New York, USA, May 18, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global ammunition market is projected to garner a revenue of $31,717.40 million and grow at a CAGR of 3.9% over the forecast period from 2022 to 2031.
As per our analysts, with the increasing demand for ammunition in military and law enforcement agencies to train their personnel and carry out their operations effectively, the ammunition market is expected to experience progressive growth over the estimated period. Moreover, the rising innovation in ammunition technology to minimize the risk of accidental discharge is expected to create wide growth opportunities for the market during the analysis timeframe. However, the high cost of production of ammunition may hinder the growth of the market throughout the estimated period.
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Segments of the Ammunition Market
The report has divided the market into segments based on product type, caliber size, application, and region.
Product Type: Rimfire Sub-segment to be the Most Lucrative
The rimfire sub-segment is predicted to have the fastest growth over the forecast period. This is mainly because rimfire ammunition is broadly used for small-game hunting, target shooting, and plinking. Moreover, the growing popularity of rimfire firearms among younger shooters and beginners is predicted to fortify the growth of the market sub-segment over the analysis period.
Caliber Size: Small Sub-segment to be the Most Productive
The small sub-segment registered the highest revenue in 2021. This is mainly due to the increasing use of small-caliber ammunition in a wide range of applications such as hunting, recreational shooting, self-defense, and many more. In addition, the increased demand for small-caliber ammunition among hunters and sports shooters for various purposes such as target shooting, plinking, and many more, is predicted to propel the growth of the market sub-segment during the forecast period.
Application: Defense Sub-segment to be the Most Profitable
The defense sub-segment held the largest share of the market in 2021. The increasing need for ammunition in the military sector to support new weapon systems and combat tactics and prepare armed forces to defend against potential threats is predicted to uplift the growth of the market sub-segment over the analysis period.
Asia-Pacific Region Held the Maximum Market Share in 2021
The Asia-Pacific region of the ammunition market generated the biggest market share in 2021. This is majorly due to the growing geopolitical tensions, and the growing demand for small arms for civilian applications across the region. Moreover, the growing popularity of shooting sports and hunting activities in the region is further expected to boost the growth of the market over the estimated timeframe.
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Covid-19 Impact on the Ammunition Market
The rise of the novel coronavirus has devastated various industries and caused an economic slowdown across the globe. It has also badly impacted the ammunition market. Initially, there was a high demand for firearms and ammunition across developed nations as people started to panic buying ammunition in anticipation of social unrest and potential breakdowns in law and order. However, the disruption in the supply chain has brought many challenges for ammunition manufacturers in acquiring raw materials and transporting final products. These factors have declined the growth of the market over the crisis period.
Key Players of the Ammunition Market
The major players of the ammunition market include
- Rheinmetall Defense
- BAE Systems Inc
- Nexter KNDS Group
- General Dynamics Corporation
- Hanwha Corporation
- Olin Corporation
- ST Engineering
- FN Herstal
- Remington Arms Company LLC
- Northrop Grumman Corporation
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
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For instance, in April 2021, Rheinmetall AG, a German automotive and arms manufacturer announced its partnership with Northrop Grumman Corporation, an American multinational aerospace and defense technology company. With this partnership, the companies aimed to cooperate in the field of precision-guided enhanced-range artillery ammunition.
Further, the report also presents other vital aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
More about Ammunition Market:
- Explained: 4 Major Types of Ammunitions Available in the Market in 2023
- Growing Demand for Ammunition in Military and Law Enforcement Agencies to Boost the Growth of the Global Ammunition Market by 2031
