Market Size of North America Ammunition Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Ammunition Market Analysis
The North American ammunition market is anticipated to register a CAGR of over 4% during the forecast period.
Although the COVID-19 pandemic affected the economy of the region, it did not diminish the sales of ammunition in the region during and after 2020. In fact, in the year 2020, when COVID-19 was at its peak, the United States military expenditure was USD 778.2 billion, a 5.98% increase from the previous year. From 2021, as the supply chain also began to reach its maximum recovery, the ammunition market further began to showcase its growth.
The rapid growth in military spending, with the increase in procurement of advanced land, sea, and air vehicles, and the development of technologically advanced systems are expected to drive the market during the forecast period. Also, the increasing investments in R&D for military modernization programs, for the procurement of the latest equipment to replace and upgrade the existing ammunition assets, is one of the major factors driving the market.
