Ammunition Market Outlook to 2024 – Growth Opportunities, Trends, Offering, Technology And Forecast With Top Players Analysis | Million Insights
The global Ammunition Market size is likely to reach USD 16.07 billion by 2024 and is anticipated to experience a noteworthy growth in the near future owing to the rising security concerns caused by the upswing in terrorist groups and activities. Arms race has been observed in the developing economies of Pakistan, China and India which is presumed to thrust the demand over the forecast period.
The market has been segmented into different products that primarily consist of rockets, bullets, mortars and others. Civil & defense are the two end-use segments included in the study. Political differences along with the rising tension across borders is resulting in the rise in stacking of armories.
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According to the latest statistics published by Stockholm International Peace Research Institute (SIPRI), China, Saudi Arabia, Russia, and the U.S were the foremost nations having highest expenditure on armories. The majority of the share was captured by the U.S with 36%, followed by China with a share of 13% in 2015.
Rising inclination towards hunting and sports activities has enhanced ammunition market. In terms of exports, the U.S is amongst the major exporter of weapons and armories across the globe. The U.S armory industry is a commercialized segment and a significant contributor in the countries’ economy. In the context of R&D, innovation and production, the U.S ranks on top.
Product Insights
The major product segment in 2015 was bullets which accounted for 53.9% of the total market share. Bullets are mostly utilized by the civilians and criminal organizations. Small caliber bullets utilized in domestic end-use is a key contributor in the segment.
Domestic end-use utilizes numerous armories which comprises of rifles, handguns, pistols and shotguns. The demand is also fueled by the growth in personal end-use for security from developing economies. Other segments are mostly consumed by the defense and military departments. Upsurge in procurement of armories can be attributed to the upswing in terrorist activities or terrorism.
End-Use Insights
Civil or domestic was the most noticeable segment which accounted for 74.5% of the total revenue share. The domestic segment is expected to observe a substantial rise as a result of high growth from hunting & sports activities in the near future. The domestic segment comprises of sports & hunting, self-defense and law enforcement.
Outdoor and adventure activity is massive occupation in North America, specifically in the U.S. According to the latest study conducted by U.S. Fish and Wildlife Services, Americans spend around USD 50 billion on hunting and sports activities in 2015. All these aspects enhance the complete growth of the ammunition industry.
Regional Insights
Asia Pacific, which is projected to grow at a CAGR of 4.5%, also accounted for the highest share in 2015 and is projected to continue the trend over the forecast period. The upsurge of terrorism activities in developing economies such as India is resulting in the strengthening of the overall defense system of the country. India signed several contracts valued at USD 15 billion to buy armories in March, 2016.
Production of small armories and weapons is a leading industry in Europe as a result of which it has retained its position as one of the key arms exporter across the globe. Key countries in Europe consists of the U.K, France, Germany and Russia.
Competitive Insights
Major businesses in the market include General Dynamics Corporation, Remington Arms Company, Inc., BAE Systems, Ruag Ammotec, Federal Premium Ammunition and Maxam and Poongsan Corporation.
With a view of safeguarding a solid position in the market and minimize competitiveness, the international weapons and armories industry has constantly experienced mergers and acquisitions by the key participants. BAE systems merged with General dynamics ordnance and tactical systems in the year 2012 to produce RCGM i.e. an 81mm Roll Controlled Guided Mortar.
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Market Segment:
Product Outlook (Revenue, USD Million, 2013 – 2024)
• Bullet
• Rocket
• Mortar
• Others
End-Use Outlook (Revenue, USD Million, 2013 – 2024)
• Civil
• Law Enforcement
• Sports and Hunting
• Self-defense
• Defense
Regional Outlook (Revenue, USD Million, 2013 – 2024)
• North America
• U.S.
• Europe
• Russia
• UK
• France
• Asia Pacific
• China
• India
• Latin America
• Brazil
• Cuba
• MEA
• Saudi Arabia
• Israel
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