Ammunition market to grow at a CAGR of 4.29% from 2022 to 2027: Prevalence of geopolitical conflicts, political tensions, and cross-border issues to drive growth - Technavio
NEW YORK, Dec. 5, 2023 /PRNewswire/ -- The ammunition market is estimated to grow by USD 5.17 billion during 2022-2027. Moreover, the growth momentum will accelerate at a CAGR of 4.29% during the forecast period. The prevalence of geopolitical conflicts, political tensions, and cross-border issues is driving market growth. Military budgets have increased due to conflicts in the Middle East and Asia. Technological advances and increasing R&D spending are also fueling market growth. These factors are expected to increase the demand for ammunition, which will market growth during the forecast period. To understand more about the services market, request a sample report.
Ammunition market insights -
- Vendors: 15+, including Adani Group, AMMO Inc., BAE Systems Plc, BERETTA HOLDING SA, CBC Global Ammunition, Denel SOC Ltd., Elbit Systems Ltd., Fabbrica dArmi Pietro Beretta S.p.A., General Dynamics Corp., Global Ordnance LLC, Hanwha Corp., Herstal SA, Industrias Tecnos S.A. de C.V., Lockheed Martin Corp., Mesko SA, Nammo AS, Nexter KNDS Group, Northrop Grumman Systems Corp., Olin Corp., Polska Grupa Zbrojeniowa SA, Poonfsan Corp., Rheinmetall AG, Singapore Technologies Engineering Ltd., Thales Group, Vista Outdoor Inc., among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Product (small caliber, medium caliber, and large caliber), application (defense, civil, and commercial), and geography (North America, APAC, Europe, Middle East and Africa, and South America)
In 2017, the ammunition market was valued at USD 19.52 billion. From a regional perspective, North America held the largest market share, valued at USD 6.90 billion.
Ammunition market - Customer landscape
To help companies evaluate and develop growth strategies, the report outlines –
- Key purchase criteria
- Adoption rates
- Adoption lifecycle
- Drivers of price sensitivity
- For highlights on customer landscape analysis, download a sample!
Ammunition market - Vendor insights
The global ammunition market is moderately competitive, marked by the presence of many prominent players competing for a larger market share. Technavio report analyzes the market's competitive landscape and offers information on several market vendors, including
- Elbit Systems Ltd. - The company offers various ammunition such as cannon ammunition, medium caliber ammunition, mortar ammunition, and tank ammunition.
- General Dynamics Corp. - The company offers various types of small-caliber ammunition used in defense.
- Hanwha Corp. - The company offers ammunition such as mortar ammunition and 40mm grenade munitions.
- Mesko SA - The company offers medium caliber ammunition, small caliber ammunition, mortar ammunition, and tank ammunition.
Market Segmentation
The market is segmented by product (small caliber, medium caliber, and large caliber), application (defense, civil, and commercial), and geography (North America, APAC, Europe, Middle East and Africa, and South America). The small caliber segment will account for a significant share of market growth during the forecast period. Small caliber ammunition refers to ammunition with a caliber of less than 20 mm. The growth of this segment is attributed to factors such as a rise in the demand for weapons for defense and recreational purposes. In addition, the rise in interest in hunting and shooting sports, particularly among younger generations, is fueling the growth of this segment.
Ammunition market – Market dynamics
Major trends
- Reduction of weight of ammunition
- Growing asymmetric warfare worldwide
- Advancement in small caliber
The weight of ammunition has decreased significantly owing to new material developments and manufacturing methods. Bullet casings are made of lightweight metals and composite materials, and the weight of propellants has been optimized. In the aviation sector, lighter aircraft lead to longer flight times and successful missions. Moreover, ammunition storage and transportation require fewer resources, which allows for more flexible and quick military operations. Such factors are expected to fuel market growth during the forecast period.
Key challenges
- Rise in ammunition smuggling
- Proliferation of illicit ammunition manufacturers
- International measures to control ammunition use
The rise in ammunition smuggling is fueled by the high demand for firearms and related goods on the black market. Smugglers are employing strategies such as concealing ammunition in vehicles, shipping containers, and items such as clothing and toys. This makes it difficult for authorities to find smuggled ammunition. Moreover, the introduction of illegal firearms can lead to other criminal activities. These factors are expected to impede market growth during the forecast period.
The ammunition market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.
Why buy?
- Add credibility to strategy
- Analyzes competitor's offerings
- Get a holistic view of the market
Grow your profit margin with Technavio - Buy the report
What are the key data covered in this ammunition market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the ammunition market between 2023 and 2027
- Precise estimation of the size of the ammunition market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the ammunition market across North America, APAC, Europe, Middle East and Africa, and South America
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of ammunition market vendors
Related Reports:
The NATO ammunition market size is expected to increase by USD 208.24 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.13%.
The defense logistics market is estimated to grow at a CAGR of 2.05% between 2022 and 2027. The size of the market is forecasted to increase by USD 3,998.66 million.
TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Product
- Market Segmentation by Application
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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