According to the new research report published by The Insight Partners, titled "Ammunition Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, Guidance, Lethality, and Caliber," the market is expected to grow from US$ 43.04 billion in 2022 to US$ 69.75 billion by 2028; it is estimated to grow at a CAGR of 8.4% from 2022 to 2028.

Ammunitions refer to a supply of actual munitions or exploding substances mounted in guns, cannons, launchers, and other types of platforms for launch and use. Countries procure ammunitions to justify their firepower and ensure national safety. In 2021, several vendors faced supply chain shortages and a decline in demand for guns during the pandemic period. Although ammunition shortage was witnessed in commercial applications, the Ammunition Market growth remained unaffected in the defense segment.

A rise in military expenditures across countries and an increase in tension among countries are among the major factors propelling the demand for ammunition across the world. Several countries are taking serious actions to ensure the safety of their nation for which they are collaborating with other countries to enhance the capabilities of their armed forces. For instance, after Russia’s invasion of Ukraine, the US has been taking initiatives to increase its military presence across European countries for a long by establishing its first permanent presence in Poland to reinforce the security of the country. For this, it will be deploying its several forces in the country along with required ammunitions and firearms. Such initiatives are driving the market growth across the world.

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In the Asia Pacific region, China is expected to hold major share of the Ammunition Market in 2022. Asia Pacific has witnessed considerable growth in firearms manufacturing, price value, introduction of new weapon systems, and particularly ammunition manufacturing. Military spending in Asia Pacific is driven by major programs formulated by governments of various countries, such as India, China, Australia, and South Korea, for the procurement of ammunitions. These countries are focused on the indigenous development of firearms, which would encourage them to spend more on military ammunition in the future. Such factors are likely to boost the Ammunition Market size in the Asia Pacific region during the forecast period.

The ammunition market is segmented on the basis of product, application, guidance, lethality, and caliber. Based on product, the market is segmented into bullets, aerial bombs, grenades, artillery shells, mortars, and others. Based on application, the market is bifurcated into defense and commercial market. Based on guidance, the Ammunition Market is bifurcated into guided and non-guided. Based on lethality, the market is bifurcated into non-lethal and lethal. Based on caliber, the market is segregated into small caliber ammunition, medium caliber ammunition, and large caliber ammunition. The market for small-caliber ammunition is further segmented into 5.56mm, 7.62mm, 9mm, 12.7mm, 14.5mm, 45ACP, 338LM, 22LR, .223 Rem, and .308 Winchester. The market for medium-caliber ammunition is further segmented into 20mm, 30mm, 40mm, and others. The large-caliber Ammunition Market is further segmented into 60mm, 105mm, 120mm, 150mm, and others.

Thales Group, Raytheon Technologies, Elbit Systems Ltd., Northrop Grumman Corporation, and BAE Systems are among the key Ammunition Market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the Ammunition Market and its ecosystem.

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