Rising Demand for Guided Ammunitions from Emerging Countries
The introduction of guided munitions has been boosting the adoption of guided ammunitions worldwide. As several countries have been pushing their capabilities to increase their firepower and strengthen their armed forces, the demand for advanced weaponry systems has been on the rise, which is likely to generate huge opportunities for the ammunition market. For instance, in 2019, a country in Asia Pacific awarded a US$ 30 million contract to Elbit Systems for the procurement of STYLET-guided mortar ammunitions. Similarly, in 2022, Bharat Dynamics Limited (BDL) announced that it had won a contract worth US$ 394 million to supply Konkurs-M anti-tank guided missiles to the Indian Army. Moreover, in 2022, the US Navy awarded a US$ 217 million contract to Raytheon Technologies for the procurement of Tomahawk guided cruise missiles. This is likely to generate new market opportunities for market vendors during the forecast period.
Market Overview
Based on country, the Asia Pacific ammunition market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The region is anticipated to be the second largest market for military ammunition and possesses the highest number of arms-producing nations. The region has witnessed considerable growth in arms manufacturing regarding the value of price, types of weapon systems, and particularly national ambitions for such ammo manufacturing. As a result, there has been a substantial investment in national defense technological and industrial bases. Military spending in the Asia Pacific is driven by major procurement programs for ammo formulated by governments of various countries such as India, China, Australia, and South Korea. These countries are focusing on the indigenous development of firearms, which is further expected to increase of more expenditure on military ammunition over the forecast period.
The military and other law enforcement organizations in APAC have been encouraged to acquire weapons to maintain public safety due to increased civilian unrest in the region. An increase in terrorist attacks in the region has surged the procurement of weapons by the regional law enforcement agencies to prevent such security lapses and the resultant loss of both lives and property. The demand for new weapons is driving the need for ammunition as weapons are configured to work with specifically sized calibers. Additionally, the ongoing modernization of the armed forces in the region is anticipated to boost the demand for ammunition.
Asia Pacific Ammunition Market Segmentation
The Asia Pacific ammunition market is segmented into product, application, guidance, lethality, caliber, and country.
The Asia Pacific ammunition market, by product type, is segmented into bullets, aerial bombs, grenades, artillery shells, mortars, and others. In 2021, the aerial bombs segment dominated market.
The ammunition market by application is segmented into defense and commercial. In 2021, the defense segment dominated the Asia Pacific ammunition market.
The Asia Pacific ammunition market, by guidance, is segmented into guided and non-guided. In 2021, the guided segment held a larger market share in 2021.
The Asia Pacific ammunition market by lethality is segmented into non-lethal and lethal. In 2021, the lethal segment held a larger market share in 2021.
The Asia Pacific ammunition market, by caliber, is segmented into small caliber ammunitions, medium caliber ammunitions, and large caliber ammunitions. In 2021, the large caliber ammunitions segment held the largest market share in 2021.
Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the market in 2021.
BAE Systems, Elbit Systems Ltd, NAMMO AS, Northrop Grumman Corporation, Raytheon Technologies Corporation, Rheinmetall AG, RUAG Group, Thales Group, and Vista Outdoor Operations LLC are the leading companies operating in the ammunition market in the region.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 11,459.82 Million |
| Market Size by 2028 | US$ 21,807.50 Million |
| CAGR (2022 - 2028) | 11.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Ammunition Market is valued at US$ 11,459.82 Million in 2022, it is projected to reach US$ 21,807.50 Million by 2028.
As per our report Asia Pacific Ammunition Market, the market size is valued at US$ 11,459.82 Million in 2022, projecting it to reach US$ 21,807.50 Million by 2028. This translates to a CAGR of approximately 11.3% during the forecast period.
The Asia Pacific Ammunition Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Ammunition Market report:
The Asia Pacific Ammunition Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Ammunition Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Ammunition Market value chain can benefit from the information contained in a comprehensive market report.
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