Press release
Ammunition Market is Set to Globally Reach US$ 35 Billion at a 5.7% CAGR by 2032
Ammunition Market
The primary driver of this demand is increased defense spending to counter external aggression. Additionally, the development of lightweight bullets with polymer casings is propelling growth for ammunition manufacturers. Centerfire ammunition is expected to see particularly high demand, accounting for more than two-thirds of total revenue by 2020, establishing it as the gold standard in the defense industry.
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Ammunition Demand Influenced by Recreational Shooting
The growing popularity of shooting sports is creating lucrative growth opportunities for ammunition manufacturers, particularly in the small caliber segment. Additionally, the purchase of ammunition for residential property protection is driving the adoption of small caliber ammunition during the forecast period.
For instance, National Shooting Sports Monthยฎ in August 2021 provided millions of first-time firearm owners in America an opportunity to enjoy their new firearms through training courses, competitions, or recreational target shooting with friends. According to the National Shooting Sports Foundation, 8.4 million people bought their first firearm in the previous year, many of them being first-time buyers.
Key Challenges in the Global Ammunition Market
Budget cuts in Europe and the United States are expected to restrain the growth of the global ammunition market over the forecast period.
Significant budget reductions in developed regions like Europe and the United States have impacted military budgets, subsequently affecting the ammunition market. For example, US military spending decreased from $711 billion to $668 billion in 2012.
These budget cuts make it challenging for countries to stay current through modernization programs. Consequently, these factors are expected to limit the growth of the global ammunition market during the forecast period.
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Competitive Landscape
The ammunition market is fragmented due to the presence of various players who support armed forces worldwide. These players are employing diverse strategies to expand their product portfolios and strengthen their global footprint. Additionally, advancements in technology are expected to attract new players into the market.
In July 2021, BAE Systems and the UK Ministry of Defense (MOD) signed a ยฃ250 million contract to advance the design and development of Tempest, the UK's Future Combat Air System (FCAS).
In December 2020, Nammo and the Finnish Defense Forces (FDF) announced a new long-term strategic partnership agreement, building upon a previous security of supply agreement signed in 2014.
Companies are also focusing on investing in the development and production of advanced precision-guided ammunition. These innovations are designed to effectively target adversaries while minimizing collateral damage, reflecting ongoing advancements in military technology and strategic capabilities.
Key Segments Covered in the Ammunition Industry Report
Ammunition by Caliber
Small Caliber Ammunition
5.56 mm
7.62 mm
7.62 x 51 mm
7.62 x 39 mm
9 mm
9 x 18 mm
9 x 19 mm
Others
Medium Caliber Ammunition
23 mm
30 mm
Others
Large Caliber Ammunition
VSHORAD
122 mm
Others
Rockets, Missiles and Others
Tank Ammunition
Artillery Ammunition
Ammunition by Type
Rimfire Ammunition
Centerfire Ammunition
Ammunition by Application
Civil & Commercial
Sports Ammunition
Hunting Ammunition
Self Defense
Defense Ammunition
Military Ammunition
Law Enforcement Ammunition
Ammunition by Region
North America Ammunition Market
Latin America Ammunition Market
Europe Ammunition Market
East Asia Ammunition Market
South Asia Ammunition Market
Oceania Ammunition Market
Middle East & Africa Ammunition Market
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