Global military rifle markets are witnessing growth due to the reasons of increasing defense spends and updated weaponry needs. In addition, with increased demands for better military capabilities and increased geopolitical issues; it has become key for countries to invest in updated rifles.
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Market Drivers
Increased Defence Spend is major demand seen for Military Rifles in the global market. Rising defense spends in the global economy is a significant factor driving the global military rifle markets. Several factors have contributed to the increase, but most notably countries such as the U.S., China, and India have stepped up military spending. The advanced rifles accounted for a great percentage of such procurement. In 2019, the U.S. defense budget was $684.6 billion with being a large amount of its GDP. The rise in defense expenditure finds explanation in increased safety concerns and to upgrade their arsenals with a view to respond to evolving new threats. Furthermore, assault and full-auto rifles are highly in demand as it is highly effective in both long-range confrontation and has a high-fire rate capability necessary for military use.
Future Demand Prospect of Market
The market is expected to grow steadily in the next decade. Advances in weapon technology with regard to more accurate shooting, minimal recoil, and higher fire rates are also expected to push demand even higher. It is expected to grow in North America and East Asia, particularly in the country of China and India, due to vigorous growth resulting from better economic improvement and increased defense capacity. A rise in the usage of fully automatic rifles, mounted commonly on military vehicles and ships, manifests a transition toward increasingly versatile, combat-effective weaponry. The market for artillery in the region will rise at a mid-to-high single-digit compound annual growth rate throughout the estimated period 2023-2029.
Market Overview
The market for assault rifles forms the biggest portion of the military rifle market. Close to a quarter of all sales revenues accrue from this category. Their being useful in long ranges and short ranges has helped them gain favor among military and security forces globally. Also gaining popularity are fully automatic rifles, with continuous patterns of fire as well as fast reloading. These come into prominence particularly wherever the demand for high firepower is pertinent. These rifles will experience growth at a higher pace compared to other markets.
Key Players
The global military rifles market is concentrated with a few main competitors. The most crucial players are Kalashnikov Concern, Sig Sauer, and Israel Weapons Industries, or IWI. The firms are engaging in forming joint ventures and partnerships to respond to the increased demand across the globe. This can be well seen in the case of the Indian Ordnance Factory Board joining forces with Kalashnikov and Rosoboronexport to produce AK-203 assault rifles in India. This further indicates that the market is indeed global. Joint ventures like these also prove to be essential in boosting production and pulling in the market's geographical radius.
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Competitive Landscape
The military rifle market is characterized by highly competitive joint ventures and mergers. In fact, major companies are tying up to capture the increased demand for military grade firearms. To keep innovation at the forefront, the market leaders are expanding their production capacities to cater to the differences in requirements of various armed forces. This competition is, therefore, creating innovation, where the newer rifles are proving to be more efficient and technologically advanced.
In a nutshell, military rifles are expected to experience heavy growth as the market is buoyed on account of increased defense spending, modernization programs, and technological advancements in weaponry. Key manufacturers expand their global presence with strategic collaborations, which enables them to stay ahead in this changing game.
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