New York, United States , July 22, 2024 (GLOBE NEWSWIRE) -- The Global Ammunition Market Size Expected to Grow from USD 27.83 Billion in 2023 to USD 38.16 Billion by 2033, at a CAGR of 3.21% during the forecast period 2023-2033.
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Ammunition is the term for weapons and equipment used in combat or military operations, such as missiles, anti-personnel mines, land mines, bombs, warheads, and naval mines. Ammunition for hunting, defence, and sports purposes is included in the category of ammunition meant for consumer and commercial use. Small-calibre ammunition was employed in assault rifles, shotgun pistols, and revolvers. The UK government declared in 2022 that it had raised the budget for the armed forces to around USD 45.9 billion, a substantial increase above the prior allocation. The money is supposedly meant to increase the navy's technological prowess, fleet availability, and lethality. To create ammunition with cutting-edge technology, manufacturers are also boosting their expenditures on research and development (R&D). These elements would cause armed forces to be strengthened, as would the increasing frequency of geopolitical tensions, political upheaval, and cross-border conflicts, particularly among the Middle East and Asian nations. However, the expansion of the worldwide market is severely restricted by demanding laws and regulations governing the use of firearms. The government of New Zealand modified the nation's firearms laws in the wake of the Christchurch shooting.
Browse key industry insights spread across 208 pages with 110 Market data tables and figures & charts from the report on the "Global Ammunition Market Size, Share, and COVID-19 Impact Analysis, By Product (Bullets, Aerial Bombs, Grenades, Mortars, Artillery Shells, Others), By Caliber (Small, Medium, Large), By Application (Military & Homeland Security, and Civil & Commercial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The bullets segment is expected to hold the largest share of the ammunition market during the anticipation timeframe.
Based on the product, the ammunition market is categorized into bullets, aerial bombs, grenades, mortars, artillery shells, and others. Among these, the bullets segment is expected to hold the largest share of the ammunition market during the anticipation timeframe. There will be significant growth in the aerial bomb and grenade divisions of this market because of the increasing defence force contracts, expanding security concerns, and the reinforcement of military troops.
The small segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the caliber, the ammunition market is categorized into small, medium, and large. Among these, the small segment is expected to grow at the fastest CAGR during the anticipation timeframe. Open online marketplaces for small guns and ammunition, together with the defence and homeland security sectors' increased purchases of small-caliber ammunition to stop the growing number of violent conflicts, are also contributing to the expansion of this industry.
The military & homeland security segment is expected to hold a significant share of the ammunition market during the anticipation timeframe.
Based on the application, the ammunition market is categorized into military & homeland security, and civil & commercial. Among these, the military & homeland security segment is expected to hold a significant share of the ammunition market during the anticipation timeframe. The need for ammunition by the military has grown as a result of global conflicts, political unrest, and military modernization initiatives in many countries.
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North America is projected to hold the largest share of the ammunition market over the anticipation timeframe.
North America is projected to hold the largest share of the ammunition market over the anticipation timeframe. The market's growth in this sector can be attributed to the US's increased ammunition purchases as a result of the nation's defence forces' greater deployment abroad. North America is one of the world's top users of ammunition because the US is the world's largest manufacturer, distributor, and exporter of this armament.
Asia Pacific is expected to grow at the fastest CAGR growth of the ammunition market during the anticipation timeframe. Significant industry drivers include rising defence budgets in countries like China, India, and Japan. Additionally, nations seek to bolster their military might by employing creative solutions to quell domestic and international disturbances. For instance, the United States, Australia, Japan, and India comprise the Quad Group, of which it is the fourth member.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global ammunition market are BAE Systems, CCI, Global Ordnance, Elbit Systems Ltd., NAMMO AS, Magtech, Denel, Northrop Grumman Corporation, Nexter Group, Ruag Ammotech, and other Key vendors.
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Recent Developments
- In January 2024, to boost output, Nammo AS received USD 95 million from the Norwegian government. Nammo plans to use the money mostly for ammunition for its 155mm cannon.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global ammunition market based on the below-mentioned segments:
Global Ammunition Market, By Product
- Bullets
- Aerial Bombs
- Grenades
- Mortars
- Artillery Shells
- Others
Global Ammunition Market, By Caliber
- Small
- Medium
- Large
Global Ammunition Market, By Application
- Military & Homeland Security
- Civil & Commercial
Global Ammunition Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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