Attributed to increasing spending on defense activities in prominent countries coupled with heightening safety concerns are up ticking the demand for military rifles, thereby gradually increasing the market value of military rifles. Projecting the market growth at a steady CAGR, Fact.MR’s new study provides an inclusive analysis of the military rifles market. The growth is further complemented by the modernization of militaries, and improving economic conditions around the world.
Military Rifle Market – Key Takeaways
- Assault rifle segment is expected to persist dominance with a majority of market share, and is projected to grow in value over the forecast period, owing to their accuracy, which makes it the favorite among the world’s most advanced armies.
- Military rifles with a range between 500 and 1,000 meters will grow at a comparatively higher CAGR and will account for 1/5th of the global revenue share.
- Fully automatic military rifles are expected to provide substantial revenue opportunities, on the back of factors such as high rate of fire, intermediate cartridge and reduced recoil which make them suitable for military combats.
- The U.S. persists to be the leading regional market for military rifles and is expected to remain the biggest military rifle exporter throughout the forecast period.
- Growing military spending in India is making it the second biggest exporter of military rifles.
- East Asia is expected to provide revenue opportunities for military rifle manufacturers and increase its share in the global revenue.
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Military Rifle Market – Key Driving Factors
- The increasing spending on military rifles on the back of growing safety concerns for citizens and commonwealth in developed countries are providing substantial revenue opportunities for the manufacturers in the military rifle market.
- Invigorated by the modernization of militaries, several countries are adopting advanced weaponry, thereby further propelling the military rifles sales.
Military Rifle Market – Key Restraint
- High technical expertise associated with the development of military is curbing the growth of the market
Impact of COVID-19 on Military Rifles Market
The military rifles segment – which has been on the frontline of growth owing to modernization of armies across the world – is likely to feel the heat of the pandemic. With the number of infections exploding all over the world, development of the military has not remained a priority of the governments. Furthermore, governments are deprioritizing spending on defense sectors as they prepare to tackle the macro-economic impact the outbreak is going to have. Major powers such as the United States have already suspended all travel, deployments, and exercises for troops. Moreover, military forces in many cases are involved in bolstering to reduce infection rates, and combat activities have taken a back-seat. While the market is not expected to take an abrupt dip in value, growth amidst of remodeled preferences will certainly be limited in the immediate future.
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Some of the key players in the Military Rifle market are Indian Ordnance Factory Board, JSC Rosoboron export, Kalashnikov Concern, Taurus Armas, Jindal Defence, Punj Lloyd Ltd, and Israel Weapons Industries, among others. Leading players are forming joint ventures with the local weapon manufacturing companies to tap opportunities within the region.
About the Report
This 170-page study offers readers a comprehensive market forecast of the global Military Rifle market. With historical demand data (2014-2018) and forecast statistics for the period, 2019-2029, the study divulges compelling insights on the Military Rifle market on the basis of the type of product, range and firing mode across seven major regions.