Bulletproof Vests Market size to exceed $2 Bn by 2026
Published Date: August 25, 2020 Authors: Kiran Pulidindi, Akshay Prakash
Bulletproof Vests Market size is likely to surpass USD 2 billion by 2026, according to a new research report by Global Market Insights, Inc.
Shortage of safeguard equipment to drive product demand
Increasing militants insurgency and illegal smuggling of arms & ammunition across various regions will positively influence the bulletproof vest demand to safeguard soldiers and law enforcement officers’ survivability. Low ownership cost and high product lifespan will surge the industry growth. Furthermore, the use of ballistic nylon, polyethylene fiber, and other advanced fabrics including nanotechnology materials to improve overall, performance, comfort, and aesthetics will positively influence product penetration in the industry.
Long exposure to water, moisture, ultraviolet light, soap residues, and wear & tear may degrade the fiber lifespan of vests, hindering bulletproof vests market growth in the near term. Thus, proper wearing, maintenance, and handling of bulletproof vests are extremely important to maintain its ballistic performance.
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Browse key industry insights spread across 205 pages with 267 market data tables & 23 figures & charts from the report, “Bulletproof Vest Market Size By Product (Flexible Ballistic, Hard Ballistic/ Armor Plate), By Protection Level (I,II,III,IV), By Application (Covert, Overt), By End-User (Military, Law Enforcement, Civil), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The hard ballistic/armor plate vests segment will witness over 6.5% CAGR from 2020 to 2026. Growth in the segment is principally driven by weight optimization and a higher level of protection from high-caliber ammunition. Surging military warfare and upgrading of military wear to improve solider safety will boost product penetration in the segment. Hard ballistic/Armor plate vests feature steel, titanium, or ceramic plates that withstand great resistance to high-caliber firearms.
Weight optimization to drive level I demand
The level I-based bulletproof vests market revenue will witness more than 6% CAGR from 2020 to 2026. This growth is attributed to its increasing demand from covert applications, which involve the use of thin & lightweight vests. Escalating product demand from various end-users such as law enforcement officers, bureaucrats, private security personals, businessmen, and several High-Net-Worth Individuals (HNWIs) will positively influence product penetration in the market.
Bulletproof vest demand from police and other law enforcement officers will witness significant growth owing to an increase in the police expenditure globally. In June 2020, Houston Police Department of Texas, U.S. passed a budget that increased police funding by USD 20 million for the fiscal year 2021.
Proliferating demand in Asia Pacific will surge product penetration
Asia Pacific bulletproof vests market generated at around USD 700 million in 2019 and is likely to extend its dominance through 2026 driven by increasing demand from various military users including India, China, Indonesia, and South Korea. The countries procure large volumes of bulletproof vests to safeguard military personnel with rising cross-border disputes and militants/insurgency across India-China, the Korean peninsula, India-Pakistan, and other countries in the region.
Investment in technology advancement and product innovation to enhance competition
Prominent manufacturers in the bulletproof vest industry 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, and C.P.E. Production. Industry players are primarily focusing on technological advancements and product innovations to attain a competitive edge in the industry. For instance, in May 2019, EnGarde introduced the FLEX-PRO and COMFORT soft armors that can either be worn by men or women without any additional contouring or custom fitting.