PUBLISHER: Grand View Research | PRODUCT CODE: 1375890
PUBLISHER: Grand View Research | PRODUCT CODE: 1375890
The global less lethal ammunition market size is expected to reach USD 1.49 billion by 2030, registering a CAGR of 4.8% from 2023 to 2030, according to a new report by Grand View Research, Inc..A rise in the number of terrorist activities and hostilities across the globe is likely to increase the procurement of defense equipment by prominent military organizations across the globe, thereby directly benefiting the market over the forecast period. The heightening risks pertaining to terrorism and political violence worldwide are expected to impact the security and stability of countries across the globe Thus, the majority of nations have begun attempts to strengthen their military capabilities to combat terrorism and protect their geographical borders from escalating geopolitical rivalry.
Furthermore, several countries are working on improving their law enforcement institutions to regulate domestic tensions. These developments are projected to fuel demand for guns and ammunition, boosting market growth. Asia Pacific witnessed an unprecedented surge in defense spending in the past decade. Rising geopolitical tension and border disputes between the regional powers have been the primary driving factors boosting the defense spending in the region. In addition, the growing threat from terrorist activities and separatist insurgency has had a major influence on increasing defense spending in the region. Customers are supplied by industry players through direct supply or third-party distributors.
Less lethal ammunition designed for commercial usage, such as police, prisons, military, and other government-authorized agencies, is distributed through either B2B or B2C channels. In the B2B channel, the manufacturer sells its finished products to another firm, which can be a firearms store or a distributor, whereas in the B2C channel, the manufacturer sells its products directly to end customers. Polyethylene or plastic bullets are made of hard plastic and are designed to be fired from a shotgun or other similar weapon. They are designed to incapacitate suspects without causing permanent harm, making them a valuable tool for law enforcement agencies in situations where lethal force may not be necessary or appropriate.
Plastic bullets are particularly effective in situations where law enforcement officers need to maintain a safe distance from suspects as they can be fired from several meters. The global market is characterized as highly competitive owing to the presence of both regional and multinational players. Governments have contracts with several domestic and foreign players to offer products and services. Thus, manufacturers often compete with other large companies and defense contractors as well as small companies that specialize in a particular technology or capability. The players also face competition from offerings of state-owned defense manufacturers.