Global ammunition market is predicted to witness a significant growth during the forecast period, (2021-2028). By caliber, small sub-segment is expected to be the most lucrative. North America is expected to lead the market
NEW YORK, Oct. 11, 2021 /PRNewswire/ -- Research Dive has recently published a report titled, "Ammunition Market by Product (Centerfire and Rimfire), Application (Defense and Civil & Commercial), Caliber (Small, Medium, Large, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028."
As per a report published by Research Dive, the Global Ammunition Market expected to generate a revenue of $19,882.4 million at a CAGR of 3.7% during the forecast period, 2021-2028, increasing from $15,077.5 million in 2020.
The North American regional market of ammunition is expected to dominate the market with a revenue of $7,114.8 million by 2028 at a CAGR of 3.5% during the forecast period. North American countries are the hub of the most advanced defense frameworks in both public and commercial sectors. The major countries of the region are investing huge amount of money for the research and development of the market during the forecast period.
The report has divided the market into different segments based on product, application, caliber, and regional analysis.
Product: The centerfire sub-segment is expected to be the most lucrative by generating a revenue of $12,738.6 million in 2028, surging from $9,797.8 million in 2020 during the analysis timeframe. The main reason behind this growth is that the center fire ammunition comes with many beneficial features such as these ammunitions are reloadable and comes in more powerful cartridges.
Application: The defense sub-segment is expected to garner the maximum revenue of $13,569.2 million during the forecast period. The main reason behind the growth of segment is the increasing rate of threats by many terrorist groups across the world and requirement of smart defense mechanism.
Caliber: The small sub-segment is expected to earn the highest revenue share of the global ammunition market by registering a revenue of $7,821.4 million by 2028, rising from $5,654.8 million in 2020. The small caliber ammunitions are widely utilized by the departments of military and homeland security personnel in assault rifles, revolvers, shotgun pistols, and rifles.
Drivers: In recent years, terrorism by various religious groups and ethnicities have wreaked havoc across the world. The increasing terrorist activities have impacted the global economy and security in a drastic way, which has augmented the demand of the global ammunition market.
Restraint: The main restraining factor of the market is expected to be the regulatory restrictions in every steps of the manufacturing process of ammunitions.
Opportunity: Implementation of advanced technologies is expected to create many opportunities for the market in upcoming years.
Top 10 Leading Players of Ammunition Market and Their Strategies
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In October 2020, Clarus Corporation's subordinate Sierra Bullets, L.L.C., the Bulletsmiths®, a manufacturer of one of the topmost-quality, most precise bullets in the world, completed the acquisition of definite assets related to the Barnes® brand of specialty hunting bullets.
Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
Impact Analysis of COVID-19 on the Ammunition Market
The COVID-19 pandemic has impacted the global ammunition market in negative way. Because of the pandemic, the governments shifted their focus towards the healthcare facilities rather than the terrorists and defense mechanism. This is the reason behind the decline of the ammunition market during the pandemic.
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