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    Bulletproof Vest Market Trend & Forecast

    Bulletproof Vest Market Trend & Forecast
    Report code - SR2021 Delivery - 2 Weeks

    Bulletproof Vest Market Size, Share, Trend, Forecast, challenges, Competitive Analysis, See more...

    Market Insights

    The bulletproof vest market is estimated to grow from USD 1.47 billion in 2022 and is likely to grow at a CAGR of 6.84% during 2023-2028 to reach USD 2.2 billion by 2028.

    Bulletproof Vest Market Size

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    What is a bulletproof vest?

    A bulletproof vest, also known as, a bulletproof jacket, is a defensive wear that assists with safeguarding people from projectiles, blades, and dangerous blasts by engrossing the effect and keeping the assault from infiltrating the body. These vests utilize different layers of fibres that halt the bullet shots, dispersing their power across the length of the fibres. Growing defence expenditures along with rising security concerns such as terrorist activities, political unrest and cross-border conflicts are expected to drive the market in the foreseeable future.

    Bulletproof Vest Market Report Overview

    Market Size in 2028

    USD 2.2 Billion

    Market Size in 2022

    USD 1.47 Billion

    Market Growth (2023-2028)

    CAGR of 6.84%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    The bulletproof vest market is driven by a host of factors, some of which are noted below:

    Increasing security concerns: The increasing incidence of terrorism, crime, and civil unrest is driving the demand for bulletproof vests. Governments, law enforcement agencies, and private security firms are increasingly procuring bulletproof vests to protect their personnel from gunfire.

    Growing military expenditure: The growth in military expenditure of developed and developing countries is also a major driver of the market. Governments are investing in new and improved bulletproof vests to protect their soldiers from enemy fire.

    Rising awareness of personal protection: The increasing awareness of the importance of personal protection is also driving the demand for bulletproof vests. Civilians, such as journalists, politicians, and business executives, are increasingly purchasing bulletproof vests to protect themselves from violence.

    Advances in technology: The development of new and lightweight materials for bulletproof vests is also a key driver of the market. These new materials offer better protection and are more comfortable to wear, making them more appealing to end-users.

    Growing e-commerce sales: The growth of e-commerce is making it easier for consumers to purchase bulletproof vests. This is expanding the reach of the market and making it more accessible to a wider range of people.

    Bulletproof Vest Market Snapshot

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    Challenges:

    The heavy weight of the bulletproof vest makes it difficult for soldiers to wear and move freely. As a result, companies and governments have begun to invest in the development of advanced lightweight body armor with increased mobility for soldiers. Also, the high cost of bulletproof vests due to the usage of high-quality lightweight materials and advanced technology is expected to hamper the market demand. Furthermore, the rising instances of defective bulletproof vests sold to end-users hamper the market growth. In 2018, a Japanese company named Toyobo paid US$ 66 Million to resolve accusations that claim that the company sold defective bulletproof vests to the U.S. federal law enforcement agencies.

    With the increasing number of global military operations, the quality of bulletproof vests has witnessed a considerable improvement over the years. Also, there has been a large procurement of advanced bulletproof vests from ground forces across the globe, especially from the European region due to the ongoing Russian-Ukrainian crisis.

    Segment Analysis

    Type

    The market is fragmented into hard vests and flexible vests. The hard bulletproof vests segment held the lion’s share of the market in 2022 and is projected to continue the market dominance by 2028. This is mainly due to their ability to protect the wearer from threats above level EIA. These vests are capable of protecting users from SLR ammunition and AK-47 mild steel core bullet.

    Materials Trends

    The market is fragmented into Kevlar, Ultra-UHMWPE and Graphene. Kevlar is the most used material accounting for a significant share of the market in 2022 and is projected to continue its demand dominance during the forecast period. Kevlar material provides the highest level of protection against any ballistic threats and thus enjoys the highest demand. However, the graphene segment is also projected to grow at a rapid pace due to its high durability and shear strength as compared to Kevlar.

    End-user Trends

    The market is fragmented into defence, law enforcement and civil segments. The defence segment held the largest share of the market in 2022 & is estimated to remain dominant during the forecast period, due to increased military spending on safety equipment, increased cross-border conflicts and terrorist activities across the globe. The law enforcement segment is also projected to experience significant growth during the forecast period due to increasing demand from inland security forces for civilian safety.

    Regional Analysis

    North America held the highest demand share of the market in 2022 and will continue to lead the market in the foreseeable future. The U.S. generated the highest revenue in the region. The sharp increase in the U.S. defence budget is expected to increase demand for bulletproof vests in the country. As per reports in 2019, the US Army spent nearly US$ 284 million on the procurement of bulletproof vests itself. Further, with significant military modernization efforts taking place in countries across the Asia Pacific region, the demand for bulletproof vests is expected to grow in the near future.

