Surge in Military Spending Promotes Procurement of Ammunitions
The rise in military expenditure is one of the major factors that is promoting the procurement of ammunition and guns worldwide. For instance, according to the SIPRI data, the US spent ~US$ 734 billion, US$ 778 billion, and US$ 800 billion in its military expenditure in 2019, 2020, and 2021, respectively. The sudden increase in demand for ammunition since 2020 is also driving the ammunition market growth. The firearm & ammunition industry witnessed huge increase from 2020 to 2021, according to several defense sources that have increased the procurement of ammunition. Moreover, commercial applications such as hunting and other shooting sports have witnessed a rise in demand for ammunition and firearms, which is catalyzing the ammunition industry.
Market Overview
Based on country, the North America ammunition market is segmented into the US, Canada, and Mexico. The growing threat from terrorism and lenient gun laws are expected to promote the usage of bullets in the region. Over the years, according to the data published by Stockholm International Peace Research Institute (SIPRI), the US recorded an increase in military expenses, from US$ 801.68 billion in 2020 to US$ 827.12 billion in 2021. The increase in military expenditure by North American countries influences the growth of the North American ammunition market.
Increased use of munitions by armed forces and a high number of terrorist incidents led to more use of ammo in North America, which are expected to boost the ammunition market growth in the region. North American government and companies has entered into numerous contracts with major ammunition market players for the supply of ammunition, thereby driving the growth of the ammunition market in the region.
North America Ammunition Market Segmentation
The North America ammunition market is segmented into product, application, guidance, lethality, caliber, and country.
The North America 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 North America ammunition market.
The North America ammunition market, by guidance, is segmented into guided and non-guided. In 2021, the guided segment held a larger market share in 2021.
The North America ammunition market by lethality is segmented into non-lethal and lethal. In 2021, the lethal segment held a larger market share in 2021.
The North America 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 the US, Canada, and Mexico. The Us dominated the market in 2021. AMTEC Corporation, 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$ 14,420.06 Million |
| Market Size by 2028 | US$ 23,144.92 Million |
| CAGR (2022 - 2028) | 8.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Ammunition Market is valued at US$ 14,420.06 Million in 2022, it is projected to reach US$ 23,144.92 Million by 2028.
As per our report North America Ammunition Market, the market size is valued at US$ 14,420.06 Million in 2022, projecting it to reach US$ 23,144.92 Million by 2028. This translates to a CAGR of approximately 8.2% during the forecast period.
The North America 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 North America Ammunition Market report:
The North America Ammunition Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Ammunition Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Ammunition Market value chain can benefit from the information contained in a comprehensive market report.
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