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.
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summary of this report @ 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.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand View Research has segmented the global ammunition market on the basis of product, end-use and region:
Product Outlook (Revenue, USD Million, 2013 - 2024)
·
Bullet
·
Rocket
·
Mortar
·
Others
End-Use Outlook (Revenue, USD Million, 2013 - 2024)
·
Civil
o
Law Enforcement
o
Sports and Hunting
o
Self-defense
·
Defense
Regional Outlook (Revenue, USD Million, 2013 - 2024)
·
North America
o
U.S.
·
Europe
o
Russia
o
UK
o
France
·
Asia Pacific
o
China
o
India
·
Latin America
o
Brazil
o
Cuba
·
MEA
o
Saudi Arabia
o
Israel
For press release of this report - http://www.grandviewresearch.com/press-release/global-ammunition-market
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