The global automatic weapons market size was USD 8.44 billion in 2019 and is projected to reach USD 15.04 billion by 2027, exhibiting a CAGR of 7.85% during the forecast period.This information is provided by Fortune Business Insights, in its report titled, “Automatic Weapons Market, 2020-2027.”
Surging Emphasis on Defense Spending by Countries amid COVID-19 to Thrust Growth
The COVID-19 pandemic is projected to have an affirmative influence on this market in the impending years. From March 2020, sales of automatic weapons have augmented exponentially across the world.
As per a New York Times analysis of federal data, in the U.S., roughly 1.9 million guns were purchased during the coronavirus outbreak. Moreover, fear of thieves breaking in into people’s house propelled the sales of weapons. This has endorsed bulk buying of the weapons in the pandemic period.
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the automatic weapons market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
Great Demand for Automatic Rifles from Numerous Armed Forces to Spur Market Growth
On the basis of product, the market includes automatic rifles, machine guns, automatic launchers, automatic cannons, and gatling guns.
The automatic rifles segment held a leading share of the market in 2019.
Growing Demand of Semi-Automatic Weapons from India, Ukraine, Pakistan, and Syria to Thrive Market Growth
On the basis of type, the market is classified as fully automatic and semi-automatic.
The fully automatic segment is estimated to record a higher CAGR during the forecast period.
Rising Use of Medium Caliber in Assaults Rifles to Drive Market Growth
Based on caliber, the market is segmented into small caliber, medium caliber, and large caliber.
The small caliber segment is anticipated to have a leading automatic weapons market share during the forecast period.
Substitute of Conventional Systems with Progressive Combat Systems in Fighter Aircraft to Stimulate Growth of Airborne Segment
In terms of end use, the market is classified into land, naval, airborne, and handheld & stationary.
The land segment is classified as battle tanks, armored fighting vehicles (AFVs), and light protected vehicles (LPVs).
Geographically, the market is segregated into North America, Europe, Asia Pacific, the Middle East, and the Rest of the World.
Drivers and Restraints:
Increasing Occasions of Cross-Border Conflicts to Impel Automatic Weapons Market Growth
The nations across the world have observed a severe upsurge in border conflicts for the last few years. The struggles between China and India border disagreement, India and Pakistan border differences, Venezuela and Colombia border dispute, North Korea and South Korea border crisis, as well as Iraq and Syria border disagreements are the prime cross-border battles in the last sixty years.
The surging occurrences of cross-border conflicts across the world are thrusting the demand for these weapons to enhance the battlefield capacity of the army.
North America to Lead Backed by Presence of Major Players
The market size in North America stood at USD 3.06 billion in 2019. The market in North America is predicted to be the largest market during the forecast period owing to the existence of important players in the U.S.
The market in Europe is predicted to display substantial growth during the forecast period owing to the occurrence of vital players.
Asia Pacific is expected to demonstrate healthy growth owing to the extending arms and ammunition industry in countries such as China and India.
Important Players Sign Vital Contracts to Make Notable Changes in Market
The players operating in the market often employ numerous tactics that will aid the market growth and product demand. Among the pool of strategies, one such notable strategy to expand the business prospect is signing multimillion contracts with government bodies and securing a profitable revenue for their own company.
Key Industry Developments:
March 2020: Rheinmetall and Switzerland’s Federal Office for Defense engaged in an agreement to supply rifle-mounted laser targeting components to Swiss army. In this agreement, Rheinmetall is further predicted to supply accessories, spare fragments, and training support for the Swiss Army.
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