11th December
2020 – 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. 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 are 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.
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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Civil
or domestic was the most noticeable segment which accounted for 74.5% of the
total revenue share. The domestic segment is expected to observe a substantial
rise as a result of high growth from hunting & sports activities in the
near future. The domestic segment comprises of sports & hunting,
self-defense and law enforcement. Outdoor and adventure activity is massive
occupation in North America, specifically in the U.S. According to the latest
study conducted by U.S. Fish and Wildlife Services, Americans spend around USD
50 billion on hunting and sports activities in 2015. All these aspects enhance
the complete growth of the ammunition industry.
Asia
Pacific, which is projected to grow at a CAGR of 4.5%, also accounted for the
highest share in 2015 and is projected to continue the trend over the forecast
period. The upsurge of terrorism activities in developing economies such as
India is resulting in the strengthening of the overall defense system of the
country. India signed several contracts valued at USD 15 billion to buy armories
in March, 2016. Production of small armories and weapons is a leading industry
in Europe as a result of which it has retained its position as one of the key
arms exporter across the globe. Key countries in Europe consist of the U.K,
France, Germany and Russia.
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. With a view of safeguarding a solid position in the market
and minimize competitiveness, the international weapons and armories industry
has constantly experienced mergers and acquisitions by the key participants.
BAE systems merged with General dynamics ordnance and tactical systems in the
year 2012 to produce RCGM i.e. an 81mm Roll Controlled Guided Mortar.
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