World sees unprecedented surge in arms sales in 2024
Revenues from the 100 largest defense companies grew 5.9% last year, reaching a record $679 billion—representing the strongest collective increase since 2018. Analysts attribute much of this growth to the wars in Ukraine and Gaza, along with rising regional security concerns and higher defense budgets among major powers.
The United States and European nations accounted for the bulk of the increase. American defense firms collectively generated $334 billion in sales, despite delays and cost overruns in major programs such as advanced fighter jets and submarines. In Europe, 23 out of 26 companies saw revenue growth, pushing total regional sales up 13% to $151 billion. The Czech company Czechoslovak Group posted the largest global increase—up 193%—mainly due to supply contracts related to Ukraine.
Türkiye added a fifth company to the ranking, with MKE joining ASELSAN, TAI, Baykar, and Roketsan, collectively reporting $10.1 billion in annual revenues—an 11% increase from the previous year. Russian firms also expanded earnings despite sanctions and labor constraints, posting a 23% rise to $31.2 billion, driven largely by domestic demand.
In contrast, total sales across Asia-Oceania declined 1.2%, primarily due to falling Chinese procurement amid corruption investigations. Nonetheless, Japanese and South Korean manufacturers experienced strong double-digit growth, boosted by export demand and regional rearmament initiatives.
The Middle East achieved its highest-ever representation in the Top 100, with nine companies generating $31 billion in combined revenues. Israeli defense firms saw increased sales despite international criticism linked to the Gaza conflict. The UAE’s state-owned EDGE Group ranked 37th, reporting $4.7 billion in revenue.
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