The global ammunition market is expected to reach USD 16.07
billion by 2024, according to a new report by Grand View Research, Inc.
Increasing terrorist activities, coupled with arms race amongst emerging
economies in the recent past is projected to fuel industry growth over the next
eight years. Civil and defense are the two key end-uses in the market. The
civil end-use is further segmented into law enforcement, self-defense, and
sports & hunting.
Advancements in Russian and U.S.
regional markets coupled with increasing participation in shooting, hunting and
sports across the world is influencing the growth of the global ammunition
market. The countries such as China, South Korea, India, France, Saudi Arabia,
Germany, Turkey, Israel and South Africa are expected to boost the demand
further in the ammunition industry. However, high costs in research &
development and international regulations are expected to hinder the market
growth over the forecast period.
Additionally, the
demilitarization initiatives adopted across Europe and North America are
expected to reduce the demand for ammunition form the military and law
enforcement sectors. However, the impacts of these factors are expected to
reduce over the period of forecast.
Global ammunition market revenue, by end-use, 2013-2024
(USD Million)
Browse full research
report on Ammunition Market: http://www.grandviewresearch.com/industry-analysis/ammunition-market
Further key findings from the report suggest:
- The global
ammunition market size was estimated at USD 11.74 billion in 2015 and is
expected to grow significantly by 2024 in light of technological
advancements and development for the smart weapons to maintain law and
order in developed economies.
- Bullet
segment is expected to witness considerable gains at a CAGR of 3.8% from
2016 to 2024. This growth is attributed to the measures taken by different
governments to introduce latest technologies for the overall advancement
of the industry.
- AAI
Corporation has developed an advanced light machine gun which uses 5.56mm
ammo. This is also referred as telescoped ammunition and does not contain
conventional brass cartridge, which reduces the weight approximately by
40% as compared to the traditional ammunition.
- Asia Pacific
accounted for 32.9% of the overall revenue share in 2015 and is projected
to witness high growth. Recent increase in terrorist activities along with
the need to maintain internal peace and order, counties such as India,
China and Pakistan are continuously enhancing their defense mechanism,
which in turn is boosting the market.
- Ammunition
industry is dominated by key participants including include General
Dynamics Corporation, BAE Systems, Remington Arms Company, Inc., Ruag
Ammotec, Poongsan Corporation, Federal Premium Ammunition and Maxam.
Companies are collaborating in order to remain profitable and retain their
position in the global market.
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-ammunition-market
About Grand View Research,
Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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