The automatic weapons market involves the manufacturing and sale of automatic firearms that can fire multiple rounds with single pull and hold of the trigger. Key types automatic weapons include light machine guns, medium machine guns, general-purpose machine guns, heavy machine guns, assault rifles etc. Automatic weapons offer advantages like sustained firepower, area suppression, and crew-served support. They find widespread applications in military and law enforcement agencies to gain tactical advantage in combat situations.
The Global Automatic Weapons Market is estimated to be valued at USD 9.69 Bn in 2024 and is expected to reach USD 18.69 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.21% from 2024 to 2031.
Key Takeaways
Key players operating in the automatic weapons market are General Dynamics Corporation, Northrop Grumman Corporation, FN Herstal, Heckler & Koch GmbH, ST Engineering, Kalashnikov Group, Barrett Firearms Manufacturing, Rheinmetall AG.
The increasing defense budget allocation of major economies is a key growth driver for automatic weapons demand. For instance, the US defense budget for 2023 stands at US$ 830 Billion.
The Automatic Weapons Market technological advancements like case telescoped ammunition, electric assault rifles and integrated targeting systems are fueling innovations in automatic weaponry.
Market Trends
The growing demand for lightweight and compact automatic weapons: OEMs are focusing on developing next-gen automatic weapons with reduced weight and compact design for enhanced mobility and transportability.
Integration of advanced sensors and sighting systems: Cutting-edge technologies like thermal imaging, rangefinders, ballistic calculators etc. are being integrated into automatic weapons to improve target acquisition and combat effectiveness.
Market Opportunities
Emerging requirements of paramilitary and special forces: There is substantial scope for automatic weapons customized for border security forces and special mission units requiring enhanced firepower.
Upgrades of existing weapon fleets: Leading players can explore opportunities in upgrading and modernizing the existing automatic weapon arsenal of armed forces with latest technologies and design changes.
Impact of COVID-19 on Automatic Weapons Market Growth
The outbreak of COVID-19 pandemic had an adverse impact on the automatic weapons market. During the initial months of lockdown, manufacturing facilities were shut down and supply chains were disrupted globally due to travel restrictions imposed by governments. This led to a decline in the production volumes of automatic weapons. Likewise, defense training programs and military exercises were postponed or cancelled, lowering the demand from defense sector.
However, with easing of lockdowns and resumption of manufacturing activities from mid-2020, the market started recovering gradually. The demand is now regaining momentum as militaries are focusing on enhancing their defense capabilities. Additionally, countries are allocating higher defense budgets to strengthen their forces in view of geopolitical tensions. Market players are striving to meet the emerging requirements by ramping up production capacities with all necessary safety protocols in place. Various initiatives are being taken by governments and manufacturers to ensure smooth functioning of supply chain and minimize disruptions. The long-term growth prospects of the market remain positive supported by ongoing modernization programs worldwide.
Geographical Regions with Highest Market Concentration
Considering value sales, the automatic weapons market remains highly concentrated in North America region. Countries like the US, Canada have substantial defense budgets and spend heavily on procuring advanced automatic weapons and their components to modernize armed forces. Sophisticated weapons from major players like General Dynamics, Northrop Grumman cater to the regional defense requirements. Similarly, in Asia Pacific as well, countries like China, India, Japan are growing defense importers with increasing focus on self-reliance. Their substantial capital outlay is driving significant demand from the region.
Fastest Growing Regional Market
The automatic weapons market is witnessing fastest growth in the Middle East & Africa region. Numerous ongoing conflicts, political instability and rising threats of terrorism have compelled nations in the region to strengthen security preparedness. Consequently, countries like Saudi Arabia, UAE, Egypt are aggressively procuring technologically advanced weapons portfolio through imports and local production facilities via offset obligations. This is robustly augmenting the demand from Middle East & Africa region.
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