The US Guns and Ammunition Market Overview: 2024-2030
Base Year: 2023
Historical Years: 2019-22
Forecast Years: 2024-2030
The US Guns and Ammunition Market is estimated to grow at a CAGR of around 2.3% during the forecast period, i.e., 2024-30.
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The US Guns and Ammunition Market Dynamics: 2024-2030
The US Guns and Ammunition Market Driver:
Surge in Military Spending to Accelerate the Market Growth – In recent years, the US has seen a notable increase in defense spending due to factors like the Russia-Ukraine conflict and geopolitical uncertainties in the Middle East. The decision by the US government to offer military assistance to Ukraine has played a crucial role in the increase, ensuring global stability. Substantial financial aid and support have been directed towards reinforcing the Ukrainian military. According to the Stockholm International Peace Research Institute (SIPRI), US defense spending witnessed a substantial increase of approximately USD71 billion from 2021 to 2022. As a result, there is a heightened demand for firearms and ammunition within the country's defense sector, contributing to the expansion of the US Guns and Ammunition Market.
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The US Guns and Ammunition Market (2024-30): Segmentation Outlook
The market report has segmented the market into the following categories:
By Type
-Guns- Market Size Forecast 2019-2030, USD Million
-Ammunition-Market Size Forecast 2019-2030, USD Million
By Lethality
-Non-Lethal-Market Size Forecast 2019-2030, USD Million
-Lethal- Market Size Forecast 2019-2030, USD Million
By Application
-Defense- Market Size Forecast 2019-2030, USD Million
-Military Operation
-Law Enforcement
-Security Services- Market Size Forecast 2019-2030, USD Million
-Close Protection Services
The Defense Sector dominated the US Guns and Ammunition Market in the previous years and is projected to experience further growth during the forecast period as well.
Event Security
-Secure Transportation
-Others (Industrial Security, Private Investigation, etc.)
-Civilians- Market Size Forecast 2019-2030, USD Million
-Self Defense
-Sport Shooting
-Hunting
By Competition
-Competition Characteristics
-Market Shares Analysis.
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Top Companies Operating in the The US Guns and Ammunition Market:
Sig Sauer, Smith Wesson, Sturm, Roger Co. Inc., Taurus International Manufacturing Inc., Springfield Armory, Ammo Inc., Federal Ammunition, Hornady, FN Herstal, Black Hills Ammunition, and Others
Industry Recent Development:
- 2023: Sig Sauer declared to expand its pistol range with P322-COMP, an enhanced version of its P322 model.
- 2023: FN Herstal planned to build an arms plant worth USD33 million in Liberty Town. The plant is expected to break ground in 2024 and start operations in 2025.
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