(MENAFN- America News Hour) The Body Armor Market was valued at USD 2,759.91 million in 2022 to USD 3,366.21 million in 2031, witnessing a CAGR of 2.01% during the forecast period (2022-2031).
The COVID-19 pandemic has had a profound impact on the daily lives of billions of people more indirectly as social distancing and business shutdown measures have been enacted to slow the spread at the national, state, city, and organization levels. At this point, the impacts of the virus and the containment measures are being felt on both the supply and the demand sides of the economy, leading to severe downturns in world economic output. The pandemic has severely affected the global manufacturing operations and due to the temporary shutdown of manufacturing plants in various weapon and tactical gear exporting countries, the market is expected to witness a marginal decline during 2020-2021.
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The rising geopolitical conflict and the increase in acts of violence and terrorism have necessitated the adoption of body armor by both military and law enforcement agencies to ensure the safety of their personnel in a variety of situations. However, the level of protection offered by the body armor differs based on the threat assessment of the end-users. For instance, a security guard may not require thick armor that may be used by soldiers against high caliber fire. Such incidents have led to new procurement initiatives by the different agencies across the world, increasing demand for body armors.
Key Market Trends
Military End-user Segment to Witness Rapid Growth During the Forecast Period
The growing defense expenditure and the increasing terrorism and hostile activities, coupled with various territorial conflicts, have increased the number of military operations in the recent past. In the wake of these events and to provide additional safety, several countries are procuring bulletproof vests for their military personnel. In March 2019, KDH Defense Systems Inc. announced that the company received a contract worth USD 29.9 million from the US army, for the supply of Modular Scalable Vest (MSV) Gen II System.
Later in July 2019, KDH Defense Systems Inc. received additional two contracts from the US army worth USD 40 million. The first contract worth USD 31.5 million was for the Modular Scalable Vest (“MSV”) Generation II while the second contract worth USD 9 million was for blast pelvic protectors. The estimated completion of the contract is by mid-2020. Earlier in 2018, the company was awarded a multi-year, firm-fixed-price, indefinite-delivery/indefinite-quantity (IDIQ) contract from the Marine Corps Systems Command, worth USD 59.4 million.
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body armor market
Asia-Pacific to Witness the Highest Growth During the Forecast Period
The geopolitical scenario in the region has made it a hotspot for unprecedented skirmishes and armed standoffs, especially on the Indo-China border. A large number of active military personnel in the countries also necessitate the adoption of adequate body armors for safeguarding the personnel, while the wear and tear of such equipment also generate cyclic demand. On this note, India is a prime exporter of sophisticated ballistic vests and helmets to around 250 forces in over 100 countries, notably the British, German, Spanish, and French armies, and the Japanese and American police forces.
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The bulletproof vests manufactured in India under the“Make in India” initiative comply with the IS17051:2018 standards formulated by the Bureau of Indian Standards (BIS). Apart from the US, the UK, and Germany, India is the only country with its national standard on bulletproof jackets. The BIS-certified vests are available in different sizes and ensure 360-degree protection against bullets fired from assault rifles such as AK-47, which have a traversing speed of 700 meters per second. Currently, the demand for bulletproof vests from the Indian armed forces is around 0.3 million units. Moreover, the rampant threat of a terror attack in the country has encouraged the Indian government to procure critical protective equipment for the defense forces.
Competitive Landscape
The body armor market is highly fragmented, with many players holding small shares of the market, owing to their presence in various geographical locations. BAE Systems PLC, Safariland LLC, DuPont, Honeywell International Inc., and 3M are a few prominent firms benefitting from the geographical advantage. Most of the players are based in North America. However, due to the increasing requirements in the Asia-Pacific and Middle-East and African regions, the expansion of major players into these regions may enable them to increase their presence in the market during the forecast period.
Market players are investing resources to enhance the operational parameters of their products while also launching new products to expand their product portfolio. On this note, in December 2020, The Safariland Group, under their brand Safariland, and Fechheimer Brothers Company, under their Flying Cross brand, have announced the joint launch of an innovative virtual sizing technology called XpertFit that provides a contactless self-measuring method of taking body measurements with a mobile phone that officers can use when ordering body armor and safety uniforms. The technology is being marketed as an effective alternative to change the traditional procurement process by saving time and improving consumer confidence.
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)