(MENAFN- America News Hour) The Bulletproof Vest Market is projected to grow from USD 1,059 million in 2022 to about USD 1,290 million by 2031 with a CAGR of approximately 2.2% during the forecast period (2022-2031).
The impact of COVID-19 on the market is negligible. The demand for bulletproof vests has been growing significantly over the past few years. However, the bulletproof vests manufacturing output of the manufacturing companies remained low compared to the previous years due to the temporary shutting down of production in 2020.
The growth in military expenditure of developed and emerging countries around the world is expected to be the prime growth driver for the market.
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Additionally, the rise in terrorism and hostile activities between various countries in the Asia-Pacific, Europe, and Middle-East and Africa regions is forcing the countries to focus on procurement of protection solutions for their dismounted infantry. This is expected to accelerate the growth of the market during the forecast period.
The heavy weight of the bulletproof vests is making it difficult for military personnel to wear and move freely on the battlefield. Due to this, the companies and governments are investing into development of advanced light vests with increased mobility with the integration of advanced technologies like 3D printing and the use of composite materials.
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bulletproof vest market
Key Market Trends
Military Segment held the Largest Market Share by Revenue in 2020
The military segment currently has the highest market share and is expected to continue its dominance during the forecast period. This is majorly due to growing military expenditure, which is further propelling the large-scale procurement of body armors and bulletproof vests for the dismounted infantry of the armed forces. In this regard, the French government introduced the O-NYX program under the defense spending plan, to replace small equipment such as handguns, helmets, and bullet-proof vests over the coming years. Similarly, the governments are also expected to increase their investments towards the procurement of advanced vests for law enforcement agencies in the coming years due to a shortage of equipment. For instance, in January 2021, the union of Guardia Civil announced that the troops are sharing bulletproof vests due to the lack of new bulletproof vests. This was due to the expiration of hundreds of vests over the past few years. Earlier in 2019, the union announced that there was a shortage of more than 1,300 bulletproof vests. Under such circumstances, the government of France is expected to place an order for new and advanced vests in the coming years. Furthermore, there is an ongoing development of advanced materials for bulletproof vests that are lightweight to offer better mobility for the troops. As of 2019, the US Army Research Laboratory (ARL) was working on development of 3D printed high density ceramic materials, which is one of the major components in manufacturing hard armors. Such investments are expected to accelerate the growth of this segment during the forecast period.
Asia-Pacific Region held the Highest Share in 2022
The Asia-Pacific region has the highest share in 2020 and is expected to remain the largest spender on procurement of bulletproof ballistic protection products during the forecast period due to large active military and law enforcement agency personnel in the countries like China, India, and South Korea among others. The escalating border tensions between various countries in the region along with the aging of existing bulletproof vests are expected to drive the growth of the market. For instance, in 2018, the Indian government placed an order for about 0.19 million bulletproof jackets worth INR 639 crores (USD 85.9 million) for the Indian Army troops deployed for counter-insurgency operations and at the borders. The contract was scheduled to end by April 2020. Similarly, in January 2019, New Zealand Police signed an agreement with Cooneen Protection for the manufacture and supply of the new body armor system over a period of three years. The new armors systems expected to replace the existing body armors, due to their lightweight and comfort as well as individually issued tactical pouches to carry equipment such as radio, OC spray, and baton, among others. The investment into the procurement of advanced ballistic protection armors is expected to propel the region's growth in the coming years.
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Competitive Landscape
The market of the bulletproof vest includes many players supplying to their local law enforcement agencies and armed forces. Central Lake Armor Express, Inc., DuPont, Honeywell International Inc., Condor Outdoor Product, Inc., and U.S. Armor Corporation are some of the prominent players in the bulletproof vest market. Companies, like Honeywell International Inc. and DuPont, provide raw materials to bulletproof vest manufacturers, like Central Lake Armor Express, Inc., which supply their own branded vests to the customers. In addition to the global players, some local players are entering the market with new bulletproof vests for the armed forces. This trend is particularly observed in the Asia-Pacific region and some of the countries in the Middle-East and Africa region due to increased focus on indigenous manufacturing. Furthermore, the companies are investing in the development of new lightweight bulletproof vests with advanced materials, which will provide enhanced protection, thereby increasing their share in the market in the coming years.
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value – USD million)
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