United States-based arms companies dominated the global defense market in 2024, generating $334 billion in revenue, up 3.8% from the previous year. In contrast, the combined business revenue of China’s top arms companies fell 10% in 2024 to $88.3 billion, according to a report by the Stockholm International Peace Research Institute (SIPRI) released on Monday.
The United States and China are rivals in the global arms market. However, some Western analysts have noted that China still lags behind the United States in sophisticated technological capabilities and combat experience, but the two countries are nevertheless reshaping their rivalry in the production of advanced weapons and the expansion of global exports.
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According to a recently published report by SIPRI, among the world’s top 100 arms companies, several Chinese companies saw their positions decline between 2023 and 2024, while two companies reported revenue growth.
Chinese defense industry corporation “Norinco” saw a huge decline in arms revenue, down 31% to about $14.0 billion. Norinco is the country’s largest land-based systems producer. Meanwhile, China Aerospace Science and Technology Corporation (CASC), the country’s main aerospace and missile manufacturer, saw arms revenue fall 16% to $10.2 billion.
Additionally, Aviation Industry Corporation of China (AVIC), which makes China’s fifth-generation stealth fighter J-20, saw revenue fall 1.3 percent to $20.3 billion due to a slowdown in military aircraft deliveries.
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According to the report, American defense and aerospace manufacturer Lockheed Martin, which builds the fifth-generation F-35 fighter jet, saw its 2024 arms revenue rise 3.2% to $64.7 billion, while Boeing‘s arms revenue fell 4.6% to $30.6 billion. Boeing’s revenue decline was mainly due to production delays, particularly for the KC-46A tanker.