Ammunition Market CAGR, Key Players, Applications, Products and Regions Till 2027
October 14, 2021
Ammunition market is forecasted to grow at a rate of 3.3% during the period 2020-27. The market under study had a value of USD 20.00 billion in 2019NEW YORK, NY, UNITED STATE, October 14, 2021 /EINPresswire.com/ -- Ammunition market is forecasted to grow at a rate of 3.3% during the forecast period and reach USD 25.97 billion in 2027. The market under study had a value of USD 20.40 billion in 2019. An increase in terrorist activities around the world is compelling all the countries to increase spending in the defense sector, which is primarily driving the growth of the market. There is an effort to modernize defense infrastructure by countries around the world and this is acting as the main driver for the market. Modernization of military forces is carried out by countries like the USA, China, Russia, Turkey, Israel, South Korea, India in order to improve their military abilities. The demands of these countries are compelling major players in the market to focus more on R&D.
The civil and commercial segment of the market under study is predicted to have a fairly good CAGR during the forecast period apart from massive growth in the defense segment. The growth in the civil and commercial segment is primarily due to the rise in interest in sports and leisure activities like shooting and hunting.
The small caliber segment is forecasted to have the highest CAGR among all segments during the forecast period since it can be used in small arms, which are now used by armed forces and security personnel.
However, illegal dealings of arms and ammunitions have increased around the world, and countries around the world are thus forced to bring stringent regulations regarding arms dealings, which is acting as a restraint for the market under study.
North America is the largest consumer of ammunitions owing to huge demand coming from the USA, wherein there will be a significant amount of growth from the APAC region as well during the forecast period. The growing number of terrorist activities in the Asia Pacific region and huge allocation of budget in the defense sector by countries of this region are triggering the market in APAC region.
The COVID-19 impact:
As the COVID-19 crisis grows, the market is suffering a major hit. Demands from several parts of the world have dipped and the option of exporting products has become limited. There is a disparity of demand across regions. Sales of guns and ammunition have spiked in countries like the USA and Canada, but in other parts of the world, the demand has dipped largely. The North American companies are thus trying to cater to the customers of their own region rather than focusing on product exports. In this way they are trying to generate revenue as much as possible and are trying to build up cash reserves, which may provide them huge advantages in the future. Amidst this crisis, the major players in the market are trying to utilize their resources carefully and are focusing on the safety of their employees, suppliers, distributors, and other business partners. They are aiming at cost reduction because it is forecasted that demands would remain subdued for a while even after this crisis as the priorities of countries around the world is bound to shift. The sale of ammunition products has almost come to a halt amidst this crisis.
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Further key findings from the report suggest
Centerfire product enjoyed the largest market share among all the product segments in 2019 because of its special features, which makes it one of the most useful ammunition products. The rimfire ammunition is also expected to have a significant amount of growth rate of 3.6% during the forecast period.
The small caliber segment enjoyed the largest market share in 2019 and it is forecast period to witness the fastest growth rate of 3.7% during the forecast period. This is due to security concerns arising in many countries. Rockets and Missiles segment will also witness a fair amount of growth of around 3.6% during the forecast period.
The defense sector has always been the largest consumer in the ammunitions market, but the Civil and Commercial segment is forecasted to record high growth due to its vast product line.
North American market is the dominant consumer in the market is expected to show a considerable growth, but the Asia Pacific region will show a significant amount of growth rate of 3.8% during the forecast period due to rising tensions between China and the USA.
On May 8, 2019, Fiocchi launched 7 new cartridges that can be used in hunting shotguns, which include JK6 33, SUBSONIC, HP 36, SLUG STEEL, GM3, 20 gauge SUBSONIC and 410 gauge SILENT.
Key participants include Nammo A.S, Northrop Grumman, Rheinmetall Defence, Nexter Group, RUAG Holding A.G., Fiocchi Munizioni S.p.A, Prvi Partizan A.D., Companhia Brasileira de Cartuchos, Hornady Manufacturing Company Inc., and General Dynamics Corporation.
Important acquisitions taking place in the market include acquisition of Orbital ATK by Northrop Grumman in 2017, CHARME III acquiring 60% stakes of Fiocchi Munizioni in 2018, Nammo acquiring Chemring Ordnance in 2019.
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For the purpose of this report, Reports and Data have segmented into the Ammunition market on the basis of product, caliber, end use, and region:
Product Outlook (Volume, Thousand Units; Revenue, USD Billion; 2020-2027)
Caliber Outlook (Volume, Thousand Units; Revenue, USD Billion; 2020-2027)
Rockets & Missiles
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End Use Outlook (Volume, Thousand Units; Revenue, USD Billion; 2020-2027)
Civil & Commercial
Regional Outlook (Volume, Thousand Units; Revenue, USD Billion; 2020-2027)
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