The global automatic weapons market size is expected to reach USD 15.04 billion by 2027. This is attributable to the increasing demand for advanced automatic weapons and the rising defense budget of nations across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Automatic Weapons Market Size, Share & Industry Analysis, By Product (Automatic Rifles, Machine Guns, Automatic Launchers, Automatic Cannons, and Gatling Guns), By Type (Fully Automatic and Semi-Automatic), By Caliber (Small Caliber, Medium Caliber, and Large Caliber), By End Use (Land, Naval, Airborne, and Handheld & Stationary) and Regional Forecast, 2020-2027.” The report mentions that the market stood at USD 8.44 billion in 2019 and is likely to exhibit a CAGR of 7.85% between 2020 and 2027.
Impact of Russia-Ukraine War Implication
The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement. There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.
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List of the Companies Profiled in the Global Market for Automatic Weapons:
- BARRETT (The U.S.)
- BAE Systems (The U.K.)
- China North Industries Corporation Norinco (China)
- Colt’s Manufacturing Company LLC (The U.S.)
- Denel Land Systems (South Africa)
- FN Herstal (The U.K.)
- General Dynamics Corporation (The U.S.)
- Heckler & Koch AG (The U.S.)
- Israel Weapon Industries (IWI) Ltd (Israel)
- Kalashnikov Concern (Russia)
- KBP Instrument Design Bureau (Russia)
- Northrop Grumman Corporation. (The U.S.)
- Rheinmetall AG (Germany)
- ST Engineering (Singapore)
- Ukroboroprom (Ukraine)
DRIVING FACTORS
Rising Spend on Defense Budget to Augment Growth
According to the U.S. Department of Defense, around USD 686.1 billion of defense budget was approved by the government in the U.S. in 2019. The increasing defense budget by the nation’s globally to upgrade their military is likely to surge the demand for advanced automatic weapons. Additionally, the escalating tension of war is propelling the countries to adopt advanced weapon systems that are expected to contribute to the growth of the global automatic weapons market in the forthcoming years.
SEGMENTATION
Automatic Rifles Held 40.57% Market Share in 2019
The automatic rifles segment, based on product, held a market share of about 40.57% compared to others. The segment is expected to experience a significant growth owing to the increasing demand for automatic rifles from armed forces during the forecast period.
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REGIONAL INSIGHTS
North America to Remain at Forefront; Presence of Established Players to Augment Growth
Among all the regions, North America is expected to hold the highest position in the global automatic weapons market during the forecast period. This is attributable to the presence of established manufacturers such as Northrop Grumman Corporation, General Dynamics Corporation, and others. These companies are developing advanced automatic weapons to cater to the increasing demand for ammunition in the region. North America stood at USD 3.10 billion in 2019.
The market in Asia-Pacific is expected to experience an exponential growth backed by the rising government funding to upgrade the nation’s defense along the borders that will favor the demand for sophisticated automatic weapons in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Key Players Sign Contracts to Expand Their Product Portfolio and Boost Sales Revenue
The global automatic weapons market comprises several major companies that are focusing on signing contracts either with the government agencies or private companies. These companies are focusing on developing advanced automatic weapons and further boosting their sales revenue to maintain their dominance in the market.
Industry Development:
- March 2020 – Rheinmetall, a leading German-based weapons manufacturer, signed a contract with Switzerland’s Federal Office for Defense. As per the contract, the company will provide rifle-mounted laser targeting modules, along with spare parts, accessories, and training support for the Swiss army.
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