Product ID: SQSG20A2021
Global Small Caliber Ammunition Market Size, Share, Growth Analysis, By Caliber(223 Remington, 308 Winchester), By Application(Commercial, Military & Homel) - Industry Forecast 2024-2031
Report ID:
SQSG20A2021 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
76 |
Figures:
75
Global Small Caliber Ammunition Market Insights
Small Caliber Ammunition Market size was valued at USD 10.8 billion in 2019 and is poised to grow from USD 11.08 billion in 2023 to USD 13.82 billion by 2031, growing at a CAGR of 2.8% in the forecast period (2024-2031).
Consistent demand for ammunition from the defense & military is one of the key factors fueling the growth of the global caliber ammunition market. The demand for small-caliber ammunition is increasing as various countries increase their spending to strengthen their armed forces. Additionally, the increase in the global demand for highly sophisticated, small caliber ammunition is being driven by the increase in the defense budget. For instance, with more than USD30 million in munitions orders signed to the United States, New Zealand, Canada, Asia, and Europe in 2019, Thales' Australian Munitions business experienced its highest traffic year for munitions export orders to date. Additionally, government organizations place a strong emphasis on replacing outdated infantry items with newer military gear and upgrading the latter. Therefore, it is anticipated that an increase in military spending by various countries around the world will spur growth in the small caliber market during the anticipated period.
Personal safety due to terrorists has resulted in people finding a need to keep a personal small caliber pistol. For instance, despite an increase in terrorist attacks, the impact of terrorism is declining, according to the 2022 Global Terrorism Index (GTI). Terrorist deaths decreased by 1.2 % to 7,142 in 2019, while terrorist attacks increased by 17 %, showing that terrorism is becoming less frequent. The best result since 2007 was achieved by two-thirds of the nations, and 86 of those nations saw improvements in their GTI scores.
Additionally, the market is seeing potential growth from the import and export of handguns, which is driving up demand for ammunition with a small caliber. The use of small-caliber ammunition is also encouraged by the rise in training programs and shooting competitions. During the anticipated period, these factors are anticipated to accelerate market growth.
US Small Caliber Ammunition Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Small Caliber Ammunition Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
