The global ammunition market is expected to grow primarily due to modernization of military capabilities. Centrefire sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow at a high CAGR by 2031.
NEW YORK, May 30, 2023 /PRNewswire/ — Global Ammunition Market Forecast Analysis:
As per the report published by Research Dive, the global ammunition market is expected to register a revenue of $31,717.40 million by 2031 at a CAGR of 3.9% during the forecast period 2022-2031.
Segments of the Ammunition Market
The report has divided the ammunition market into the following segments:
Product Type: centrefire and rimfire
Centrefire – Most dominant in 2021
Centrefire cartridges are more powerful than rimfire cartridges and offer greater accuracy and range. As a result, there is an increase in demand for these cartridges which is expected to push the growth of this sub-segment further.
Caliber Size: small, medium, large, and others
Small– Highest market share in 2021
Growing use of small caliber ammunition, such as .22 LR, 9mm, and .223 Remington for a variety of applications, including recreational shooting, hunting, and self-defense is expected to augment the growth rate of the market in the 2022-2031 timeframe.
Application: defense and civil & commercial
Defense– Most profitable in 2021
The rising need for ammunition that can support new weapon systems and combat tactics is expected to propel the sub-segment forward.
Region: North America, Europe, Asia-Pacific, and LAMEA
Asia-Pacific – Most lucrative by 2031
The growing geopolitical tensions and increasing military modernization programs in this region are predicted to propel the market in the forecast period.
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Dynamics of the Global Ammunition Market
Modernization of military capabilities of various armed forces across the world is expected to make the ammunition market a highly profitable one in the forecast period. Additionally, acquisition of new weapons and military systems is predicted to propel the market forward. However, according to market analysts, high cost of production might become a restraint in the growth of the market.
The growing demand of ammunition in military and law enforcement agencies is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, innovation in ammunition technology is expected to propel the ammunition market forward in the coming period.
COVID-19 Impact on the Ammunition Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The ammunition market, too, was severely impacted due to the pandemic. Though the demand for ammunition from law enforcement agencies increased in the early days of the pandemic, the trend didn’t last long. The disruptions in the global supply chains affected the overall production and supply of ammunitions across the world which brought down the growth rate of the market.
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Key Players of the Ammunition Market
The major players of the market include
Northrop Grumman Corporation
BAE Systems Inc.
Hanwha Corporation
FN Herstal
Rheinmetall Defense
ST Engineering
Olin Corporation
Nexter KNDS Group
Remington Arms Company LLC
General Dynamics Corporation
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in November 2022, TV Ammo Inc., an ammunition technology firm, announced that it was merging with Breeze Holdings Acquisition Corp., a special purpose company formed for effecting acquisitions, mergers, and partnership. With this merger, Breeze Holdings will be renamed True Velocity Inc., and the newly formed entity will be able to expand its operations globally.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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