Body Armor Market Analysis

Body Armor Market Analysis

The North America tactical armor segment held more than 40% of the body armor market share in 2020. Rising budget allocation for defense along with an expansion of the military size across several countries will augment the industry expansion.

The Asia Pacific unisex armor market is estimated to register a growth rate of above 5% through 2027. The military forces and law enforcement agencies are focusing on acquiring unisex bulletproof armors that offer greater flexibility and protection against firearm-based projectiles.
 

The European defense segment captured about 50% of the body armor market share in 2020. The rising need to protect warfighters and defense personnel from bullets & stab attacks will lead to higher product demand. Several defense organizations are emphasizing on enhancing personal protection through modern armors.
 

The North America body armor market size accounted for USD 700 million in 2020. The positive outlook can be attributed to the increasing federal government spending on the military. Growing research & development of lightweight vests has is fostering the industry statistics. According to the Stockholm International Peace Research Institute (SIPRI) report 2021, the U.S. military expenditure reached USD 778 billion in 2020, an increase of 4.4% compared to 2019. Moroever, growing concerns over trade wars and perceived threats from its competitors will enhance the regional market growth.