The global Ammunition Market size is likely to reach USD 16.07 billion by 2024 and is anticipated to experience a noteworthy growth in the near future owing to the rising security concerns caused by the upswing in terrorist groups and activities. Arms race has been observed in the developing economies of Pakistan, China and India which is presumed to thrust the demand over the forecast period.
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Key Players:
Major businesses in the market
include General Dynamics Corporation, Remington Arms Company, Inc., BAE
Systems, Ruag Ammotec, Federal Premium Ammunition and Maxam and Poongsan
Corporation.
Growth Drivers:
The market has been segmented
into different products that primarily consist of rockets, bullets, mortars and
others. Civil & defense are the two end-use segments included in the study.
Political differences along with the rising tension across borders is resulting
in the rise in stacking of armories.
According to the latest
statistics published by Stockholm International Peace Research Institute
(SIPRI), China, Saudi Arabia, Russia, and the U.S were the foremost nations
having highest expenditure on armories. The majority of the share was captured
by the U.S with 36%, followed by China with a share of 13% in 2015.
Rising inclination towards
hunting and sports activities has enhanced ammunition market. In terms of
exports, the U.S is amongst the major exporter of weapons and armories across
the globe. The U.S armory industry is a commercialized segment and a
significant contributor in the countries’ economy. In the context of R&D,
innovation and production, the U.S ranks on top.
Product Insights
The major product segment in 2015
was bullets which accounted for 53.9% of the total market share. Bullets are
mostly utilized by the civilians and criminal organizations. Small caliber
bullets utilized in domestic end-use is a key contributor in the segment.
Domestic end-use utilizes
numerous armories which comprises of rifles, handguns, pistols and shotguns.
The demand is also fueled by the growth in personal end-use for security from
developing economies. Other segments are mostly consumed by the defense and
military departments. Upsurge in procurement of armories can be attributed to
the upswing in terrorist activities or terrorism.
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