United States, Rockville, MD, April 12, 2022 (GLOBE NEWSWIRE) -- The global ammunition market was valued at US$ 19.2 Billion in 2021, and is projected to register a Y-o-Y increase of 4.16% in 2022 to be valued at US$ 20 Billion. During the 2022-2032 period of assessment, demand is expected to rise at a 5.7% value CAGR, likely to reach US$ 35 Billion by the end of the said forecast period.
Demand is being driven primarily by increased defense spending to counter external aggression. Another driving factor for ammunition manufacturers is the development of lightweight bullets with polymer casings. Demand for Centerfire ammunition is expected to skyrocket, accounting for more than 2/3rdof total revenue by 2020, making it the gold standard for the defense industry.
Browse in-depth TOC on "Sales of Ammunition"
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Ammunition Demand Influenced by Recreational Shooting
With shooting sports becoming more popular, small caliber ammunition presents lucrative growth opportunities for ammunition manufacturers. Furthermore, during the forecast period, the purchase of ammunition to protect residential properties is driving the adoption of a small-caliber segment.
For example, National Shooting Sports Month® in August 2021 will be a great time for America's millions of first-time firearm owners to enjoy using their new firearms, whether in a training course, competition, or simply having fun shooting targets with friends. According to the National Shooting Sports Foundation, 8.4 million people bought their first firearm last year, with many of them being first-time buyers.
Key Challenges Prevalent in the Global Ammunition Market
Budget Cuts in Europe and the United States are expected to restrain Global Ammunition Market Growth over the Forecast Period.
Significant budget cuts have occurred in developed regions such as Europe and the United States. This has had an impact on the military budget and, as a result, the ammunition market. For example, in 2012, US military spending fell from $711 billion to $668 billion.
As a result of such budget cuts, countries find it difficult to stay current through mediums such as modernization programmes. As a result, these factors are expected to limit the global ammunition market's growth during the forecast period.
What is the Growth Outlook for Ammunitionis the U.S?
Considerable Investments in Military and Armed Forces Enhancements assisting Market Growth
The United States government has been making significant investments in military and armed forces enhancements, which is supporting the country's market growth. The United States will generate more than 33% of total ammunition demand. A CAGR of 4% is anticipated for the market in the U.S.
In May 2021, the Department of Defense released the FY 2022 President's Budget, which proposed an increase of 1.6% in defense spending over FY 2021. Civilians and local security forces are acquiring small-caliber ammunition. Furthermore, the key players are working to improve their online presence, which is expected to supplement growth.
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Competitive Landscape
Because of the presence of various players supporting the armed forces, the ammunition market is fragmented. These players are focusing on a variety of strategies to broaden their product offerings and strengthen their geographic presence. New players are expected to enter the market as technology advances.
- BAE Systems and the UK Ministry of Defense (MOD) signed a £250 million contract in July 2021 to advance the design and development of Tempest, the UK's Future Combat Air System (FCAS).
- Nammo and the Finnish Defense Forces (FDF) announced the signing of a new long-term strategic partnership agreement in December 2020, following the previous security of supply agreement signed by the two parties in 2014.
- Companies are investing in the development and production of advanced precision-guided ammunition capable of effectively attacking the target while causing minimal collateral damage.
Key Ammunition Service Providers
- General Dynamics Corporation
- BAE Systems PLC
- Rheinmetall AG
- Elbit Systems Ltd
- Nexter Group.
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Key Segments Covered in the Ammunition Industry Report
- Ammunition by Caliber
- Small Caliber Ammunition
- 5.56 mm
- 7.62 mm
- 7.62 x 51 mm
- 7.62 x 39 mm
- 9 mm
- 9 x 18 mm
- 9 x 19 mm
- Others
- Medium Caliber Ammunition
- 23 mm
- 30 mm
- Others
- Large Caliber Ammunition
- VSHORAD
- 122 mm
- Others
- Rockets, Missiles and Others
- Tank Ammunition
- Artillery Ammunition
- Small Caliber Ammunition
- Ammunition by Type
- Rimfire Ammunition
- Centerfire Ammunition
- Ammunition by Application
- Civil & Commercial
- Sports Ammunition
- Hunting Ammunition
- Self Defense
- Defense Ammunition
- Military Ammunition
- Law Enforcement Ammunition
- Civil & Commercial
- Ammunition by Region
- North America Ammunition Market
- Latin America Ammunition Market
- Europe Ammunition Market
- East Asia Ammunition Market
- South Asia Ammunition Market
- Oceania Ammunition Market
- Middle East & Africa Ammunition Market
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