Increased Defence Spending to Bolster Demand for Military Rifles
Upsurge in the military spending by prominent countries has been observed in the last five years. Heightening safety concerns for citizens, territories, and public wealth, coupled with improved economic conditions have led to this increase.
In the year 2019, the US spent around US$ 684.6 billion on its military and defense operations which represents approximately 3.2% of the country’s GDP. The country has registered around 18% increase in the military spending since last five years.
Countries are procuring and manufacturing advanced weapons in order to improve capabilities of their military.
The global military rifle market is projected to be a multi-billion dollar market by the end of the forecast period (2019 – 2029), predicts the report recently published by Fact.MR.
Demand for Assault Rifles to Soar on Back of their Multiple Functional Abilities
Assault rifles are originally designed for combat operations for militaries but they can be also used for long range firing such as 300 meters to 1000 meters.
Accuracy of the assault rifles during cyclic fire and high fire, such as 600 rounds per minute makes it the most favoured weapon in the world’s largest and most advanced armies.
Countries prefer to buy assault rifles for their internal security forces such as police and army groups who operate in populous areas. Countries are investing substantial amount to increase size of their fleet for assault rifles.
For instance, in February 2019, Indian government signed a contract worth US$ 94 million with the US based firearm manufacturer Sig Sauer to procure 72,400 SIG716 assault rifles.
Fact.MR opines that assault rifles are estimated to hold around a quarter of the revenue share of the global military rifle market, and are poised to grow at a mid-single digit CAGR in terms of value during the forecast period (2019 – 2029).
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Fully Automatic Military Rifles are Poised to Create Maximum Opportunity in Global Military Rifle Market
The demand for fully automatic military rifles are witnessing an upsurge owing to numerous functional benefits it offers such as uninterrupted, automated and high rate of fire, intermediate cartridge and reduced recoil which makes it the most suitable rifle during situations like military conflict.
Fully automatic military rifles are normally affixed to military vehicles, aircrafts, and ships.
Fully automatic military rifles are provided with ammunition supply on belts containing 200 rounds or more and therefore can fire continuously with very less reload time.
In the Fact. MR’s report, it is projected that the fully automatic military rifles are anticipated to grow at a higher single digit CAGR in terms of value by the end of the forecast period.
Developing Countries to Witness Resilient Growth in the Global Military Rifle Market
Substantial increase in the military spending over last five years owing to continuously improving economic conditions, has led to developing countries such as China and India to leverage the immense opportunities in the global military rifle market.
While North America is expected to continue its hegemony as the market leader, East Asia is expected to grow at a high growth rate, predicts Fact. Mr’s recently published report.
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Manufacturers Forming Joint Ventures for Global Expansion
Global military rifles market is highly consolidated in nature. Leading market players are signing MoUs and forming joint ventures in order to cater to the heavy demand.
For instance, in March 2019, three firearm manufacturers such as the Indian Ordnance Factory Board, and JSC Rosoboronexport and Kalashnikov Concern have formed a joint venture to manufacture Kalashinkov’s AK-200 series’ assault rifles AK-203 in India.
Also in November 2018, Indian firearm manufacturer Punj Lloyd Ltd announced expansion of its manufacturing plant in Gwalior, India to manufacture weapons such as assault rifles, sniper rifles and light machine guns in a joint venture with Israel Weapons Industries (IWI).
Key Segments of the Military Rifle Market
Fact.MR’s study on the military rifle market offers information divided into four key segments— type of product, range, firing mode and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Military Rifle Market - Scope Of The Report
Fact.MR recently published a market study on the global market for military rifle. The study provides a detailed assessment on the key market dynamics, including drivers, trends, opportunities, restraints, and detailed information about the military rifle market structure.
The market study presents exclusive information about how the military rifle market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact. MR’s study in a comprehensive manner.
This information can help readers understand the quantitative growth prospects of the military rifle market in the forecast period.
The study is relevant for stakeholders in the military rifle market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market.
Stakeholders in the military rifle market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the military rifle market.
It also offers actionable insights based on future trends in the military rifle market. Furthermore, small businesses and new entrants in the military rifle market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in Fact.MR’s Military rifle Market Report
- Which regions will continue to remain the most profitable regional markets for military rifle market players?
- Which factors will induce a change in the demand for military rifle during the assessment period?
- How will changing trends impact the military rifle market?
- How can market players capture the low-hanging opportunities in the military rifle market in developed regions?
- Which companies are leading the military rifle market?
- What are the winning strategies of stakeholders in the military rifle market to upscale their position in this landscape?
Military rifle Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the military rifle market, and reach conclusions on future growth parameters of the market.
This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts during the preparation of the military rifle market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases.
Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.