    Bulletproof Vest Market by Region

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    Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The bulletproof vest market is segmented into the following categories:

    By Material

    • Kevlar
    • Ultra-High-Molecular-Weight Polyethylene
    • Graphene

    By Type

    • Hard Vest
    • Flexible Vest

    By End-User

    • Defence
    • Law Enforcement
    • Civilian

    By Protection Level

    • Level II A
    • Level II
    • Level III A
    • Level III
    • Level IV

    By Region

    • North America (Country Analysis: The USA, Canada, and Mexico),
    • Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe),
    • Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific),
    • Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others).

    Key Players

    The following are the major players in the bulletproof vest market:

    • Armor Express
    • Blackhawk
    • Canadian Armour
    • DuPont
    • Elmon Systems Pvt Ltd.
    • Point Blank Enterprises, Inc.]
    • U.S. Armor Corporation
    • EnGarde B.V.
    • VestGuard UK Ltd.
    • Indian Armour System Pvt. Ltd.
    • Survival Armour
    • Honeywell International
    • Sioen

    Besides the global players, a few local manufacturers are also entering the market space with new product lines, particularly in the Asia-Pacific region owing to an increased focus on indigenous manufacturing in countries such as India and China. Moreover, the Industry players are also involved in R&D related to new lightweight bulletproof vests with advanced materials that provide enhanced protection.

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

     

    How big is the sales opportunity?

    In-depth Analysis of the bulletproof vest market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Recent Development

    There have been several developments in the defense industry directed at bulletproof vests in recent years, which would boost the overall market. Some of them are:

    May 2022 - India's Defence Research Development Organization (DRDO) is working on developing the World's lightest bulletproof vest and it will be tested in about two months' time. The DRDO chief also mentioned that there are nearly 2000 Tier 1 & 2 defense industries in India, while the Tier 3 industries are over 10,000 in number.

    January 2022 - Point Blank Enterprises showcased its expanded offering of cutting-edge ballistic systems, concealable and tactical body armor, and related accessory products at this week's Shooting, Hunting, Outdoor Trade Show (SHOT Show 2022) in the Sands Expo Convention Center in Las Vegas, Nevada. 

    30 May 2022- Lightweight armor manufacturer XTEK says, it has received purchase orders in the past week for the supply of body armor ballisticIn  helmets worth $56.3m – double its entire revenue for the 2021 financial yearA second order of $9.5 million was also announced last week, with items to be manufactured in Adelaide and the US.

    In August 2021, the Queensland Government announced plans to provide integrated load-bearing ves­tels (ILBVs) to the Queensland Police Force (QPF). The QPS will get 12,200 new integrated ballistic vests, which will replace the 4,750 existing ones.

    June 2021, Researchers at MIT and the California Institute of Technology announced in June 2021 that they had made a nanotechnology-enabled material that was stronger than the presently used Kevlar or steel bulletproof vests. The material is made up of interconnecting carbon tetrakaidecahedron molecules and is capable of absorbing micro-bullets.

    In April 2021, the DMSRDE laboratory of the Defence Research and Development Organisation (DRDO) developed the lightweight bullet-proof jacket. The bulletproof vest is roughly nine kilograms (kg) and meets the qualitative requirements for the Indian army.

    Frequently Asked Questions (FAQs)

    A bulletproof vest, also known as, a bulletproof jacket, is a defensive wear that assists with safeguarding people from projectiles, blades, and dangerous blasts by engrossing the effect and keeping the assault from infiltrating the body. These vests utilize different layers of fibres that halt the bullet shots, dispersing their power across the length of the fibres. Growing defence expenditures along with rising security concerns such as terrorist activities, political unrest and cross-border conflicts are expected to drive the market in the foreseeable future.

    The market is estimated to grow from USD 1.47 billion in 2022 to reach USD 2.2 billion by 2028.

    The market is likely to grow at a CAGR of 6.84% during 2023-2028.

    The major players in the market are Armor Express, Blackhawk, Canadian Armour, DuPont, Elmon Systems Pvt Ltd., Point Blank Enterprises, Inc., U.S. Armor Corporation, EnGarde B.V., VestGuard UK Ltd., Indian Armour System Pvt. Ltd., Survival Armour, Honeywell International, Sioen.

    Kevlar is the most used material in the market and is projected to continue its demand dominance during the forecast period.

    North America held the highest demand share of the market in 2022 and will continue to lead the market in the foreseeable future.

    Growing defence expenditure along with rising security concerns such as terrorist activities, political unrest and cross-border conflicts are expected to drive the market in the foreseeable future.

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