The face of combat is constantly changing in the current scenario. This is majorly due to the changes in modern warfare technologies. The military forces across the globe are continually looking for advanced technologies to limit their enemies from crossing borders. Also, various military forces are acquiring technologically robust weaponry to enhance soldier capabilities. The trend of soldier modernization is rapidly escalating among several defense forces in developed countries and developing nations across the globe. The development of modern weapons plays a vital role in soldier modernization activities. The demand for advanced weaponry has positively grown among the defense forces over the years, and in recent years, the procurement of automatic weapons has been exponentially increasing. The high demand for automatic weapons has led several well-established companies to venture into the market segment, and also numerous tier 2 companies to manufacture automatic weapons. A huge number of manufacturers present in the market facilitate the defense forces to award contracts to the most preferred manufacturers.
The global defense industry is showcasing extraordinary growth in terms of expenditures, research & development investments, armament procurements, and also soldier modernization. The continuous growth in demand for advanced weaponry, artilleries, and other defense equipment and materials is enabling the defense product manufacturing industry to witness an increase in the number of manufacturers over the years. The weapon manufacturing industry is heavily concentrated, and the growth of the industry is consistently steady. In recent years, the demand for automatic weapons has been growing exponentially, owing to the benefits of the technologically advanced weapon. Due to growing demand, the automatic weapon manufacturing sector is also experiencing growth in manufacturer and supplier concentration. In the current scenario, the bargaining power of suppliers is moderately growing, attributed to the high degree of competition to acquire contracts from the defense forces. However, the bargaining power of suppliers is expected to rise to a higher level in the coming years, owing to the increase in procurement of automatic weapons among the defense forces in developing nations.
Automatic weapons market is likely to witness a strong growth during 2023-2031. The demand for automatic weapons market is mainly driven by some of the key factors such as:
Such factors are likely to drive the growth of the automatic weapons market in the coming years.
The rising number of contracts for automatic weapons is driving the growth of the automatic weapons market. For instance:
The rise in military expenditure in different countries is likely to generate new opportunities for market vendors in the coming years. For instance, according to the SIPRI data, the global military expenditure in 2020 was around US$ 2046.5 Billion; US$ 2069.76 billion in 2021; and US$ 2148.12 billion in 2022 respectively. This shows a growth in the investments from the military forces worldwide that are constantly procuring different military technologies for upgrading their respective fleet of weapons.
Key segments that contributed to the derivation of the Automatic Weapons Market analysis are product type, weapon type, application, and geography.
Application (Land, Air, and Naval)
The geographic scope of the Automatic Weapons Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
In 2023, the North America region dominated the global automatic weapons market and is expected to retain its dominance during the forecast period as well. This is mainly due to the presence of the largest military spending country i.e. the US and the presence of some of the major automatic weapon manufacturers across the region including Northrop Grumman Corporation, Armalite Inc, Colts Manufacturing Company LLC, Barrett Firearms Manufacturing, and General Dynamics Ordnance & Tactical Systems which continuously support the demands of the US army as well international armed forces. The presence of a significantly large number of players in the region is expected to boost the market growth.
The Automatic Weapons Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for automatic weapons market and strategies:
The regional trends and factors influencing the Automatic Weapons Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automatic Weapons Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 8.89 Billion |
| Market Size by 2031 | US$ 16.87 Billion |
| Global CAGR (2023 - 2031) | 8.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Automatic Weapons Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Automatic Weapons Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The “Automatic Weapons Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: