Yahoo Finance Ammunition Market Size [2022-2030] to Reach USD 33.4 Billion and Exhibit a CAGR of 4.2% | The Brainy Insights
The increased procurement of small, medium, and large-caliber ammunition and the expansion of military forces is an opportunity for the ammunition market's growth during the forecast period.
Newark, June 08, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global ammunition market is expected to grow from USD 23.1 billion in 2021 to USD 33.4 billion by 2030, at a CAGR of 4.2% during the forecast period 2022-2030.
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Ammunition are objects which are inserted inside any weapon to hit a target. Some examples of ammunition are bullets, artillery shells, aerial bombs, or mortars. The 9mm cartridge is gaining popularity due to its advanced technology and versatile performance. FBI, in October 2015, announced that its agents would carry 9mm pistols instead of .40 S&W. The reduced recoil of the 9mm pistol enables faster acquisition of targets that helps in creating more quicker and accurate follow-ups. The 9mm pistol is also popular among frequent shooters as it is cost-efficient. Furthermore, the US army has developed technologically advanced snipper bullets guided by laser technology which helps the forces track the target in unfavorable conditions such as harsh and windy weather. The demand for ammunition will not be significantly affected as ammunition is an essential component of the frontline infantry.
Competitive Strategy
To enhance their market position in the global ammunition market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In July 2020, Northrop Grumman Corporation signed a contract with the US Army to provide the next-generation airburst cartridge for the 30mm XM813 Bushmaster Chain Gun. The Bushmaster Chain Gun will be installed on the Stryker Infantry Carrier Vehicle (ICV).
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Market Growth & Trends
The growing concerns related to personal safety are expected to drive the market's growth. These days, people use shotguns, handguns, and rifles that use ammunition of different calibers for personal protection. The growing number of shooting ranges propels the market's growth during the forecast period. The strict laws and regulations related to the use of firearms hamper the market's growth. During the Christchurch shooting incident in New Zealand, the rules and regulations for the procurement of guns changed in New Zealand. Furthermore, the Australian government also banned fully automatic and semi-automatic firearms from civilian ownership after the Port Arthur Massacre mass shooting incident in which 35 people were killed. The stringent regulation related to the ammunition is a challenge for the market's growth.
Key Findings
● In 2021, the bullets segment dominated the market with a market share of around 28% and a market revenue of 6.4 billion.
The product type segment comprises bullets, artillery shells, aerial bombs, and mortars. In 2021, the bullets segment dominated the market with a market share of around 28% and a market revenue of 6.4 billion. The bullets segment is growing owing to the increasing expenditure on improving the inventory of the military's land and air force departments.
● In 2021, the large caliber segment accounted for the largest share of the market, with 44% and market revenue of 10.1 billion.
The caliber type segment is divided into small, medium, and large. In 2021, the large caliber segment accounted for the largest share of the market, with 44% and market revenue of 10.1 billion. Growing political conflicts and rising cases of terrorism are driving the segment's growth.
● In 2021, the defense segment accounted for the largest share of the market, with 63% and market revenue of 14.5 billion.
The application type segment is divided into defense and, civil & commercial. In 2021, the defense segment dominated the market with a market share of around 63% and a market revenue of 14.5 billion. The growing demand for ammunition from the defense sector due to political unrest and cross-border conflicts drives the segment's growth.
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Regional Segment Analysis of the Ammunition Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global ammunition market, with a market share of around 41.3% and 9.5 billion of the market revenue in 2021. Several countries in the region have increased their investment and spending on the defense forces to provide them with better ammunition. Several research and development activities in the region in the ammunition sector propel the market's growth during the forecast period.
Key players operating in the global ammunition market are:
● Northrop Grumman Corporation
● CBC Global Ammunition
● Ruag Ammotec
● General Dynamics Corporation
● Olin Corporation
● BAE Systems
● Thales Group
● Rheinmetal AG
● Nexter KNDS group
● Elbit Systems
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global ammunition market based on the below-mentioned segments:
Global Ammunition Market by Product Type:
● Bullets
● Artillery Shells
● Aerial Bombs
● Mortars
Global Ammunition Market by Calibre:
● Small
● Medium
● Large
Global Ammunition Market by Application:
● Defense
● Civil & Commercial
About the report:
The global ammunition market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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