Ammunition Market worth $24.9 billion by 2025
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COVID-19 has affected the ammunition market growth to some extent, and this varies from country to country. Industry experts believe that the pandemic has not affected the demand for ammunition in defense applications. However, due to continuous lockdown and social distancing measures, there has been a decrease in the demand for ammunition in civil and commercial applications. For instance, hunting and sporting activities (which are a major driving factor for civil and commercial applications) have been reduced significantly.
Increasing spending on the modernization of armed forces is driving the growth of the defense applications
The defense segment of the ammunition market has been classified into military and homeland security. The growth of the defense segment of the ammunition market can be attributed to the increased spending of countries on military modernization programs, as well as the rise in terrorist activities and civil disturbances in several parts of the world.
Based on caliber, the small caliber segment of the ammunition market is projected to witness the highest CAGR during the forecast period
Based on caliber, the ammunition market has been segmented into small, medium, large, and others. The small caliber segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to increased use of small caliber ammunition by military and homeland security personnel, owing to less lethality of this ammunition. Moreover, open online marketplaces for small arms and ammunition and increased procurement of small caliber ammunition by the defense and homeland security sectors to curb rising instances of armed conflicts are also contributing to the growth of this segment.
Aerial bombs segment of the ammunition market is projected to witness highest CAGR owing to increasing focus on upgrading of air force inventory by armed forces
Based on products, the ammunition market has been segmented into bullets, aerial bombs, grenades, artillery shells, and mortars. The aerial bombs segment is projected to grow at the highest CAGR. In recent years, an increasing focus has been observed to upgrade air force inventory across the globe due to multiple reasons such as geopolitical tensions and air force applications. For instance, the US has ongoing F-35 fighter aircraft programs. Whereas the Indian air force is looking for multi-role aircraft to strengthen their armed forces, and hence new aircraft procurements will lead to an increased demand for related ammunition in the coming years. Hanwha Corporation (South Korea) and General Dynamics Corporation (US) manufacture aerial bombs for applications.
The North America market is projected to contribute the largest share from 2020 to 2025
The ammunition market in the North American region has been studied for the US and Canada. Major factors that are expected to drive the growth of the market in the region include rising instances of terrorism, which have led to increased use of ammunition by armed forces and a growing number of drug cartels in Central America
North American countries are awarding a number of contracts to major players of the ammunition market for the delivery of ammunition, thus driving the growth of the ammunition market in the region. For instance, In July 2020, Northrop Grumman Corporation secured a contract from the US Army to deliver the next-generation airburst cartridge for the 30mm XM813 Bushmaster Chain Gun. The Bushmaster Chain Gun will be installed on the Stryker Infantry Carrier Vehicle (ICV). Also, the company has secured a contract worth USD 93 million from the US Army for the manufacture of multipurpose munition technology for destroying targets such as lightly armored infantry fighting vehicles. The munitions are expected to be compatible with the M4A1 rifle.
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The ammunition market is dominated by a few globally established players such as Northrop Grumman Corporation (US), CBC Global Ammunition (Brazil), BAE Systems (UK), Thales Group (France), and General Dynamics Corporation (US), among others.
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