The 5 Top Insights From The Ammunition Market Forecast 2023 – Includes Ammunition Market Research
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Ammunition Global Market Report 2023, the ammunition market is expected to show significant growth in the forecast period.
Key insights from the ammunition market forecast include:
- Market Size
The worldwide ammunition market is projected to rise from $25.6 billion in 2022 to $27.48 billion in 2023, with a 7.3% CAGR. Anticipated growth to $34.94 billion by 2027 reflects a 6.2% CAGR.
- Major Driver
Rising personal safety concerns and expanding shooting ranges are driving ammunition market growth. The surge in terrorism, mass shootings, and self-defense awareness fuels safety concerns, while safe gun usage awareness drives shooting range growth. For example, a June 2021 survey by the nonpartisan Pew Research Center found that 44% of Republican-leaning individuals own guns compared to 20% of Democrats, with 39% of men and 22% of women owning guns. Additionally, 41% of rural adults own firearms compared to 29% in suburbs and 20% in cities, with personal safety being the primary motivation for firearm ownership. Hence, the increasing prevalence of personal safety concerns and expanding shooting ranges is expected to boost ammunition demand in the forecast period.
View More On The Ammunition Market Report 2023 – https://www.thebusinessresearchcompany.com/report/ammunition-global-market-report
- Key Trend
Research and development for advanced ammunition is a prominent trend in the ammunition market. Key players and stakeholders are increasingly emphasizing R&D to enhance ammunition. The surge in international conflicts has prompted countries to bolster their military capabilities, leading to increased global defense spending on ammunition procurement and R&D. For example, in April 2021, Lonestar Future Weapons, a US-based advanced technology company specializing in next-generation defense solutions, forged a strategic partnership with True Velocity, a US-based manufacturer of composite-cased ammunition. This collaboration leverages both companies’ expertise in R&D, precision manufacturing, quality control, and production efficiency to focus on developing next-generation weapons and ammunition solutions.
- Major Players
Major players in the ammunition market are Northrop Grumman Corporation, General Dynamics Corporation, CBC Global Ammunition, Olin Corporation, Ruag Ammotec, BAE Systems, Thales Group, Rheinmetall AG, Nexter KNDS Group, Elbit Systems, Nammo AS, Ammo Inc., Indian Ordnance Factories, Saab AB, Hanwha Corporation, and Arsenal JSCo.
- Top Market Segments
The global ammunition market is segmented –
1) By Product: Bullets, Aerial Bombs, Grenades, Artillery Shells, Mortars
2) By Caliber: Small, Medium, Large, Other Calibers
3) By Guidance Mechanism: Non-guided, Guided
4) By Application: Defense, Less-lethal
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The Ammunition Global Market Report 2023 provides an in-depth analysis on the ammunition market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the ammunition market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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