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Automatic Weapons Market Report 2024 - Automatic Weapons Market Size, Insights And Trends
Automatic Weapons Market
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According to The Business Research Company's, The automatic weapons market size has grown rapidly in recent years. It will grow from $8.54 billion in 2023 to $9.45 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to military modernization, conflict and war, terrorism and insurgency, law enforcement needs, arms trade and export.
The automatic weapons market size is expected to see strong growth in the next few years. It will grow to $13.56 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to counter-drone capabilities, urban warfare considerations, geopolitical instability, unmanned systems integration, cybersecurity concerns. Major trends in the forecast period include non-lethal technologies, technological advancements, sustainability and eco-friendly materials, human-machine teaming, global collaboration in research and development.
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Market Drivers and Trends:
Increasing military expenditure is expected to propel the growth of the automatic weapon market going forward. Military expenditure is the amount spent on weapons, weapons systems, operations, maintenance, personnel, and other specific military equipment. Government spending on the military would support the development of various aspects of the military market, including automatic weapons. For instance, in March 2023, according to the United States Air Force (USAF), a US-based agency for the Air Force, the US Air Force's fiscal year 2024 budget request is roughly $215.1 billion, a $9.3 billion or 4.5% increase over fiscal year 2023. Therefore, increasing military expenditure drives the automatic weapon market.
Product innovations are a key trend gaining popularity in the automatic weapon market. Major companies operating in the automatic weapon market are developing new products to sustain their position in the market. For instance, in July 2021, Ordnance Factory Tiruchirappalli (OFT), an India-based defense company specializing in the production of defense equipment and weapons, launched TriCa (Trichy Carbine), a compact and lightweight automatic weapon weighing 3.17 kg. It features a unique muzzle booster for flash concealment and sound reduction during firing and has an effective range of 150 to 175 m. It is compatible with ammunition, magazines, and interchangeable parts from available assault rifles such as the TAR and AK-47. It is designed for various forces, including infantry combat vehicle crews, paratroopers, and special operation forces.
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Major Key Players of the Market:
China North Industries Corporation, General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems PLC, Daewoo Engineering & Construction, Rheinmetall AG, Singapore Technologies Engineering Ltd., Israel Aerospace Industries Ltd., Remington Arms Company, Beretta USA, Smith & Wesson Corp., Taurus Armas S.A., Heckler & Koch AG, SIG Sauer AG, FN Herstal SA, Colt's Manufacturing Company LLC, HS Produkt d.o.o., Denel Land Systems, Israel Weapon Industries (IWI) Ltd., Barrett Firearms Manufacturing Inc., Glock, Windham Weaponry Inc., Bushmaster Firearms International, Norinco Private Limited, Ukroboroprom, KalibrGun Valdy EU s.r.o., Robinson Armament Co., Zastava Arms, Sphinx Systems Private Limited, Steyr Arms Inc., Zenith Firearms Inc.
Automatic Weapons Market 2024 Key Insights:
• The automatic weapons market size is expected to see strong growth in the next few years. It will grow to $13.56 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Rising Military Expenditure A Catalyst For Growth In The Automatic Weapon Market
• Innovative Product Developments Driving Evolution In The Automatic Weapon Market
• North America was the largest region in the automatic weapon market in 2023
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