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, 2023-2027.” The market size stood at USD 1,271.1 million in 2023.
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:
- Wide-ranging analysis of the market
- Crucial facts about prominent players
- Main regions in the market
- Key drivers and trends
- Significant developmen
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.
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.
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 graphene-enhanced bullet-proof vest and ballistic plate products for body armor.