[Exclusive Report] Bulletproof Vest Market Overview, Manufacturers, Types, Applications and Forecast 2023 to 2032
According to the research report, the global bulletproof vest market was valued at USD 1,303.18 million in 2022 and is expected to reach USD 2,232.34 million by 2032, to grow at a CAGR of 5.5% during the forecast period.
Companies and governments are making investments in the creation of advanced light vests with greater mobility that incorporate cutting-edge technologies like 3D printing and composite materials, which is anticipated to open up new market opportunities for producers of bulletproof vests over the forecast period. For instance, in December 2022, the Indian Army, which has been on heightened alert on the Northern borders as the tension endures, is launching a new attempt to purchase bulletproof jackets, deterring innovators and start-ups due to a shortage of such garments. Under emergency budgetary authority granted by the government, the Indian Army is looking to purchase more than 15,000 bulletproof jackets. Still, it has set restrictions that only established players can compete.
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Additionally, the production of vests using nanotechnology materials, including titanium plating, para-aramid cloth, and other materials, will increase product penetration in the defense sector. In July 2021, Mishra Dhatu Nigam Limited (MIDHANI), a public sector enterprise under the Ministry of Defence that specializes in processing metals and metal alloys, is obtaining ready to complete commission of two new production lines, which included the 550 crores special steel, titanium, and nickel aluminum sheet and plate-making plant at Kanchanbagh.
It will begin production of armored vehicle ownership and bulletproof jackets for the armed services in the second 60 crore rupee facility in Rohtak, Haryana. Additionally, the development of modular tactical vests and several military modernization initiatives, such as PONARS Eurasia, are some trends aiding market progress. Therefore, these investments in manufacturing facilities supported by the government are bolstering the production of advanced bulletproof jackets that drive the market’s growth over the anticipated period.
Top Key Players:
- ARGUN s.r.o.
- Armor Express Ltd
- Bullet Safe Bulletproof Vests
- Condor Outdoor Product Inc.
- COMPASS INTERNATIONAL CORP. LTD
- DuPont de Nemours Inc.
- Central Lake Armor Express Inc.
- Canadian Armor Pvt Ltd
- ELMON SA
- EnGarde B.V.
- Hawk Armor Protection & Safety Solutions Pvt. Ltd.
- Honeywell International Inc.
- Infidel Body Armor Ltd
- MARS Armor
- MKU LIMITED
- Point Blank Enterprises
- Seyntex NV
- Safari land pvt ltd
- U.S. Armor Corporation
- and VestGuard UK Pvt Ltd.
Furthermore, the industry is expanding due to military forces purchasing more guns and spending more on body armor to protect personnel. The demand for ballistic protective systems is increasing due to rising territorial disputes and international conflicts. Following this, developed and emerging nations increased their spending on defense modernization while shifting their attention to cutting-edge military gear. The Chinese People’s Liberation Army (PLA) announced in 2020 that it would buy approximately 1.4 million high-quality body armor during the following two years. The other major drivers of the bulletproof vest market growth include booming expenditures in product innovation and advancement and protecting the workers from the frivolities of conflict.
Statistical and Non-Statistical Data:
The report includes both quantitative and qualitative information. Quantitative information pertains to global estimates and Bulletproof Vest Market forecasts over the projected years. This data is segmented according to key segments covered in the report, major regions, and countries. On the other hand, qualitative information includes factors that drive and restrict market growth, growth opportunities, value chain and supply chain analysis, export and import analysis, attractive investment propositions, and Porter’s 5 Forces analysis.
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Bulletproof Vest Market Report Highlights
- The security and law enforcement segment is anticipated to grow at a fastest CAGR over the forecast period. The segment’s expansion can also be attributable to rising demand from users in the military and law enforcement.
- The Level IIA segment accounted for significant global revenue share. The market is expanding because it is the lightest, coziest, most flexible, and easiest to conceal product available.
- North America is expected to grow at a considerable CAGR over the projected period. The regional market growth trends will be driven by several military modernization programs.
- The global players include ARGUN, DuPont, Canadian Armor, ELMON, EnGarde, Honeywell International, Infidel Body, MARS Armor, MKU LIMITED, Safari Land, U.S. Armor Corporation, and VestGuard.
Polaris Market Research has segmented the Bulletproof Vest market report based on type, end-use, protection level, material, and region:
Bulletproof Vest, Type Outlook (Revenue – USD Million, 2019 – 2032)
- Soft jacket
- Hard jacket
Bulletproof Vest, End-Use Outlook (Revenue – USD Million, 2019 – 2032)
- Defense
- Security & Law Enforcement
- Civilians
Bulletproof Vest, Protection LevelOutlook (Revenue – USD Million, 2019 – 2032)
- II
- IIIA & IIIA+
- III & III+
- IV
Bulletproof Vest, Material Outlook (Revenue – USD Million, 2019 – 2032)
- Kevlar
- Ultra-High Molecular Weight Polyethylene (UHMWPE)
- Graphene
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