Ammunition market size – USD 20.00 billion in 2019, Market growth – CAGR of 3.3%, strong demand from countries investing heavily in defense sector.
NEW YORK, NY, USA, January 7, 2022 /EINPresswire.com/ – Growing arms race between countries, rise in terrorist activity are driving demand for the market.
The global ammunition market is expected to grow at a rate of 3.3% during the forecast period to reach USD 25.97 billion in 2027. The market under study was worth USD 20.40 billion in 2019. An increase in terrorist activity around the world is compelling. all countries to increase spending in the defense sector, which mainly drives market growth. Around the world, efforts are being made to modernize defense infrastructure and are the main driver of the market. The modernization of military forces is carried out by countries like the United States, China, Russia, Turkey, Israel, South Korea, India in order to improve their military capabilities. The requirements of these countries force the main market players to focus more on R&D.
The civilian and commercial segment of the market under study is expected to have a fairly good CAGR over the forecast period aside from massive growth in the defense segment. The growth of the civilian and commercial segment is mainly due to the increased interest in sports and leisure activities such as shooting and hunting.
The small caliber segment is expected to have the highest CAGR of any segment during the forecast period as it can be used in small arms, which are now used by armed forces and security personnel.
However, illegal arms and ammunition transactions have increased around the world, and countries around the world are therefore forced to adopt strict regulations regarding arms transactions, which is a constraint on the market to the study.
North America is the largest consumer of ammunition due to the huge demand from the United States, where there will also be significant growth in the APAC region during the forecast period. The increasing number of terrorist activities in the Asia-Pacific region and the huge budget allocation in the defense sector by the countries of this region are triggering the market in the APAC region.
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The impact of COVID-19:
As the COVID-19 crisis unfolds, the market is taking a heavy hit. The demands from many parts of the world fell and the possibility of exporting products became limited. There is a disparity in demand between regions. Sales of firearms and ammunition have increased in countries like the United States and Canada, but in other parts of the world demand has fallen sharply. North American companies are thus trying to cater to customers in their own region rather than focusing on product exports. In this way, they try to generate as much income as possible and try to build up cash reserves, which can provide them with huge benefits in the future. In the midst of this crisis, the major market players are trying to use their resources carefully and focus on the safety of their employees, suppliers, distributors and other business partners. They are aimed at reducing costs as demand is expected to remain subdued for some time even after this crisis as the priorities of countries around the world are sure to change. The sale of ammunition products almost came to a halt in the midst of this crisis.
The main participants are Nammo AS, Northrop Grumman, Rheinmetall Defense, Nexter Group, RUAG Holding AG, Fiocchi Munizioni SpA, Prvi Partizan AD, Companhia Brasileira de Cartuchos, Hornady Manufacturing Company Inc. and General Dynamics Corporation.
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Other key findings from the report suggest
â¢ The Centerfire product won the largest market share among all product segments in 2019 due to its special characteristics, making it one of the most useful ammunition products. Rimfire munitions are also expected to have a significant growth rate of 3.6% during the forecast period.
â¢ The small caliber segment enjoyed the largest market share in 2019 and is expected to experience the fastest growth rate of 3.7% during the forecast period. This is due to the security concerns that arise in many countries. The rocket and missile segment will also experience good growth of around 3.6% during the forecast period.
â¢ The defense sector has historically been the largest consumer of the ammunition market, but the civilian and commercial segment is expected to experience high growth due to its broad product line.
â¢ The North American market is the dominant consumer in the market is expected to show considerable growth, but the Asia-Pacific region will show a significant growth rate of 3.8% during the forecast period due to increasing tensions between the China and the United States.
â¢ On May 8, 2019, Fiocchi released 7 new cartridges that can be used in shotguns including JK6 33, SUBSONIC, HP 36, SLUG STEEL, GM3, SUBSONIC 20 gauge and SILENT 410 gauge.
â¢ Important acquisitions underway in the market include the acquisition of Orbital ATK by Northrop Grumman in 2017, CHARME III acquires 60% of the shares of Fiocchi Munizioni in 2018, Nammo acquires Chemring Ordnance in 2019.
For the purpose of this report, reports and data have been segmented on the Ammunition market on the basis of product, caliber, end use, and region:
Product Outlook (Volume, Thousands of Units; Revenue, USD Billion; 2020-2027)
Outlook Caliber (Volume, Thousand Units; Revenue, USD Billion; 2020-2027)
â¢ Rockets and missiles
End-Use Outlook (Volume, Thousands of Units; Revenue, USD Billion; 2020-2027)
â¢ Civil and commercial
Regional Outlook (Volume, Thousands of Units; Revenue, USD Billion; 2020-2027)
â¢ North America
â¢ Asia Pacific
â¢ Latin America
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Main advantages of the ammunition report:
â¢ Identification and analysis of market size and competition
â¢ Qualitative and quantitative analysis of market data
â¢ Data validated by industry experts after extensive primary and secondary research
â¢ In-depth regional analysis of the ammunition industry
â¢ Profiling of key players as well as their business insight, business strategies, agreements and partnerships, and product portfolio
â¢ SWOT and Porter’s Five Forces Analysis for an in-depth understanding of the competitive landscape
â¢ Feasibility analysis and investment analysis to enable strategic investment decisions
â¢ Analysis of opportunities, drivers, constraints, challenges, risks and limitations
To conclude, all aspects of the Ammunition Market are quantitatively and qualitatively assessed to study the global and regional market in a comparative manner. This market research presents critical information and factual data about the market, providing an overall statistical study of this market on the basis of market drivers, its limitations and future prospects.
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