Japan, S. Korea lead in global arms industry markets
The study reported that worldwide weapons revenues reached an all-time high in 2024, fueled by heightened geopolitical friction and accelerated rearmament efforts, particularly across Europe.
As stated by the report, total sales from military equipment and related services by the top 100 global defense companies rose by 5.9% last year, hitting $679 billion. Most of this increase stemmed from firms in the US and Europe, “as producers capitalized on high demand.”
Rheinmetall in Germany recorded the strongest growth among Western European manufacturers, driven by “demand boosted by the wars in Ukraine and Gaza, global and regional geopolitical tensions, and ever-higher military expenditure,” the study noted.
US defense firms continued to dominate the rankings in overall revenue, while European companies — excluding Russia — experienced the sharpest regional surge as NATO members intensified military procurement.
The report highlighted that Japan and South Korea were among the most significant risers in the Top 100 list, benefiting from soaring export orders from Europe as well as increased domestic requirements.
Japanese defense companies saw their combined sales jump 40% year over year to $13.3 billion, marking the largest national increase, followed by Germany at 36% and South Korea at 31%.
South Korea’s top defense conglomerate, Hanwha Group, posted a 42% rise in arms revenue for 2024, with more than half of its sales driven by foreign contracts, according to the findings.
This export boom has coincided with European NATO states strengthening their military capabilities, citing what they describe as a potential threat from Russia.
Moscow has rejected such claims, with President Vladimir Putin calling the concerns “complete nonsense.”
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