Selbyville, Delaware, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Ammunition Market was valued at USD 30.6 billion in 2023 and is projected to be worth USD 48.8 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
Heightened terrorism activities and cross-border conflicts have intensified the demand for ammunition. Governments and military forces are increasingly sourcing ammunition for counter-terrorism operations and bolstered border security measures. For instance, the Global Terrorism Index (GTI) reported a 17% surge in attacks in 2021 compared to the prior year. Globally rising military budgets and defense expenditures are propelling the demand for ammunition. Countries, responding to escalating geopolitical tensions and pursuing comprehensive military modernization, are ramping up defense spending.
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The overall ammunition industry is classified based on product type, application, and region.
The ammunition market is segmented by Product Type into Medium Caliber, Artillery, Small Caliber, Large Caliber, and Mortar. In 2023, the Small Caliber segment led the market with a revenue of USD 13 billion and is projected to grow at a CAGR of 5.3% from 2024 to 2032. Demand for small caliber ammunition is driven by applications in shotgun pistols, assault rifles, rifles, and revolvers. Furthermore, as security forces respond to rising armed conflicts, their increasing need for small caliber ammunition is poised to further propel its market growth.
Based on Application, the ammunition market is divided into Defense and Civil segments. In 2023, the Defense segment commanded a 56% market share and is forecasted to grow at a CAGR of 5.2% from 2024 to 2032. Geopolitical tensions and military conflicts are fueling a robust demand for ammunition, reinforcing defense operations and national security. Additionally, global military modernization efforts are driving consistent procurement of advanced ammunition, ensuring upgraded arsenals and maintained readiness.
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In 2023, North America led the Ammunition Market with a revenue of USD 12.7 billion and is projected to grow at a CAGR of 5.1% from 2024 to 2032. The region's heightened consumption of ammunition is attributed to the rising threat of terrorism and more permissive gun laws. Both defense and civilian sectors are keen on bolstering security and preparedness. Furthermore, the uptick in sports and hunting activities is set to play a pivotal role in the market's expansion.
Ammunition Market Players
Companies including BAE Systems, CCI, Denel, Elbit Systems Ltd., Global Ordnance, Magtech, NAMMO AS, Nexter Munition, Northrop Grumman Corporation, Olin Corporation, Orbital ATK Inc, Poongsan Corporation, Remington Arms Company, Ruag Ammotech are some firms working in ammunition industry.
The ammunition industry research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Million Units) from 2018 to 2032, for the following segments:
Market, By Product Type
- Small Caliber
- Medium Caliber
- Large Caliber
- Artillery
- Mortar
Market, By Application
- Defense
- Civil
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
