New York, March 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bulletprrof Vest Global Market Report 2023" - https://www.reportlinker.com/p06433543/?utm_source=GNW
, Armour express, Central Lake Armor Express, Compass International Corp and Condor Outdoor Product Inc
The global bulletproof vest market grew from $1.5 billion in 2022 to $1.65 billion in 2023 at a compound annual growth rate (CAGR) of 9.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The bulletproof vest market is expected to grow to $2.27 billion in 2027 at a CAGR of 8.3%.
The bulletproof vest market consists of sales of soft armor plates, hard armor plates, concealed vest, and full body tactical armor.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The bulletproof vest refers to a set of protective coverings worn by individuals to protect the torso against bullets, knives, and bombs.Based on proof, vests absorb the impact and reduce or completely stop the penetration of the attack, and any fragments from various explosions.
These are generally made by layering woven or laminated fibers, with metal ballistic plates or ceramic inserted.
Asia-Pacific was the largest region in the bulletproof vest market in 2022.South America is expected to be the fastest-growing region in the forecast period.
The regions covered in the bulletproof vest market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of bulletproof vests include soft vests and hard vests.Soft vests are made using strong woven fibers that can be woven into vests.
Kevlar is the most commonly used material in soft vests, which is interwoven into a dense net to absorb a great amount of energy.The different bulletproof vest materials include kevlar, ultra-high molecular weight polyethylene, and graphene.
The end-users of the bulletproof vests are military and law enforcement.
The growth in military expenditure of developed and emerging countries is significantly contributing to the growth of the bulletproof vest market.It is mainly due to an increase in military expenditure, which has further propelled the large-scale procurement of bulletproof vests for the armed forces.
According to Stockholm international peace research institute (SIPRI), the expenditure on the military in the world has raised to almost $2 trillion in 2020, which is an increase of 2.6% from 2019. Therefore, the growth in military expenditure is driving the growth of the bulletproof vest market.
Innovative product development is a key trend gaining popularity in the bulletproof vest market.Companies manufacturing bulletproof vests are developing new products and undergoing various collaborations to improve the services that are provided.
India-based DRDO (Defense Research and Development Organization) developed a lightweight bulletproof jacket, which would weigh around 9kgs, and meet the qualitative requirements for army people. The indigenous technology that is used in this jacket would reduce its weight from 10.4 kg to 9 kg.
In 2021, Sellmark Corporation, a US-based producer of outdoor lifestyle products and brands has acquired BulletSafe body armor brands, for an undisclosed amount.This acquisition is expected to help Sellmark to further strengthen its portfolio.
BulletSafe is a US-based manufacturer of bulletproof vests. The company also offers vests, ballistic plates and shields, backpack panels, bulletproof caps, bulletproof bandana, and tactical front carriers.
The countries covered in the bulletproof vest market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The bulletproof vest market research report is one of a series of new reports that provides bulletproof vest market statistics, including bulletproof vest industry global market size, regional shares, competitors with a bulletproof vest market share, detailed bulletproof vest market segments, market trends and opportunities, and any further data you may need to thrive in the bulletproof vest industry. This bulletproof vest market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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