The Ammunition 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 Ammunition Global Market Report 2024, The ammunition market size has grown strongly in recent years. It will grow from $27.19 billion in 2023 to $29.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to military modernization, global defense budgets, increased terrorism threats, weapon system upgrades, regional security concerns, law enforcement needs.
The ammunition market size is expected to see strong growth in the next few years. It will grow to $38.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to modern warfare requirements, counterterrorism operations, cybersecurity concerns, global arms trade, civil unrest and public safety. Major trends in the forecast period include non-lethal ammunition, propellant and casing technologies, sustainable practices in ammunition manufacturing, miniaturization of ammunition, 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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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
Major companies operating in the ammunition market are focusing on developing advanced luminescent technology solutions to address increasing demands for enhanced visibility and accuracy in low-light environments. Advanced luminescent technology solutions encompass cutting-edge innovations utilizing light emission for various applications, from displays to medical imaging. For instance, in July 2022, AMMO Inc, a US-based provider of high-performance ammunition and components, introduced the Green Streak, a patented one-way luminous round that uses a special one-way luminescent technology to symbolize the next advancement in visible ammunition. This non-incendiary system, in contrast to earlier models, does not depend on fireworks to provide light throughout the projectile’s trajectory. Rather, it uses a unique non-toxic compound that effectively flash-charges the projectile’s rear by capturing the light created when gunpowder is ignited.
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