CHICAGO, April 12, 2024 /PRNewswire/ -- The global ammunition market size is projected to grow from USD 28.0 billion in 2023 to USD 33.1 billion in 2028, at a CAGR of 3.4% from 2023 to 2028 according to a new report by MarketsandMarkets. The factors such as the increase in the geopolitical tensions, Growth in military expenditure and arms transfer, change in the nature of warfare, modernization programs undertaken by military forces, militarization of police forces, and rise in drug trafficking globally are driving factors assisting the growth of the ammunition market. Apart from its use in defense forces, ammunition also sees increasing importance in commercial and civil applications such as self-defense, sporting, hunting, among others.
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Browse in-depth TOC on "Ammunition Market"
597 - Tables
74 - Figures
404 - Pages
Ammunition Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 28.0 billion |
Estimated Value by 2028 | $ 33.1 billion |
Growth Rate | Poised to grow at a CAGR of 3.4% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Application, Caliber, Product, Component, Guidance Mechanism, Lethality and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | International measures to control use of ammunition |
Key Market Opportunities | Stockpiling of ammunition |
Key Market Drivers | Geopolitical tensions and territorial conflicts across globe |
Based on caliber, the small caliber segment of the ammunition market is estimated to have the highest market share in 2023.
Based on caliber, the ammunition market has been segmented into small, medium, large, and others. The small caliber segment is estimated to have the highest market share in 2023. The widespread popularity of firearms chambered in small calibers among civilian gun owners, law enforcement agencies, and military forces, ensures a consistent and substantial demand for the small caliber segment of the market.
Propellant segment of the ammunition market is projected to witness the highest CAGR during the forecast period.
The ammunition industry has been segmented based on components into fuzes & primers, propellants, bases, projectiles and warheads, and others (guidance and actuation systems). The propellant segment is projected to grow at the highest CAGR during the forecast period. Propellants are poised for significant growth in the artillery shells ammunition market due to technological advancements, evolving military strategies, and the demand for enhanced performance.
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The Asia Pacific region is estimated to contribute the largest share in 2023.
The region of Asia Pacific is anticipated to hold the largest share in 2023, mostly because to the rise in terrorist attacks and cross-border conflicts in the area. New ammunition is being provided to the armed forces of many Asia-Pacific nations as part of military modernization initiatives. A greater demand for ammunition has been caused by several nations' focused ammunition upgrading initiatives, including China and India.
The ammunition companies is dominated by a few key players such as Northrop Grumman Corporation (US), CBC Global Ammunition (Brazil), BAE Systems (UK), Thales Group (France), and General Dynamics Corporation (US), Nammo AS (Norway) among others.
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