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The ammunition market has witnessed strong growth in recent years, with its market size rising from $27.19 billion in 2023 to $29.03 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.8%. This growth in the historic period can be attributed to factors like military modernization, increased global defense budgets, heightened terrorism threats, weapon system upgrades, and regional security concerns, along with addressing law enforcement needs. Moving into the future, the ammunition market is poised for continued expansion, reaching $38.46 billion in 2028 at a CAGR of 7.3%. The projected growth in the forecast period is linked to modern warfare requirements, counterterrorism operations, concerns surrounding cybersecurity, global arms trade, and considerations related to civil unrest and public safety. Noteworthy trends in the forecast period encompass the adoption of non-lethal ammunition, advancements in propellant and casing technologies, sustainable practices in ammunition manufacturing, the miniaturization of ammunition, and the development of enhanced training ammunition.

The growing personal safety concerns and increasing shooting ranges are propelling the growth of the ammunition market. The increasing terrorist activities, mass shootings, increasing gangster activities, and increasing awareness for self-defense are the main reasons for the growing personal safety concerns while the rising awareness about the safe use of guns is the main reason for increasing shooting ranges. These growing personal safety concerns and increasing shooting ranges have led to the increased procurement of small caliber ammo for personnel safety. For instance, according to a survey commissioned in June 2021 by a nonpartisan American think tank the Pew Research Center, 44% of Republicans and Republican-leaning independents personally own a gun, compared with 20% of Democrats and Democratic leaders. 39% of the men own a gun, compared with 22% of women. In addition, 41% of adults in rural areas own a firearm, compared to about 29% of those in the suburbs and 2 in 10 in cities. The leading reason for owning a gun and firearm was personal safety or protection. Therefore, the increasing prevalence of personal safety concerns and increasing shooting ranges are expected to boost demand for ammunition during the forecast period.

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What Are The Key Trends That Influence Ammunition Market Share Analysis?

The research and development activity to develop advanced ammunition is a key trend in the ammunition market. Key players and related stakeholders are increasingly focusing on research and development activities to advance ammunition. The rising incidences of armed international conflicts have directed several countries to enhance their military strengths through the procurement of advanced ammunition and equipment. As a result, the defense expenditure for ammunition procurement and research and development activities has increased significantly across the globe over the past few years. For instance, in April 2021, Lonestar Future Weapons, a US-based advanced technology company focused on the manufacture of next-generation defense solutions, formed a strategic alliance with True Velocity, a US-based manufacturer of composite-cased ammunition, to create synergy by utilizing the expertise of both companies in research and development, precision manufacturing, quality control, and production efficiency. The alliance will focus on the research and development of next-generation weapons and ammunition solutions.

Which Market Players Are Driving Growth In The Ammunition Market?

Major companies operating in the ammunition market report are General Dynamics Corporation, Northrop Grumman Corporation, CBC Global Ammunition, Lapua Ammunition, Olin Corporation, Alliant Techsystems Inc., Vista Outdoor Inc., Ruag Ammotec, Nammo AS, Remington Arms Company, Fiocchi Munizioni S.p.A., Magpul Industries (Magpul Ammunition), Browning Ammunition, Hornady Manufacturing Company, Norma Precision AB, Nosler Inc., Black Hills Ammunition, Barnes Bullets LLC, PMC Ammunition, Dynamic Research Technologies, Underwood Ammunition, Atomic Ammunition, Buffalo Bore Ammunition, DoubleTap Ammunition, ELEY (ELEY Ammunition), Aguila Ammunition, GECO Ammunition, PolyCase Ammunition, SBR Ammunition, SIG Sauer (SIG Sauer Ammunition), Dynamic Munitions

How Is The Global Ammunition Market Segmented?

The ammunition market covered in this report 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 2024 provides an overview of the ammunitionmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The ammunition market forecast analyzes ammunition market size, ammunition market share, leading competitor and their market positions.

The Table Of Content For The Ammunition Market Include

1. Ammunition Market Executive Summary
2. Ammunition Market Segments
3. Ammunition Market Size And Template Market Growth Rate
4.  Key Ammunition Market Trends
5. Major Ammunition Market Drivers
……
25. Key Mergers And Acquisitions In The Ammunition Market
26. Top Ammunition Companies
27. Ammunition Market Opportunities And Strategies
28. Ammunition Market, Conclusions And Recommendations
29. Appendix

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