The global ammunition market size is expected to reach USD 39.31 billion by 2032, according to a new study by Polaris Market Research. The report “Ammunition Market Share, Size, Trends, Industry Analysis Report, By Product (Bullets, Aerial Bombs, Grenades, Artillery Shells, Mortars); By Component; By Caliber; By Guidance Mechanism; By Application; By Lethality; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Military forces worldwide continuously upgrade their weaponry to maintain readiness, enhance capabilities, and adapt to evolving threats. This includes the procurement of new ammunition to match modern firearms and artillery systems. As military equipment becomes outdated, there is a constant need to replenish stocks with newer, more effective ammunition. Heightened geopolitical tensions, regional conflicts, and territorial disputes drive demand for ammunition. Countries facing security threats or engaged in conflicts prioritize the acquisition of ammunition to bolster their defense capabilities, deter potential adversaries, and ensure national security.
Growing global threats are significantly fueling the adoption of ammunition, including bullets, grenades, artillery shells, and other defense infrastructure among nations. The increasing terrorist attacks are expected to further propel defense expenditures and, thereby, ammunition in the long run. As per the Stockholm International Peace Research Institute Report 2024, world military spending reached USD 2443 billion in 2023, accounting for a 6.8% growth from the previous year.
The increasing efforts made by ammunition production companies toward global expansion are optimally influencing the ammunition market. For instance, in February 2024, Adani Group introduced India's first ammunition mission production facility in Uttar Pradesh, with an estimated investment of INR 3,000 crore.
Do you have any questions? Would you like to request a sample or make an inquiry before purchasing this report? Simply click the link below:https://www.polarismarketresearch.com/industry-analysis/ammunition-market/request-for-sample
Furthermore, the ongoing Ukrainian and Russian wars are significantly facilitating the need for countries to equip ammunition and defense missiles to safeguard against wars and threats. The growing government support for Ukraine is fueling the demand for ammunition. The increasing concerns about national safety and security are promptly boosting the need for defense equipment production, including ammunition.
Major nations are finding ways to improve their ammunition manufacturing capacity. For instance, in February 2024, Rheinmetall unveiled its plan to develop an ammunition center in Germany with an investment of EUR 300 million to produce artillery shells and explosives by 200,000 and 1900 tonnes, respectively.
Ammunition Market Report Highlights
Polaris Market Research has segmented the ammunition market report based on product, component, caliber, guidance mechanism, application, lethality, and region:
Ammunition, Product Outlook (Revenue - USD Billion, 2019 - 2032)
Ammunition, Component Outlook (Revenue - USD Billion, 2019 - 2032)
Ammunition, Caliber Outlook (Revenue - USD Billion, 2019 - 2032)
Ammunition, Guidance Mechanism Outlook (Revenue - USD Billion, 2019 - 2032)
Ammunition, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Ammunition, Lethality Outlook (Revenue - USD Billion, 2019 - 2032)
Ammunition, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
Report Attributes |
Details |
Market size value in 2024 |
USD 28.72 billion |
Revenue forecast in 2032 |
USD 39.31 billion |
CAGR |
4.0% from 2024 – 2032 |
Base year |
2023 |
Historical data |
2019 – 2022 |
Forecast period |
2024 – 2032 |
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
Segments covered |
|
Regional scope |
|
Competitive Landscape |
|
Report Format |
|
Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
For Specific Research Requirements |