Evolve Business Intelligence has published a research report on the Global Ammunition Market, 2021–2034. The global Ammunition market is projected to exhibit a CAGR of around 3.41%during the forecast period of 2021 to 2034.
Evolve Business Intelligence has recognized the following companies as the key players in the global Ammunition Market: Northrop Grumman Corporation, General Dynamics Corporation, CBC GLOBAL AMMUNITION, Olin Corporation, Ruag Ammotec, BAE Systems, Thales, Rheinmetal AG, Nexter KNDS group, Elbit Systems.
Market Highlights
The Ammunition Market size accounted for USD 28.87 Billion in 2023 and is estimated to account for 29.10 Billion in 2024. The Market is expected to reach USD 35.24 Billion by 2034 growing at a compound annual growth rate (CAGR) of 3.41% from 2024 to 2034. The Ammunition Market encompasses the production, distribution, and sale of projectiles such as bullets, shells, bombs, and other explosive devices used by military, law enforcement, and civilian sectors. It is driven by rising defense budgets, increasing geopolitical tensions, and the need for military modernization. The market is segmented by product type (small, medium, and large caliber), application (defense, law enforcement, hunting, sports), and end-user. Technological advancements, such as smart munitions and guided projectiles, are key trends, along with a growing demand for non-lethal ammunition in law enforcement. The market is highly competitive, with both established defense contractors and new entrants.
Segmental Analysis
The global Ammunition market has been segmented based on Product, Component, Caliber
Based on the Product, the market is segmented based on Bullets, Aerial Bombs, Grenades, Others. the bullets segment dominates, primarily due to their extensive use in military, law enforcement, and civilian applications like personal defense, hunting, and shooting sports.
Based on the Component, the market has been divided into Fuses & Primers, Propellants, Bases, Others. the propellants segment dominates, as they are a critical component in generating the explosive force needed to launch projectiles, making them essential across various ammunition types.
Based on Caliber, the market has been divided into Small, Medium, Large, Others. the small caliber segment typically dominates, driven by its widespread use in military, law enforcement, and civilian applications such as personal defense, hunting, and shooting sports.
More Information: https://evolvebi.com/report/ammunition-market-analysis/
Regional Analysis
The Ammunition market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. North America dominates the Ammunition market due to several factors. North America held a 37.2% share of the ammunition market in 2022, with shares of 30.2%, Asia-Pacific, and Europe coming in second and third, respectively. Developing nations like China and India are anticipated to show significant growth over the course of the forecast period The Asia-Pacific region has been witnessing remarkable growth in recent years. The Asia Pacific Ammunition Market is experiencing rapid growth due to increased defense spending, rising regional tensions, and military modernization efforts in countries like China, India, and South Korea. The region’s growing focus on border security and defense capabilities drives demand for both small and large-caliber ammunition, making it a key market for global manufacturers.