Press release
Ammunition Market Growth 2024-2033: Insights, Share, Size, and Demand
Ammunition Market
The Business Research Company presents an extensive market research report on the Ammunition Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The ammunition market size has grown strongly in recent years. It will grow from $27.19 billion in 2023 to $29.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to military modernization, global defense budgets, increased terrorism threats, weapon system upgrades, regional security concerns, law enforcement needs.
The ammunition market size is expected to see strong growth in the next few years. It will grow to $38.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to modern warfare requirements, counterterrorism operations, cybersecurity concerns, global arms trade, civil unrest and public safety. Major trends in the forecast period include non-lethal ammunition, propellant and casing technologies, sustainable practices in ammunition manufacturing, miniaturization of ammunition, enhanced training ammunition.
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Key Market Players:
Major companies operating in the ammunition market report are General Dynamics Corporation, Northrop Grumman Corporation, CBC Global Ammunition, Lapua Ammunition, Olin Corporation, Alliant Techsystems Inc., Vista Outdoor Inc., Ruag Ammotec, Nammo AS, Remington Arms Company, Fiocchi Munizioni S.p.A., Magpul Industries (Magpul Ammunition), Browning Ammunition, Hornady Manufacturing Company, Norma Precision AB, Nosler Inc., Black Hills Ammunition, Barnes Bullets LLC, PMC Ammunition, Dynamic Research Technologies, Underwood Ammunition, Atomic Ammunition, Buffalo Bore Ammunition, DoubleTap Ammunition, ELEY (ELEY Ammunition), Aguila Ammunition, GECO Ammunition, PolyCase Ammunition, SBR Ammunition, SIG Sauer (SIG Sauer Ammunition), Dynamic Munitions
Market Drivers:
The growing personal safety concerns and increasing shooting ranges are propelling the growth of the ammunition market. The increasing terrorist activities, mass shootings, increasing gangster activities, and increasing awareness for self-defense are the main reasons for the growing personal safety concerns while the rising awareness about the safe use of guns is the main reason for increasing shooting ranges. These growing personal safety concerns and increasing shooting ranges have led to the increased procurement of small caliber ammo for personnel safety. For instance, according to a survey commissioned in June 2021 by a nonpartisan American think tank the Pew Research Center, 44% of Republicans and Republican-leaning independents personally own a gun, compared with 20% of Democrats and Democratic leaders. 39% of the men own a gun, compared with 22% of women. In addition, 41% of adults in rural areas own a firearm, compared to about 29% of those in the suburbs and 2 in 10 in cities. The leading reason for owning a gun and firearm was personal safety or protection. Therefore, the increasing prevalence of personal safety concerns and increasing shooting ranges are expected to boost demand for ammunition during the forecast period.
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https://www.thebusinessresearchcompany.com/report/ammunition-global-market-report
The ammunition market covered in this report is segmented -
1) By Product: Bullets, Aerial Bombs, Grenades, Artillery Shells, Mortars
2) By Caliber: Small, Medium, Large, Other Calibers
3) By Guidance Mechanism: Non-guided, Guided
4) By Application: Defense, Less-lethal
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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