Pune, India, Feb. 11, 2021 (GLOBE NEWSWIRE) -- The global bulletproof vest market size is expected to reach USD 1,998.1 million by 2027, exhibiting a CAGR of 7.23% during the forecast period. The increasing security concerns coupled with cross-border conflicts will fuel demand for bulletproof vests, which, in turn, will foster the healthy growth of the market, states Fortune Business Insights, in a report, titled “Bulletproof Vest Market Size, Share and Covid-19 Impact Analysis by Material (Kevlar, Ultra-High-Molecular-Weight Polyethylene (UHMWPE), and Graphene) By Type (Level IIA, Level II, Level IIIA, Level III, and Level IV) By Product (Flexible Ballistic, Hard Armor Plate) By End User (Military, Law Enforcement, and Civil) and Regional Forecast, 2020-2027.” The market size stood at USD 1,271.1 million in 2019.
The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
The report on the bulletproof vest market features:
- A wide-ranging analysis of the market
- Crucial facts about prominent players
- Main regions in the market
- Key drivers and trends
- Significant development
Get Sample PDF Brochure:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/bulletproof-vest-market-104752
Key Industry Development:
April 2020: planarTECH, a global leader in providing process and analytical equipment based in the UK, signed a contract with IDEATI, a Thailand based company for distributing its 2AM line of the graphene-enhanced bullet-proof vest and ballistic plate products for body armor.
The Report Lists the Key Players Market:
- Honeywell International, Inc. (The U.S.)
- DuPont (The U.S.)
- U.S. ARMOR CORPORATION (The U.S.)
- MKU Limited (India)
- EnGarde Body Armor (The Netherlands)
- Point Blank Enterprises, Inc. (The U.S.)
- MARS Armor (Bulgaria)
- BulletSafe Bulletproof Vests (The U.S.)
- Armor Express (The U.S.)
- Safariland, LLC. (The U.S.)
- VestGuard UK Ltd. (The U.K)
Inquire Before Buying This Research Report:
https://www.fortunebusinessinsights.com/enquiry/queries/bulletproof-vest-market-104752
Key Market Drivers:
Increasing Military Expenditure to Augment Growth
The increasing terrorist activities, geopolitical tensions, and cross border conflicts around the world can have an excellent impact on the market during the forecast period. The rising military spending will spur opportunities for the market in the forthcoming years. According to SIPRI, the United States, China, India, Russia, and Saudi Arabia's defense budget was USD 732 billion, USD 261 billion, USD 71.1 billion, USD 65.1 billion, and USD 61.9 billion, respectively. Furthermore, the expansion of military forces in developing nations will have a tremendous impact on the demand for bulletproof vests. For instance, in 2020, the number of active military personnel in China, India, the U.S., and North Korea were 21,83,000, 14,44,000, 14,00,000, and 12,80,000, respectively. Hence, the increasing number of army personnel can contribute positively to the bulletproof vest market growth.
Delayed Deliveries of Products to Hamper Business amid Coronavirus
COVID-19 pandemic had a severe impact on the global market. The reduced demand and delayed deliveries of products have dramatically affected the scenario of the industry. The postponement in the production of defense products is expected to retard the development of the market. For instance, the department of Indian Military Affairs asked all of its armed forces to hold their capital acquisitions because of budget cuts due to the effect of COVID-19. Moreover, South Korea planned to cut USD 245 million from the country’s defense budget. Hence, declined defense budget and halt on production activities will hinder the market amid coronavirus.
Regional Analysis:
Growing Terrorism to Stimulate Growth in Asia Pacific
The market in Asia-Pacific is expected to hold the largest bulletproof vest market share during the forecast period owing to political conflicts and cross-border issues. The growing terrorism in the Asian countries and increasing investments in next-generation body armors will aid growth in the region. For instance, in 2018, the Indian Army signed a worth of USD 98.31 million with SMPP Private Limited to procure 1,38,138 bulletproof jackets. Europe is expected to account for the largest share due to the presence of key players such as EnGarde Body Armor, VestGuard UK Ltd., MARS Armor, and others. The increasing spending by military forces and law enforcement agencies will contribute significantly to the market's growth. For instance, in 2018, Rheinmetall AG signed a three-year contract worth USD 11 million with the German police to supply ballistic inserts for protective vests.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/bulletproof-vest-market-104752
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Bulletproof Vest Market
- Impact of COVID-19 on Global Bulletproof Vest Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response To COVD-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
- Global Bulletproof Vest Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Material
- Kevlar
- Ultra-High-Molecular-Weight Polyethylene (UHMWPE)
- Graphene
- Market Analysis, Insights and Forecast – By Type
- Level IIA
- Level II
- Level IIIA
- Level III
- Level IV
- Market Analysis, Insights and Forecast – By Product
- Flexible Ballistic
- Hard Armor Plate
- Market Analysis, Insights and Forecast – By End User
- Military
- Law Enforcement
- Civil
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
TOC Continued…!
Speak to Our Expert:
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/bulletproof-vest-market-104752
Have a Look at Related Research Insights:
Guns and Accessories Market Size, Share & COVID-19 Impact Analysis, By Type (Guns (Handgun, Shotgun, Rifles, and Machine Gun), Accessories (Barrels, Grips, Magazines, Kits and Parts, Optics, Lasers, Lights, and Others)), By Application (Defense, Law Enforcement, Civil (Hunting, Sports Shooting, Self-Defense, Others)), and Regional Forecast 2020-2027
Light Weapons Market Size, Share & COVID-19 Impact Analysis, By Type (Heavy machine guns, MANPAT, Infantry Mortar, Anti-Tank Weapons, Recoilless Rifles, Launchers, Light Cannon, Anti-Tank Missiles, MANPADS, Grenade, Landmines), Guidance (Guided, Unguided), Application (Defense, Homeland Security), and Regional Forecast, 2020-2027
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Read Press Release:
https://www.fortunebusinessinsights.com/press-release/global-bulletproof-vest-market-10514