Small Caliber Ammunition Market Poised for Growth, Expected to Reach $11.79 Billion by 2028
Small Caliber Ammunition Global Market Report 2024: Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Small Caliber Ammunition Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, July 3, 2024 /EINPresswire.com/ -- The small caliber ammunition market size has shown steady growth, projected to increase from $9.99 billion in 2023 to $10.36 billion in 2024, reflecting a compound annual growth rate (CAGR) of 3.7%. It will grow to $11.79 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. Factors contributing to this growth include military modernization programs, global conflicts, defense spending, law enforcement demand, civilian firearm ownership, sport shooting, and recreational activities.
Increasing Use of Guns for Personal Safety Drives Market Growth
The increasing use of guns for personal safety is a significant driver of the small caliber ammunition market. With rising global security concerns and an emphasis on personal protection, firearms play a crucial role in self-defense strategies. This trend is underscored by a notable shift in public opinion towards owning firearms for personal safety, as highlighted by a Pew Research Center survey indicating an increase in Americans citing personal protection as a reason for firearm ownership.
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Major Players and Strategic Partnerships
Key players in the small caliber ammunition market such as General Dynamics Corporation, Northrop Grumman Corporation, and BAE Systems PLC are focusing on strategic partnerships to enhance supply security and interoperability. For instance, SAKO Ltd.'s partnership with the Finnish and Swedish Defence Forces exemplifies strategic collaboration aimed at standardizing weapon systems and bolstering supply chains.
Market Segments
The small caliber ammunition market is segmented by:
• Caliber: 5.56 MM, 7.62 MM, 0.50 BGM, 9 MM, Other Calibers
• Bullet Type: Lead, Copper, Brass, Other Bullet Types
• Gun Type: Pistols, Rifles, Shot Guns
• End-User: Military, Homeland Security, Law Enforcement Agencies
Geographical Insights: Europe to Witness Fastest Growth
North America led the small caliber ammunition market in 2023, driven by robust military and civilian firearm usage. Europe is expected to be the fastest-growing region, supported by increasing defense expenditures and law enforcement requirements.
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Small Caliber Ammunition Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Small Caliber Ammunition Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on small caliber ammunition market size, small caliber ammunition market drivers and trends, small caliber ammunition market major players, competitors' revenues, market positioning, and market growth across geographies. The small caliber ammunition market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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