The global military rifle market is projected to grow at lower single digit CAGR between 2019 and 2029 and valued to be a multi-billion dollar market by the end of 2029. While the demand for military rifles is increasing gradually, sniper rifles are accounting for a major market share globally. With the defence budget burgeoning in emerging economies, countries have increased procurement of the sniper rifles owing to its long range firing capacity and high accuracy.
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For instance, in August 2018, Ukraine has signed a deal with the Canadian firm PGW Defence Technologies to supply sniper rifles to its military. The need to procure new weaponry to modernize militaries in major economies is a key driver of the global military rifle market. The US continues to remain the market leader within the military rifle market as it supplies arms and ammunition to numerous countries around the globe and is anticipated to retain its position during the forecast period owing to a large number of agreements with the military organizations of developing countries.
Key Takeaways of Military Rifle Market
- In military rifle type, assault rifle is anticipated to accumulate majority share in terms of value and it is expected to grow at a mid-single digit CAGR in terms of value during the forecast period (2019 – 2029).
- Military rifles with a range between 500 and 1,000 meters are projected to grow at maximum volume CAGR and are anticipated to hold more than 1/5th of the revenue share in the global military rifle market.
- The U.S. is expected to be the largest military rifle exporter while India is expected to be the largest procuring country in the global military rifle market during the forecast period.
- North America is projected to continue its position as the market leader while East Asia is poised to witness resilient growth in terms of value in the global military rifle market by the end of the forecast period.
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“Global military rifle market is primarily driven by the increasing defence spending within the developing countries. Manufacturers are forming joint ventures and signing MoUs in order to cater to the heavy demand from military organizations around the globe” says Fact.MR analyst.
Joint Ventures to Remain Key Forte of Market Stakeholders
Global military rifle market is highly competitive. Manufacturers are required to qualify certain criteria in order to supply weapons and ammunition to military organizations. Leading manufacturers usually form joint ventures with the local weapon manufacturing companies in order to tap opportunities within the region. For instance, in January 2020, Brazilian firearm manufacturer Taurus Armas formed a joint venture with Indian company Jindal Defence to manufacture assault rifles, carbines, pistols and revolvers in India. With this, JV Taurus Armas is aiming to tap into the domestic opportunities in India.
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