Ammunition Market to Surpass Market Valuation of USD 90.07 Billion by 2031 | SkyQuest Technology
Westford USA, Nov. 15, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Ammunition Market will reach a value of USD 90.07 Billion by 2031, with a CAGR of 5.60% during the forecast period (2024-2031). The latest trends in ammunition are majorly impacting the growth of the ammunition market, including expanded military spending by countries, growing geopolitical stress, regulatory changes, and advancements in the design of ammunition. The market is also impacted by supply chain dynamics, economic conditions, and changes in defense strategies. Some of the leading drivers of the ammunition market comprise the existing global conflicts, innovation programs by military forces, and the growing interest of civilians in shooting sports.
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Browse in-depth TOC on the "Ammunition Market"
Pages – 202
Tables – 61
Figures – 75
Ammunition Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 58.25 Billion |
| Estimated Value by 2031 | USD 90.07 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.60% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Small Ammunition Product, End-Use, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Stockpiling of Ammunition by Civilian and Military Sectors |
| Key Market Drivers | Growing Territorial Conflicts and Geopolitical Stress |
Centerfire Segment to Dominate Market Owing to its Extensive Application
By small ammunition product, the centerfire segment dominated the market in the past years and is expected to lead over the forecast period as well owing to its broader applications in handguns, and shotguns, with primer located at the core of the casing base. One key benefit of centerfire is the readability offered, which makes it a highly preferred cartridge form. It is extensively used as a global standard in police, military, and security forces owing to its ability to tolerate high pressure, thus driving the segment growth. On the other hand, the rimfire segment is anticipated to grow considerably over the forecast period owing to its growing demand from the shooting population who prefer restricted recoil, mainly beginners. This form of ammunition is comparatively economical to develop since it holds a thin casing with compacted primer that can be easily produced, thus propelling the segment’s growth.
Defense End-Use Segment to Lead Market Due to Increasing Geopolitical Tensions
By end-use, the defense end-use segment held the majority share of the market in the previous years and will continue to lead in the future as well owing to the rising number of cross-border fights and geopolitical stress on the global scale. These elements have expanded the demand for ammunition, essentially in the ammunition sector. On the other hand, the civil & commercial end-use segment is expected to grow significantly over the estimated period due to the growing prominence of different recreational and shooting sports. Events like target shooting, competitive shooting tournaments, and hunting activities are increasingly demanding numerous forms of ammunition, fueling the segment growth.
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North America to Dominate Market Impacted by Heavy Investments and Robust Civilian Demand
Geographically, North America is anticipated to hold a significant share of the ammunition market in the coming years due to strong civilian demand and heavy defense spending. The number of shooting sports and personal defense is notably increasing in North America, especially in the Canada and the United States, where the demand for ammunition and gun ownership is high. Moreover, the U.S. holds largest defense funding, thus driving the market growth.
Europe is expected to grow as the fastest-growing region over the estimated period due to strong defense competencies and existing security concerns and conflicts. European nations are heavily investing in military and defense advancements, impacting the surging demand for ammunition. Also, the growing security concerns and regional stress, comprising fights in Eastern Europe are contributing to the rising procurement of ammunition, thus the regional growth.
Ammunition Market Insight
Drivers:
- Growing Terrorism Activities
- Rising Number of Military Modernization Programs
- Popularity of Hunting and Shooting Sports
Restraints:
- Significant Government Rules
- Environmental Concerns
- Supply Chain Disturbances
Prominent Players in Ammunition Market
- Northrop Grumman Corporation (US)
- General Dynamics Corporation (US)
- Olin Corporation (US)
- BAE Systems (UK)
- Rheinmetall AG (Germany)
- FN Herstal (Belgium)
- Poongsan Corporation (South Korea)
- Nammo AS (Norway)
- Vista Outdoor Inc. (US)
- ST Engineering (Singapore)
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Key Questions Answered in Global Ammunition Market Report
- What is the anticipated size of Global Ammunition Market by 2031, according to SkyQuest Technology?
- Which segment is leading by small ammunition product in the Ammunition Market?
- What are the key marketing strategies adopted by industry players in the Ammunition Market?
This report provides the following insights:
- Analysis of key drivers (growing advancements in technology, partnerships and military alliances, economic growth), restraints (market saturation, security risks, geopolitical instability), opportunities (growth of the civilian market, collaborative defense initiatives, sustainable and green ammunition), and challenges (compliance issues, high technology cost, variating prices of raw materials) influencing the growth of ammunition market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the ammunition market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the ammunition market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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