The global automatic weapons market size is expected to reach USD 15.04 billion by 2027. This is attributable to the increasing demand for advanced automatic weapons and the rising defense budget of nations across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Automatic Weapons Market Size, Share & Industry Analysis, By Product (Automatic Rifles, Machine Guns, Automatic Launchers, Automatic Cannons, and Gatling Guns), By Type (Fully Automatic and Semi-Automatic), By Caliber (Small Caliber, Medium Caliber, and Large Caliber), By End Use (Land, Naval, Airborne, and Handheld & Stationary) and Regional Forecast, 2020-2027.” The report mentions that the market stood at USD 8.44 billion in 2019 and is likely to exhibit a CAGR of 7.85% between 2020 and 2027.
Increasing Demand for Advanced Weapons to Upgrade Defense amid COVID-19
As per a New York Times analysis of federal data, approximately 1.9 million guns were sold in the U.S. during the global pandemic. The growing sense of security and well-being is driving the people to buy weapons for their safety. The novel coronavirus may have affected several economies, however, the demand for weapons has been consistent that will bode well for the market growth in the forthcoming years.
An automatic weapon is a type of weapon that has the capability of firing gun shots automatically. They do not require manual operation every time while firing, and automatically burst fire. Additionally, these self-loading weapons are preferred by people globally owing to their sophistication and convenience in handling.
List of the Companies Profiled in the Global Market for Automatic Weapons:
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Rising Spend on Defense Budget to Augment Growth
According to the U.S. Department of Defense, around USD 686.1 billion of defense budget was approved by the government in the U.S. in 2019. The increasing defense budget by the nation’s globally to upgrade their military is likely to surge the demand for advanced automatic weapons. Additionally, the escalating tension of war is propelling the countries to adopt advanced weapon systems that are expected to contribute to the growth of the global automatic weapons market in the forthcoming years.
Automatic Rifles Held 40.57% Market Share in 2019
The automatic rifles segment, based on product, held a market share of about 40.57% compared to others. The segment is expected to experience a significant growth owing to the increasing demand for automatic rifles from armed forces during the forecast period.
North America to Remain at Forefront; Presence of Established Players to Augment Growth
Among all the regions, North America is expected to hold the highest position in the global automatic weapons market during the forecast period. This is attributable to the presence of established manufacturers such as Northrop Grumman Corporation, General Dynamics Corporation, and others. These companies are developing advanced automatic weapons to cater to the increasing demand for ammunition in the region. North America stood at USD 3.10 billion in 2019.
The market in Asia-Pacific is expected to experience an exponential growth backed by the rising government funding to upgrade the nation’s defense along the borders that will favor the demand for sophisticated automatic weapons in the region between 2020 and 2027.
Key Players Sign Contracts to Expand Their Product Portfolio and Boost Sales Revenue
The global automatic weapons market comprises several major companies that are focusing on signing contracts either with the government agencies or private companies. These companies are focusing on developing advanced automatic weapons and further boosting their sales revenue to maintain their dominance in the market.