Automatic Weapons Market to Grow at 10.6% CAGR by 2028
The automatic weapons market is estimated to grow from USD 16.06 billion in 2023 and is likely to grow at a CAGR of 10.60% during 2023-2028 to reach USD 26.58 billion by 2028.
What are automatic weapons?
Automatic weapons are semi-automatic and fully automatic firearm combinations. Automatic weapons fire constant rounds if the gun trigger is hard-pressed or if there is ammo in the chamber. Automatic weapons have instigated a change in war engagement & defense strategies owing to their vast range of characteristics.
Market Drivers
The automatic weapons market is driven by a host of factors, some of which are noted below:
- Demand for precision strike weapons: Automatic weapons can be equipped with advanced targeting systems that allow for more precise strikes, which can help to reduce civilian casualties and property damage.
- A constant rise in the defense budget of many countries and increased spending on upgrade technology: Global defense spending is on the rise, and many countries are investing in new and upgraded weapons systems. This includes automatic weapons, which are essential for modern militaries.
- Constant fear of national security: The world is a volatile place, and many countries face a constant threat of national security breaches. This fear drives governments to invest in military capabilities, including automatic weapons.
- Advancements in technology: Automatic weapons are becoming increasingly sophisticated and technologically advanced. This makes them more effective and reliable, which is driving demand in the market.
- Increased urbanization: As the world becomes more urbanized, there is an increasing need for weapons that can be used in close-quarters combat. Automatic weapons are well-suited for this type of warfare, which is driving demand in the market.
Market Segmentation
The automatic weapons market is segmented by caliber, product, end-user, and region.
Caliber Trends
The market is segmented into small, medium, and large calibers. The small-caliber segment is expected to dominate due to its enhanced performance, penetration range, and lethality. Medium calibers, such as 20mm, 25mm, 30mm, and 40mm, are expected to show significant CAGR due to their multipurpose ammunition with tracer capabilities. The large-caliber segment is expected to show significant growth due to innovations in large-caliber machine guns, increasing the range and accuracy of these weapon systems.
Product Trends
The market is divided into automatic rifles, machine guns, automatic launchers, automatic cannons, Gatling guns, and others. The automatic rifles segment held the largest market share in 2022 and is expected to propel market growth at a significant rate during the review period. Automatic rifles constantly fire till the last round of ammo; however, semi-automatic or self-loading rifles need to press the gun trigger after each shot. Semi-automatic rifles are selected as compared to automatic rifles as such rifles extend higher precision.
End-user Trends
The market is segmented into land, maritime, and airborne. The land segment dominated the market with the highest share in 2022 & is projected to show continued demand shortly due to the rapid expansion of military forces worldwide, along with a rise in the procurement of automatic weapons by land-based forces. The increasing demand for automatic weapons is mainly attributed to numerous factors, including the requirement for connected warfare systems, the up-gradation of existing armored platforms, rising emphasis on close combat systems, and the safety of soldiers in war-like situations, among others. The airborne is projected to grow exponentially during the forecast period owing to the rising demand for GPS-guided weapons operating smoothly even during bad weather conditions.
Regional Analysis
North America will likely maintain its supremacy in the automatic weapons market throughout the forecast period. This is mostly due to the high defense budget and spending to strengthen the armed forces. The spending is mainly for procuring advanced weapons and upgrading the defense fleet with innovative weapons. Furthermore, the presence of major market players contributes to the growth.
Concurrently, Asia Pacific is expected to witness the fastest growth in the global automatic weapons market during the forecast period. The key factors responsible for the swift growth are increased demand for body armor by the military and a rise in overall military expenditure (especially in China and India). The increased defense and individual spending on security in countries such as China and India inject huge growth prospectus for the market in the Asia Pacific region.
Major Players
The following are the major players in the global automatic weapons market:
- BAE Systems
- Colt's Manufacturing Company LLC
- Denel Land Systems
- General Dynamics Corporation
- Northrop Grumman Corporation
- Heckler & Koch AG
- Israel Weapon Industries
Conclusion
The automatic weapons market is expected to grow significantly over the next five years. This growth is being driven by a number of factors, including the increasing demand for precision strike weapons, the rising defense budgets of many countries
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