The global automatic weapons market size was valued at USD 8.09 billion in 2022 and is expected to be worth USD 8.62 billion in 2023. The market is projected to reach USD 13.83 billion by 2030, recording a CAGR of 7% during the forecast period.
Automatic weapons refer to a combination of semi-automatic and fully automatic firearms that can be fired continuously once the trigger is pulled hard or when there is ample ammunition in their chamber. Rising cross-border tensions among countries across the world has greatly increased the demand for innovative weapons. Many economies are boosting their investments in the development of advanced weapons due to war-like scenarios, thereby enhancing the global automatic weapons market growth.
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- BAE Systems (U.K.)
- Denel Land Systems (South Africa)
- FN Herstal (U.K.)
- General Dynamics Corporation (U.S.)
- Kalashnikov Concern (Russia)
- KBP Instrument Design Bureau (Russia)
- Northrop Grumman Corporation. (U.S.)
- Rheinmetall AG (Germany)
- ST Engineering (Singapore)
- Israel Weapon Industries (IWI) (Israel)
Source:
https://www.fortunebusinessinsights.com/automatic-weapons-market-103524
Segmentation:
Growing Need for Automatic Rifles from Many Armed Forces to Expand Market Size
Based on product, the market is segmented into automatic rifles, machine guns, automatic launchers, automatic cannons, and Gatling guns. The automatic rifle segment is set to capture a dominant automatic weapons market share during the forecast period as the demand for these weapons is rising at a robust pace among several armed forces.
Rising Demand for Semi-Automatic Weapons in Different Countries to Boost Market Growth
Based on type, the market is bifurcated into fully automatic and semi-automatic. The semi-automatic segment may account for the largest market share as the demand for semi-automatic weapon systems is growing at a notable rate in countries, such as India, Ukraine, Pakistan, and Syria to keep border tensions under control.
Small-Caliber Assault Rifles to be Widely Used for Their Better Performance
Based on caliber, the market is segmented into small caliber, medium caliber, and large caliber. The small caliber segment is expected to have a leading share in the market during the forecast period as small-caliber assault rifles are offer better performance, higher penetration range, and are quite lethal while carrying out battlefield operations.
Rising Instances of Ground Warfare to Boost Product Use in Land-based Operations
Based on end-user, the market is segmented into land, naval, airborne, and handheld & stationery. The land segment is expected to hold the largest market share due to the rising use of battle tanks, Light-Protected Vehicles (LPVs), Armored Fighting Vehicles (AFVs), and battle tanks.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The research report analyzes the market in detail and focuses on critical aspects, such as market scenario analysis, significant trends, top-impacting factors, impact analysis, drivers, caliber, types, and key technological trends. In addition, it offers an overview of the market’s growth and trends, and highlights top developments in the industry. The report also introduces many factors that have influenced the market’s growth in recent years.
Drivers and Restraints:
Rising Cross-Border Conflicts to Accelerate Market Growth
The market is predicted to witness strong growth in the coming years as the number of internal conflicts are increasing in various nations across the world. Governments are also raising their spending on national defense mechanisms to fortify their military power. The growing need to protect the military personnel will also drive the market’s growth.
However, high initial cost of developing precision firearms can restrain the market’s expansion.
Regional Insights:
North America Market to Grow Steadily With Rising Presence of Top Market Players
North America is predicted to capture the biggest share in the global market as the region has a vast presence of top manufacturers, such as Northrop Grumman Corporation, General Dynamics Corporation, and Colt’s Manufacturing Company LLC. The American government is also trying to fortify its vast portfolio of Armored Fighting Vehicles (AFVs), battles, automatic weapons, and Light-Protected Vehicles (LPVs).
The European market is also anticipated to grow at a considerable rate due to rising investments from key market players.
Competitive Landscape:
Key Players to Focus on Technological Innovations to Boost Market Position
Market trends, such as the design of laser weapons, modular advanced armed robot system, Personnel Interception and Stimulus-Response Rifle (PHASR), and XM25 Anti-defilade Target Counter are the future of this industry. Moreover, other factors, such as diverse product range, R&D activities by key market players, and introduction of futuristic technologies will shape the market landscape.
Notable Industry Development:
- March 2023 – Sako, a Finnish ammunition producer, announced that it will deliver new individual firearms to the Finnish and Swedish armies. The joint framework agreement between the defense forces and Sweden made Sako the sole supplier of firearms to both the armies. The contract, valued at USD 83.1 million, includes 5.56x45mm and 7.62x51mm caliber automatic weapons, 7.62x51mm precision weapons, and .338 Lapua Magnum rifles.
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