Statistics for the 2023 & 2024 Europe Ammunition market trends, created by Mordor Intelligence™ Industry Reports. Europe Ammunition trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.
Military to Dominate Market Share During the Forecast Period
Due to tumultuous military scenarios in the region, such as Russia's invasion of Ukraine, cross-border conflicts, and rising terrorism, European nations have significantly increased their annual defense spending and associated military budget.
During 2021, the overall military spending of European nations amounted to USD 418 billion, signifying a 3.0% increase over 2020. In 2021, the combined military expenditures of Central and Western Europe, two subregions that include the majority of NATO allies and all European Union member states, will be over USD 342 billion.
The German government allocated USD 112.7 billion to the armed forces in February 2022. Due to Russia's invasion of Ukraine, the defense budget was raised, including investments and weaponry programs for German military forces. In addition, the French Minister of Armed Forces has proposed a USD 42.9 billion military budget for 2023, a 3 billion increase over the previous year. Furthermore, the increasing acquisition of modern weapons and ammunition fuels European market expansion.
For example, the French Army began rapidly buying American-made loitering bombs in June 2022 as part of a longer-term push to field remotely operated weapon systems. Such developments are forecasted to drive the demand for various types of ammunition from military end users during the forecast period.
Understand The Key Trends Shaping This Market
Russia to Generate the Highest Demand for Ammunition
Russia is Europe's top defense spender, with a defense budget of USD 65.9 billion in 2021. The continuous conflict with Ukraine and cross-border disputes with NATO nations increased the demand for defense equipment, weapons, and associated ammunition. As Russia maintains its military occupation of Ukraine, the Russian military may face major weaponry shortages by the end of the year.
Recent sanctions against Russia and successful counter-offensives by Ukrainian troops have resulted in rapid declines in its stockpiles of artillery shells and armored vehicles. At the same time, its ability to conduct air strikes and fire-guided missiles is expected to deplete by the year's end. This is likely to enhance ammunition purchases during the upcoming period.
Russia is aggressively developing the BMPT armored vehicle, which is meant to carry a variety of missiles, light cannons, and machine guns capable of engaging a variety of targets, including enemy tanks and ground personnel. Over the last six months of the full-fledged war with Ukraine, Russian armed forces used more than 7 million shells. Thus, growing defense expenditure and rising procurement of munitions is expected to drive the ammunition demand from Russia during the forecast period.
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