The Automatic Weapons Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automatic Weapons Global Market Report 2024, The automatic weapons market size has grown rapidly in recent years. It will grow from $8.54 billion in 2023 to $9.45 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to military modernization, conflict and war, terrorism and insurgency, law enforcement needs, arms trade and export.
The automatic weapons market size is expected to see strong growth in the next few years. It will grow to $13.56 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to counter-drone capabilities, urban warfare considerations, geopolitical instability, unmanned systems integration, cybersecurity concerns. Major trends in the forecast period include non-lethal technologies, technological advancements, sustainability and eco-friendly materials, human-machine teaming, global collaboration in research and development.
Increasing military expenditure is expected to propel the growth of the automatic weapon market going forward. Military expenditure is the amount spent on weapons, weapons systems, operations, maintenance, personnel, and other specific military equipment. Government spending on the military would support the development of various aspects of the military market, including automatic weapons. For instance, in March 2023, according to the United States Air Force (USAF), a US-based agency for the Air Force, the US Air Force’s fiscal year 2024 budget request is roughly $215.1 billion, a $9.3 billion or 4.5% increase over fiscal year 2023. Therefore, increasing military expenditure drives the automatic weapon market.
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The automatic weapons market covered in this report is segmented –
1) Automatic Weapons Market By Product: Automatic Rifle, Machine Gun, Automatic Launchers, Automatic Cannon, Gatling Gun
2) Automatic Weapons Market By Caliber: Small, Medium, Large
3) Automatic Weapons Market By End-User: Land, Airborne, Naval, Handheld And Stationary
Top Major Players
China North Industries Corporation
General Dynamics Corporation
Northrop Grumman Corporation
BAE Systems PLC
Daewoo Engineering & Construction
Product innovations are a key trend gaining popularity in the automatic weapon market. Major companies operating in the automatic weapon market are developing new products to sustain their position in the market. For instance, in July 2021, Ordnance Factory Tiruchirappalli (OFT), an India-based defense company specializing in the production of defense equipment and weapons, launched TriCa (Trichy Carbine), a compact and lightweight automatic weapon weighing 3.17 kg. It features a unique muzzle booster for flash concealment and sound reduction during firing and has an effective range of 150 to 175 m. It is compatible with ammunition, magazines, and interchangeable parts from available assault rifles such as the TAR and AK-47. It is designed for various forces, including infantry combat vehicle crews, paratroopers, and special operation forces.
The automatic weapons market report table of contents includes:
1. Executive Summary
2. Automatic Weapons Market Characteristics
3. Automatic Weapons Market Trends And Strategies
4. Automatic Weapons Market – Macro Economic Scenario
5. Global Automatic Weapons Market Size and Growth
…..
32. Global Automatic Weapons Market Competitive Benchmarking
33. Global Automatic Weapons Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automatic Weapons Market
35. Automatic Weapons Market Future Outlook and Potential Analysis
36. Appendix
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