 2022 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global ammunition market is anticipated to rise at a stunning CAGR of 3.7%, thereby garnering a revenue of $19,882.4 million in the 2021-2028 timeframe. This latest report, published by Research Dive, provides a brief outlook of the contemporary architecture of the ammunition market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the important market figures are also provided in this report to help new entrants gain insights about the market easily.
Dynamics of the Ammunition Market
Drivers: Growing threat of global terrorism is predicted to be the primary growth driver of the market in the forecast period. Additionally, development and utilization of light weight ammunition is predicted to drive the ammunition market forward in the forecast period.
Access to the Complete PDF Sample of Ammunition Market (Including Tables, TOC, and Figures)
Opportunities: Military modernization programs for upgradation of the armed forces and law enforcement organizations such as state police are anticipated to provide huge growth opportunities in the forecast period. Along with this, increasing threat of terrorist activities across the globe is predicted to push the market forward.
Restraints: However, despite the various growth drivers and growth opportunities, high regulatory restrictions in ammunition industry is predicted to be a major restraint in the full-fledged growth of the ammunition market.
Impact of Covid-19 on the Ammunition Market
The Covid-19 pandemic has had a moderate impact on the ammunition market. The shifting of focus from counter-terrorism activities and operations to public health crisis resulted in decrease in the growth rate of the market. However, growing adoption of advanced technologies like industrial internet of things (IIOT) for real-time monitoring of manufacturing processes of ammunition helped the market grow during the pandemic years.
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Segments of the Ammunition Market
The report has fragmented the ammunition market into certain segments based on product, application, caliber, and region.
Product: Centerfire Sub-segment to be the Most Dominant
By product, the centerfire sub-segment is expected to have a dominant market share and garner a substantial revenue of $12,738.6 million by 2028. The wide usage of centerfire ammunition in the rifles, shotguns, and handguns is expected to be the main factor behind the growth of this sub-segment.
Application: Defense Sub-segment to be the Most Lucrative
By application, the defense sub-segment is expected to have a lucrative growth and gather a revenue of $13,569.2 million by 2028. Increasing threat of terrorist activities and modernization programs in the defense forces of various countries are expected to be the main growth drivers of the sub-segment.
Caliber: Small Sub-Segment to be the Most Profitable
By caliber, small sub-segment is expected to be the most dominant as well as the fastest growing sub-segment in the 2021-2028 timeframe and garner $7,821.4 million by 2028. The extensive application of small caliber ammunition in pistols, assault rifles, rifles, and revolvers is expected to help this sub-segment grow in the forecast period.
Region: Market in North America Region to Have the Highest Market Share
By regional analysis, the ammunition market in the North America region is predicted to have the highest market share and rise with a CAGR of 3.5% by 2028. Presence of most developed and established framework of security in the commercial and public sectors of the countries in this region are expected to push the market.
Prominent Ammunition Market Players
Some leading market players of the ammunition market are
- Elbit Systems Ltd.
- General Dynamics Corporation
- BAE Systems.
- Thales Group
- Sierra Bullets
- Hornady Manufacturing
- Nexter KNDS group
- Rheinmetall AG
- Vista Outdoor Inc
- Ammo, Inc., among others.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market. – Inquire to get access to the key companies’ Development Strategic Report
For instance, in November 2020, Ammo Inc., a leading ammunition manufacturing company, announced the acquisition of Jagemann Stamping Company’s brass casing division. Jagemann Stamping Company is a leading manufacturer of fine blank stampings, which is why this acquisition is predicted to help Ammo In., immensely in the coming period.
Finally, the Research Dive report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Ammunition Market:
- Ammunition Market: Looking Forward to Leverage the Efficiency of Internet of Things
- Ammunition: A Defining Measure of Nation’s Strength, Power, and Security
