Global Ammunition Market Size to Reach USD 33.1 Billion by 2028

Strategic Insights -

The global ammunition market size is projected to grow from USD 28.0 billion in 2023 to USD 33.1 billion in 2028, at a CAGR of 3.4 percent from 2023 to 2028, according to a report by MarketsandMarkets. The market is driven by factors such as the changing nature of warfare, the militarization of police forces, and the increasing incidence of drug trafficking and terrorist activities. Apart from its use in defense forces, ammunition also sees increasing importance in civil and commercial applications such as sporting, hunting, and self-defense.

Key Takeaways:

  • The Asia Pacific region is projected to account for the highest market share during 2023 to 2028, driven by the increasing instances of terrorism and cross-border conflicts in the region.
  • The North American ammunition market is projected to grow at a CAGR of 2.6 percent during the forecast period, driven by the increased procurement of ammunition by the US due to rising overseas operations.
  • The defense application held the biggest market share in 2023, with a rise in terrorism and armed conflicts propelling the growth of the military sector in the market.
  • The small caliber segment is anticipated to grow at the fastest rate from 2023 to 2028, driven by the lower lethality of small caliber ammunition and its growth in the homeland security and military market.
  • The bullets segment is anticipated to grow at the fastest rate, driven by the upgrading of land and air force inventories worldwide.
  • Major key players in the ammunition industry include Northrop Grumman Corp., General Dynamics Corp., CBC Global Ammunition, Olin Corp., Ruag Ammotec, BAE Systems, Thales Group, and Rheinmetal AG, among others.

Statistics:

  • Market size: USD 33.1 billion (2028)
  • CAGR: 3.4 percent (2023-2028)
  • Market share by region:

+ Asia Pacific: highest market share

+ North America: 2.6 percent CAGR

  • Market share by application:

+ Defense: biggest market share

+ Civil & Commercial: increasing importance

  • Market share by caliber:

+ Small caliber: fastest growing segment

+ Medium, Large, and others: slower growth

Sources:

  • MarketsandMarkets

MarketsandMarkets

December

MarketsandMarkts

  • MarketsandMarkets