Global Ammunition Market to Grow at a CAGR of 3.6% During 2024-2032, Aided by the Increasing Defence Spending and Rapid Technological Advancements

The global ammunition industry is anticipated to rise significantly in the forecast period owing to the increasing international conflicts, hike in defence spending by the governments of developed as well as developing countries, increasing military expenditure, and growing technological advancements. The growing demand for ammunition in the defence sector, owing to the rising need to protect the security of sovereign nations from external threats, is likely to aid the market further.

The growing technological advancements, particularly in developing nations, to bolster military capabilities are expected to further propel the market growth in the forecast period. The key industry players are continuously upgrading their existing models and are focusing on collaborations to enhance their global reach. In July 2020, Northrop Grumman Corporation (NYSE: NOC) was awarded a contract by the U.S Army to deliver the next-generation airburst cartridge for the 30mm XM813 Bushmaster Chain Gun. Meanwhile, the BAE Systems (LON:BA), in March 2020, signed a contract to enhance the army fleet of the United States by supplying advanced BONUS munitions.

North America accounts for a significant share in the market as the region is the world's largest military spender. The United States, with the highest military spending all over the world, is the major demand driver for the product. The country has been bolstering its army, navy, and air force capabilities rigorously.

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Market Breakup by Calibre, Product Type, Application, and Region:

• The market is segmented based on calibre into small calibre, medium calibre, large calibre, and rockets and missiles, among others.
• The different product types in the market include rimfire and centrefire.
• The significant applications of the product are civil and commercial, and defence, among others. 
• Region-wise, the global market for ammunition can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for ammunition is being driven by the rising application of the product in the defence and civil and commercial sectors.
• The rising military expenditure by the governments of developed and developing economies is likely to bolster the market in the forecast period. 
• The growing technological advancements to enhance military capabilities are likely to augment the market growth.
• The growing innovations by the key industry players are expected to significantly contribute to the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for ammunition for the periods (2018-2023) and (2024-2032).
• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the calibres, product types, applications, and regions of ammunition.
• The market report also analyses the trade data by covering the major importing and exporting countries.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global ammunition market are Ammo, Inc., BAE Systems, General Dynamics Corp, Northrop Grumman Corporation, and Hanwha Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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