Newark, NJ, Feb. 05, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global bulletproof vest market is expected to grow from USD 2.12 billion in 2019 to USD 3.32 billion by 2027, at a CAGR of 5.8% during the forecast period 2020-2027.
Some factors that fuel the growth of the global bulletproof vest market are expanding military modernization programs worldwide (like France's FELIN program and U.K.'s Future Infantry Soldier Technology program), escalating territorial disputes such as in the South China Sea, increasing priority to enhance soldier survivability, increasing investment in technological advancement & product innovation, growing crime rate leading to increasing civilian use, and rising global terrorism. Technological advancements in titanium plating, para-aramid textiles, and nanotechnology will boost the bulletproof vest market.
A bulletproof vest is a protective covering, most commonly made of Kevlar, which is worn to protect the body against bullets and shrapnel. Soft bulletproof vests can protect against small-caliber rounds from handguns, whereas hard bulletproof vests are used in military combat, hostage rescue missions, counter-terrorism, counter-insurgency, and high-risk tactical missions. Bulletproof vests can also be attached with ceramic plates for additional protection. The rise in terrorism around the world, especially in the Middle East and Asia-Pacific, is resulting in countries upgrading their combat equipment.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the bulletproof vest market. With less disposable income and broken supply chains, the market's growth is expected to slow down.
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Key players operating in the global bulletproof vest market include Imperial Armour, VestGuard UK, Survival Armor, BAE Systems, Point Blank Body Armor, EnGarde, PPSS, U.S. Armor Corporation, Sarkar Defense Solution, Armor Express, and Honeywell International, among others. To gain a significant market share in the global bulletproof vest market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. BAE Systems and Point Blank Body Armor are some of the biggest manufacturers and suppliers of bulletproof vests in the global market.
Flexible ballistic dominated the market and was valued at USD 1.3 billion in the year 2019
The product segment consists of flexible ballistic and hard ballistic/armor plate. Flexible ballistic dominated the market and was valued at USD 1.3 billion in the year 2019. Flexible ballistic vests are lightweight bulletproof vests comprised of ballistic materials such as fibers, ceramic materials, m-aramids, and p-aramids. These are a suitable choice for professions where flexibility is required, such as military special forces.
Level III dominated the market and held the largest market share of 28.9% in the year 2019
Based on level, the global market has been segmented into Level I, Level II, Level III, and Level IV. Level III dominated the market and held the largest market share of 28.9% in the year 2019. It can provide protection against 7.62 mm NATO rounds, 44 magnums, .357 SIG flash pistol, and 9-mm handguns. The growth in this segment is attributed to its lightweight characteristics and its rising demand from law enforcement, security personnel and military.
Overt dominated the market and was valued at USD 1.42 billion in the year 2019
On the basis of application, the bulletproof vest market has been divided into overt and covert. Overt dominated the market and was valued at USD 1.42 billion in the year 2019. These vests are donned over clothes and can also carry armor plates for additional protection when required. Overt bulletproof vests are bigger in size and heavier since they consist of multiple layers of Kevlar.
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Military dominated the market and held the largest market share of 46.8% in the year 2019
The end-user segment includes law enforcement, military, and civil. Military dominated the market and held the largest market share of 46.8% in the year 2019. Several countries, like the U.S., Russia, and France, are prioritizing the personal protection of their soldiers via advanced armor and modern bulletproof vests.
Regional Segment Analysis of the Bulletproof Vest Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global bulletproof vest market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 39.2% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the high level of military spending in the USA and government initiatives like the Soldier Protection System-Torso and Extremity Protection (SPS-TEP) program. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period from 2020-2027. This growth is due to factors like large-scale military modernization efforts, rising border tensions, and frequent small arms conflicts. Emerging economies like India, Brazil, and China are especially lucrative, considering their growth potential.
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About the report:
The global bulletproof vest market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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