The ammunition market in Asia Pacific is expected to grow from US$ 11,459.82 million in 2022 to US$ 21,807.50 million by 2028. It is estimated to grow at a CAGR of 11.3% from 2022 to 2028.
The introduction of guided munitions has been boosting the adoption of guided ammunitions worldwide. As several countries have been pushing their capabilities to increase their firepower and strengthen their armed forces, the demand for advanced weaponry systems has been on the rise, which is likely to generate huge opportunities for the ammunition market. For instance, in 2019, a country in Asia Pacific awarded a US$ 30 million contract to Elbit Systems for the procurement of STYLET-guided mortar ammunitions. Similarly, in 2022, Bharat Dynamics Limited (BDL) announced that it had won a contract worth US$ 394 million to supply Konkurs-M anti-tank guided missiles to the Indian Army. Moreover, in 2022, the US Navy awarded a US$ 217 million contract to Raytheon Technologies for the procurement of Tomahawk guided cruise missiles. This is likely to generate new market opportunities for market vendors during the forecast period.
The Asia Pacific ammunition market, by product type, is segmented into bullets, aerial bombs, grenades, artillery shells, mortars, and others. In 2021, the aerial bombs segment dominated market.
The ammunition market by application is segmented into defense and commercial. In 2021, the defense segment dominated the Asia Pacific ammunition market.
The Asia Pacific ammunition market, by guidance, is segmented into guided and non-guided. In 2021, the guided segment held a larger market share in 2021.
The Asia Pacific ammunition market by lethality is segmented into non-lethal and lethal. In 2021, the lethal segment held a larger market share in 2021.
The Asia Pacific ammunition market, by caliber, is segmented into small caliber ammunitions, medium caliber ammunitions, and large caliber ammunitions. In 2021, the large caliber ammunitions segment held the largest market share in 2021.
The introduction of guided munitions has been boosting the adoption of guided ammunitions worldwide. As several countries have been pushing their capabilities to increase their firepower and strengthen their armed forces, the demand for advanced weaponry systems has been on the rise, which is likely to generate huge opportunities for the ammunition market. For instance, in 2019, a country in Asia Pacific awarded a US$ 30 million contract to Elbit Systems for the procurement of STYLET-guided mortar ammunitions. Similarly, in 2022, Bharat Dynamics Limited (BDL) announced that it had won a contract worth US$ 394 million to supply Konkurs-M anti-tank guided missiles to the Indian Army. Moreover, in 2022, the US Navy awarded a US$ 217 million contract to Raytheon Technologies for the procurement of Tomahawk guided cruise missiles. This is likely to generate new market opportunities for market vendors during the forecast period.
Market Overview
- Based on country, the Asia Pacific ammunition market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The region is anticipated to be the second largest market for military ammunition and possesses the highest number of arms-producing nations. The region has witnessed considerable growth in arms manufacturing regarding the value of price, types of weapon systems, and particularly national ambitions for such ammo manufacturing. As a result, there has been a substantial investment in national defense technological and industrial bases. Military spending in the Asia Pacific is driven by major procurement programs for ammo formulated by governments of various countries such as India, China, Australia, and South Korea. These countries are focusing on the indigenous development of firearms, which is further expected to increase of more expenditure on military ammunition over the forecast period.
Asia Pacific Ammunition Market Segmentation
The Asia Pacific ammunition market is segmented into product, application, guidance, lethality, caliber, and country.The Asia Pacific ammunition market, by product type, is segmented into bullets, aerial bombs, grenades, artillery shells, mortars, and others. In 2021, the aerial bombs segment dominated market.
The ammunition market by application is segmented into defense and commercial. In 2021, the defense segment dominated the Asia Pacific ammunition market.
The Asia Pacific ammunition market, by guidance, is segmented into guided and non-guided. In 2021, the guided segment held a larger market share in 2021.
The Asia Pacific ammunition market by lethality is segmented into non-lethal and lethal. In 2021, the lethal segment held a larger market share in 2021.
The Asia Pacific ammunition market, by caliber, is segmented into small caliber ammunitions, medium caliber ammunitions, and large caliber ammunitions. In 2021, the large caliber ammunitions segment held the largest market share in 2021.
- Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the market in 2021.
Table of Contents
1. Introduction
3. Research Methodology
4. APAC Ammunition Market Landscape
5. APAC Ammunition Market - Key Market Dynamics
6. Ammunition Market - APAC Analysis
7. APAC Ammunition Market Analysis - by Product
8. APAC Ammunition Market Analysis - by Application
9. APAC Ammunition Market Analysis - by Guidance
10. APAC Ammunition Market Analysis - by Lethality
11. APAC Ammunition Market Analysis - by Caliber
12. APAC Ammunition Market - Country Analysis
13. Industry Landscape
14. Company Profiles
15. Appendix
List of Tables
List of Figures
Companies Mentioned
- Bae Systems
- Elbit Systems Ltd
- Nammo As
- Northrop Grumman Corporation
- Raytheon Technologies Corporation
- Rheinmetall Ag
- Ruag Group
- Thales Group
- Vista Outdoor Operations Llc
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 196 |
| Published | November 2022 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( $ | $ 11459.82 Million |
| Forecasted Market Value ( $ | $ 21807.5 Million |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 9 |
