Global Ammunition Market to Reach US$ 34.6 Billion by 2032, Stimulated by Ongoing Advancements in Ammunition Technology

December 14, 2023 | Aerospace and Defense

According to the latest report by IMARC Group, titled “Ammunition Market Report by Product Type (Bullets, Aerial Bombs, Grenades, Mortars, Artillery Shells, and Others), Caliber (Small, Medium, Large), Guidance (Guided, Non-Guided), Lethality (Less-Lethal, Lethal), Application (Defense, Civil and Commercial), and Region 2024-2032,” the global ammunition market size reached US$ 24.8 Billion in 2023.  Ammunition is the essential component of firearms and artillery, comprising various projectiles, propellants, and primers. It also plays a pivotal role in military operations, law enforcement activities, and civilian firearms use. Ammunition is engineered to precise specifications, ensuring compatibility with specific guns and achieving desired performance characteristics. Some of the standard types of ammunition designed for various purposes include target shooting, self-defense, hunting, and military combat. It is also available in diverse calibers, sizes, and configurations, catering to the specific needs and requirements of end-users. Ammunition production involves careful manufacturing processes to maintain quality, reliability, and safety standards, making it a critical component in firearms functioning.

Global Ammunition Market Trends:

The ongoing need for military and defense capabilities worldwide, as nations invest in upgrading their armed forces, modernizing equipment, and maintaining stockpiles of ammunition to ensure national security represents the key factor impelling the market growth. In addition to this, law enforcement agencies and armed forces rely on a steady supply of ammunition for training exercises and operational activities, which is creating a positive outlook for market expansion. Concurrently, the increasing civilian ownership of firearms, driven by concerns about personal safety, self-defense, and recreational shooting along with the rising consumer interest in shooting sports and hunting has boosted the demand for specialized ammunition tailored to these needs. In line with this, significant technological advancements in ammunition design and manufacturing processes, such as the development of advanced materials and ballistics technology, enhancing product performance and reliability are impelling the market growth. Moreover, the global arms trade and exports of ammunition contribute significantly to market growth as countries engage in international transactions to meet their defense and security requirements. Besides this, the development of innovative ammunition technologies, such as smart or guided ammunition, offering improved accuracy and precision, make them attractive to military and law enforcement agencies, which is fueling the market growth. Furthermore, the globalization of terrorism and insurgency threats, along with the evolving nature of modern warfare, including asymmetrical conflicts, has led to increased procurement of ammunition, acting as a growth-inducing factor. Looking forward, the market value is projected to reach US$ 34.6 Billion by 2032, expanding at a CAGR of 3.62% during 2024-2032.

Market Summary:

  • Based on the product, the market has been segmented into bullets, aerial bombs, grenades, mortars, artillery shells, and others. Among these, bullets dominate the market, holding the largest share.
  • On the basis of the caliber, the market has been categorized into small, medium, and large. At present, small caliber holds the majority of the global share.
  • Based on the guidance, the market has been classified into guided and non-guided. Between these, non-guided represents the most popular segment.
  • On the basis of lethality, the market has been bifurcated into less-lethal, and lethal. Currently, lethal holds the largest market share.
  • On the basis of the application, the market has been divided into defense (military and homeland security) and civil and commercial (sporting, hunting, self-defense, and others). Among these, defense represents the biggest market segment.
  • Region-wise, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Presently, North America enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being Ammo Inc., Arsenal 2000 AD, BAE Systems PLC, CBC Ammo LLC, Denel SOC Ltd, Hanwha Corporation, Herstal Group, Hornady Manufacturing Company, Nammo AS, Nexter group KNDS, Northrop Grumman Corporation, Nosler Inc., Remington Outdoor Company Inc, Rheinmetall AG, Sierra Bullets (Clarus Corporation), etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report

Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:

  • Product
  • Caliber
  • Guidance
  • Lethality
  • Application
  • Region
Product Types Covered Bullets, Aerial Bombs, Grenades, Mortars, Artillery Shells, Others
Calibers Covered Small, Medium, Large
Guidances Covered Guided, Non-Guided
Lethalities Covered Less-Lethal, Lethal
Applications Covered
  • Defense: Military, Homeland Security
  • Civil and Commercial: Sporting, Hunting, Self-Defense, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Ammo Inc., Arsenal 2000 AD, BAE Systems PLC, CBC Ammo LLC, Denel SOC Ltd, Hanwha Corporation, Herstal Group, Hornady Manufacturing Company, Nammo AS, Nexter group KNDS, Northrop Grumman Corporation, Nosler Inc., Remington Outdoor Company Inc, Rheinmetall AG, Sierra Bullets (Clarus Corporation), etc.
Customization Scope 10% Free Customization
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Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Ammunition Market to Reach US$ 34.6 Billion by 2032, Stimulated by Ongoing Advancements in Ammunition Technology
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