Pune, Nov. 11, 2020 (GLOBE NEWSWIRE) -- The global automatic weapons market size is expected to reach USD 15.04 billion by 2027. This is attributable to the increasing demand for advanced automatic weapons and the rising defense budget of nations across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Automatic Weapons Market Size, Share & COVID-19 Impact Analysis, By Product (Automatic Rifles, Machine Guns, Automatic Launchers, Automatic Cannons, and Gatling Guns), By Type (Fully Automatic and Semi-Automatic), By Caliber (Small Caliber, Medium Caliber, and Large Caliber), By End Use (Land, Naval, Airborne, and Handheld & Stationary) and Regional Forecast, 2020-2027.” The report mentions that the market stood at USD 8.44 billion in 2019 and is likely to exhibit a CAGR of 7.85% between 2020 and 2027.
An automatic weapon is a type of weapon that has the capability of firing gunshots automatically. They do not require manual operation every time while firing and automatically burst fire. Additionally, these self-loading weapons are preferred by people globally owing to their sophistication and convenience in handling.
Increasing Demand for Advanced Weapons to Upgrade Defense amid COVID-19
As per a New York Times analysis of federal data, approximately 1.9 million guns were sold in the U.S. during the global pandemic. The growing sense of security and well-being is driving people to buy weapons for their safety. The novel coronavirus may have affected several economies, however, the demand for weapons has been consistent that will bode well for the market growth in the forthcoming years.
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List of the Leading Companies Profiled in the Global Automatic Weapons Market are:
- BARRETT (The U.S.)
- BAE Systems (The U.K.)
- China North Industries Corporation Norinco (China)
- Colt’s Manufacturing Company LLC (The U.S.)
- Denel Land Systems (South Africa)
- FN Herstal (The U.K.)
- General Dynamics Corporation (The U.S.)
- Heckler & Koch AG (The U.S.)
- Israel Weapon Industries (IWI) Ltd (Israel)
- Kalashnikov Concern (Russia)
- KBP Instrument Design Bureau (Russia)
- Northrop Grumman Corporation. (The U.S.)
- Rheinmetall AG (Germany)
- ST Engineering (Singapore)
- Ukroboroprom (Ukraine)
What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
DRIVING FACTORS
Rising Spend on Defense Budget to Augment Growth
According to the U.S. Department of Defense, around USD 686.1 billion of defense budget was approved by the government in the U.S. in 2019. The increasing defense budget by the nation’s globally to upgrade its military is likely to surge the demand for advanced automatic weapons. Additionally, the escalating tension of war is propelling the countries to adopt advanced weapon systems that are expected to contribute to the growth of the global automatic weapons market in the forthcoming years.
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SEGMENTATION
Automatic Rifles Held 40.57% Market Share in 2019
The automatic rifles segment, based on the product, held a market share of about 40.57% compared to others. The segment is expected to experience significant growth owing to the increasing demand for automatic rifles from armed forces during the forecast period.
REGIONAL INSIGHTS
North America to Remain at Forefront; Presence of Established Players to Augment Growth
Among all the regions, North America is expected to hold the highest position in the global automatic weapons market during the forecast period. This is attributable to the presence of established manufacturers such as Northrop Grumman Corporation, General Dynamics Corporation, and others. These companies are developing advanced automatic weapons to cater to the increasing demand for ammunition in the region. North America stood at USD 3.06 billion in 2019.
The market in Asia-Pacific is expected to experience exponential growth backed by the rising government funding to upgrade the nation’s defense along the borders that will favor the demand for sophisticated automatic weapons in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Key Players Sign Contracts to Expand Their Product Portfolio and Boost Sales Revenue
The global automatic weapons market comprises several major companies that are focusing on signing contracts either with government agencies or private companies. These companies are focusing on developing advanced weapons and further boosting their sales revenue to maintain their dominance in the market.
Industry Development:
- March 2020 – Rheinmetall, a leading German-based weapons manufacturer, signed a contract with Switzerland’s Federal Office for Defense. As per the contract, the company will provide rifle-mounted laser targeting modules, along with spare parts, accessories, and training support for the Swiss army.
Browse Detailed Summary of Research Report with TOC:
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Automatic Weapons Market
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- Impact of COVID-19 Pandemic on Global Automatic Weapons Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
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- Global Automatic Weapons Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Automatic Rifles
- Machine Guns
- Automatic Launchers
- Automatic Cannons
- Gatling Guns
- Market Analysis, Insights and Forecast – By Type
- Fully Automatic
- Semi-Automatic
- Market Analysis, Insights and Forecast – By Caliber
- Small Caliber
- Medium Caliber
- Large Caliber
- Market Analysis, Insights and Forecast – By End Use
- Land
- Naval
- Airborne
- Handheld & Stationary
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Middle East
- Rest of the world
TOC Continued…!
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