The worldwide market for automatic weapons was valued at approximately US$ 6.61 billion in 2018 and is projected to expand at a compound annual growth rate (CAGR) of 9.9% from 2018 to 2027, reaching an estimated US$ 14.95 billion by the end of the forecast period.
The global automatic weapons sector is witnessing consistent growth throughout the forecast timeline. This growth is primarily driven by an increase in military spending, which is a direct response to the rising demand for automatic weaponry across the globe. The ongoing conflicts and unstable military situations in various nations are propelling advancements in weapon technology. Governments around the world are making substantial investments in the acquisition of automatic weapons to enhance their operational effectiveness in combat scenarios. Consequently, this trend is positively influencing the expansion of the automatic weapons market in the current environment.
One significant trend anticipated to shape the automatic weapons market in the near future is the modernization and enhancement of soldier capabilities. Heightened cross-border tensions in numerous regions have compelled major defense forces to position their troops in areas prone to conflict. The United States Department of Defense (DoD) stands out as a leading force, deploying its military personnel globally with state-of-the-art weaponry. In light of this, the demand for soldier modernization is particularly pronounced within the US DoD, prompting the defense sector to allocate considerable resources towards the acquisition of automatic weapons. The growing investment in both fully automatic and semi-automatic weaponry aimed at modernizing soldiers is a key driver of the automatic weapons market.
The automatic weapons market is categorized by product type, which includes automatic launchers, automatic rifles, gatling guns, machine guns, and automatic cannons. Among these, automatic rifles command the largest share of the market. These rifles are recognized as powerful support weapons, offering higher base damage per shot compared to other automatic projectile weapons. However, the dispersion of automatic rifles is less effective than that of their semi-automatic counterparts. Military forces worldwide increasingly favor automatic rifles due to their flexibility, precision, and accuracy in shooting. Their portability sets them apart from automatic launchers, and they are also more cost-effective, leading to their widespread use. These attributes are expected to further boost the demand for automatic rifles in the global automatic weapons market.
The overall size of the automatic weapons market has been determined through a combination of primary and secondary research methods. The research process initiates with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative insights related to the automatic weapons market. Additionally, numerous primary interviews are conducted with industry stakeholders and experts to validate the data and analysis. Participants in this process typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the automatic weapons sector.