(MENAFN- GlobeNewsWire - Nasdaq) Chicago, April 11, 2024 (GLOBE NEWSWIRE) -- MarketsandMarkets: The global small caliber ammunition market size is projected to grow from USD 10.03 billion in 2024 to USD 11.91 billion in 2029, at a CAGR of 3.4% from 2024 to 2029. The factors such as the increase in geopolitical tensions, Growth in military expenditure and arms transfer, change in the nature of warfare, modernization programs undertaken by military forces, militarization of police forces, and rise in drug trafficking globally are driving factors assisting the growth of the small caliber ammunition market.
Based on caliber type, the 5.56 MM grade caliber segment of the small caliber ammunition market is estimated to have the highest market share in 2023.
Based on caliber type, the small caliber ammunition market has been segmented into 9x19 MM Parabellum, 5.56 MM, 7.62 MM, 12.7 MM, 14.5 MM, .338 Lapua Magnum, .338 Norma Magnum, Others. The 5.56 MM small caliber segment is estimated to have the highest market share in 2024. The growing demand of 5.56 MM small caliber is mainly due to increased adoption of 5.56 MM caliber for training purposes. The widespread popularity of firearms chambered in small calibers among civilian gun owners, law enforcement agencies, and military forces, ensures a consistent and substantial demand for the small caliber segment of the market.
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The military application segment of the small caliber ammunition market is projected to witness the highest CAGR during the forecast period.
The small caliber ammunition market has been segmented based on application into military and homeland security. The military application segment is projected to grow at the highest CAGR during the forecast period. The military modernization programs, upgradation of military firearms, weapons and ammunitions, among others are the reasons behind the growth of this segment.
The Asia Pacific region is estimated to contribute the largest share in 2023.
The region of Asia Pacific is anticipated to hold the largest share in 2023, mostly because to the rise in terrorist attacks and cross-border conflicts in the area. New small caliber ammunition is being provided to the armed forces of many Asia-Pacific nations as part of military modernization initiatives. A greater demand for small caliber ammunition has been caused by several nations' focused ammunition upgrading initiatives, including China and India region of Asia Pacific is anticipated to hold the largest share in 2023, mostly because to the rise in terrorist attacks and cross-border conflicts in the area. New ammunition is being provided to the armed forces of many Asia-Pacific nations as part of military modernization initiatives. A greater demand for ammunition has been caused by several nations' focused small caliber ammunition upgrading initiatives, including China and India.
The small caliber ammunition market is dominated by a few key players such as Northrop Grumman Corporation (US), CBC Global Ammunition (Brazil), BAE Systems (UK), Thales Group (France), and General Dynamics Corporation (US), Nammo AS (Norway) among others.
The report on the small caliber ammunition market provides an analysis from 2021 to 2029. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market. This study also includes an in-depth competitive analysis of the key players operating in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
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