Ammunition Market Size Is Likely to Grow at Cagr of over 2% from 2016 to 2023.

Ammunition market size accounted for around USD 7 billion in 2014 and is likely to grow at CAGR of over 2% from 2016 to 2023 and is anticipated to exceed USD 8.3 billion over the forecast period. The industry significantly affects the economy across the globe as it generates state tax, excise tax and federal tax. With the increasing popularity of the shooting and hunting sports, the demand of shotguns and shooting rifles is anticipated to increase at a prominent rate over the forecast period.

Technology innovation and advancement for the smart weapons market, for law enforcement force in developed economies is anticipated to have a positive impact on the industry. Moreover, escalating R&D expenditure has resulted in the advancement of non-lethal ammunition such as beanbag rounds, rubber bullets, wax bullets and plastic bullets for security personnel is likely to boost the demand over the next few years.

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Terrorism proliferation across the globe coupled with the military automation endeavors of emerging nations focussed on obtaining high efficiency, advanced and precise munitions are the major driving factors for the global ammunition market. However, declining defense budgets in the developed nations along with the difference in legal, political and economic regulations is expected to hamper the industry demand over the forecast period. Increasing demand from emerging economies for advanced medium and large caliber is expected to act as a potential opportunity to the industry.

By ammunition type, the industry can be segmented as long gun medium caliber, handgun, small caliber, large caliber, mortar and artillery. By application, the industry can be bifurcated as civil and defense. The industry can be further segmented on the basis of geography which includes North America, Europe, Asia Pacific, Latin America and MEA. In 2014, defense was the leading application segment. Civil sector is the fastest growing...