Bulletproof Vest Market Size
Bulletproof Vest Market size was USD 1.45 billion in 2019 and will increase at a CAGR of 6.7% from 2020 to 2026.
The increasing emphasis of defense agencies on improving soldier survivability will have a positive effect on the industry growth.
Technological innovation involving the use of para aramid textile, titanium plating, and other nanomaterials for making vests will accelerate product penetration within the defence market. In addition, new arrivals of modular tactical vests and some of the latest military modernization programs like the PONARS Eurasia are among some emerging trends favoring the growth of the market.
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Rising cross border tension and territorial claims around the world are fueling the demand for ballistic protection gear. Developed and emerging nations have, in turn, raised defense modernization spending with changing emphasis on advanced warfare gear. In 2020, the Chinese People’s Liberation Army (PLA) announced its intention to buy approximately 1.4 million units of better quality body armors over a span of two years. Housing workforce from austerity of war and flourishing investments in product development and improvement are the other contributing factors driving the bulletproof vest market growth.
Bulletproof Vest Market Report Attributes
Report Attribute Details
Base Year 2019
Bulletproof Vest Market Size in 2019 1.44 Billion (USD)
Forecast Period 2020 to 2026
Forecast Period 2020 to 2026 CAGR 6.7%
2026 Value Projection 2.30 Billion (USD)
Historical Data for 2016 to 2019
No. of Pages 205
Tables, Charts & Figures 290
Segments covered Product, Protection level, Application, End-user and Region
Growth Drivers
Rising border conflicts
Growing defense modernization projects
Pitfalls & Challenges
High initial and upkeep expense
Where are the opportunities for growth in this market?
Bulletproof Vest Market Analysis
Flexible ballistic vests segment shall hold more than 55% market share till 2026 due to lightweight nature of such variants. Flexible ballistic vests comprise one or several ballistic materials with p-aramid, m-aramids, ceramic substances, and others. These are the fibers because of which such vests are being preferred for professionals, where unhampered as well as flexile movements get top priority.
These are law enforcement personnel, bureaucrats, private security individuals, businessmen, and a number of High Networth individuals (HNI) being the primary users of flexible ballistic vest in the market.
Level III based bulletproof vest market is expected to experience over 6.5% growth rate until 2026 as it offers protection against 9-mm handguns,.357 SIG flash pistol, 44 magnums, and 7.62 mm Nato rifle and is light in weight. Momentum in the segment can also be contributed to by growing demand from law enforcement and military applications. The companies must emphasize product developments and innovations to provide maximum defense against multiple caliber bullets, which are common across many end-use markets.
Overt ballistic vests segment is likely to capture 65% market revenue share by 2026 because of their increasing use by military, police as well as security forces. Overt vests are worn on top of clothing and can be utilized as carriers for armor plates when needed. Overt bulletproof vests are heavier and larger in size as they are designed with different layers of Kevlar.
These vests are mostly offered with protection levels III and IV in National Institute of Justice; and 5, 6 and 6a in GOST; therefore, their capacity to provide a better protection against heavy fire and huge spikes/blades will enhance the demand in the market.
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Demand from military end-use triggered approximately USD 717 Million in 2019 driven by rising government expenditure to enhance military strength. Various defense institutions in nations like the U.S., France, and Russia are placing high priority on maximizing personal protection with superior armor and prioritizing the modernization of their conventional protective gear with updated bulletproof vest.
Second, the civilian sector demand is sure to increase quite substantially due to rising burglars, robberies, and household invasions.
Discover the most important segments driving this marketplace
North America bulletproof vest market had 10% share in 2019 and is forecasted to rise at a notable CAGR during 2020-2026. A number of military modernization initiatives will lead the regional market growth trend. The initiatives primarily comprise the Soldier Protection System -Torso & Extremity Protection (SPS-TEP) program supporting the application of full body armors by soldiers. Along with these programs, increased military expenditures throughout the U.S. and Canada will additionally boost the market penetration.
Police defunding as well as lockdown protest owing to black lives movement and coronavirus pandemic have largely enhanced product demand in order to protect police and other law enforcement personnel throughout a number of states in the U.S.
Bulletproof Vest Market Share
The bulletproof vest manufacturers are undergoing technology advancements to improve product differentiation to obtain several contracts from defense organizations and strengthen their industry foothold. For instance, in May 2020, Craig International Ballistics obtained a contract to supply bulletproof vest for Australian troops. The initial contract of USD 1 million includes the delivery 750 soft armor inserts to the Australian Defense Force (ADF).
The key bulletproof vest market participants include
- EnGarde
- Imperial Armour
- PPSS
- Survival Armor
- U.S. Armor Corporation
- BAE Systems
- Safariland
- Sarkar Defense Solution
- Point Blank Body Armor
- VestGuard UK
- Armor Express
- DuPont
- Sioen
- Honeywell International
- C.P.E. Production
