The market for bulletproof vests is expected to register a CAGR of over 4%, during the forecast period.
- Growing military expenditure in almost every region around the world is expected to be the prime growth driver for the market.
- Additionally, the rise in terrorism and hostile activities around the world is forcing the countries to focus more on the protection of their dismounted infantry. This factor is prominent, particularly, in Asia-Pacific and the Middle East, where the instances of terrorist attacks on military and law enforcement agencies are increasing.
- The heavy weight of the bulletproof vests is making it difficult for military personnel to wear and move freely on the battlefield. Technological integration and the use of composite materials may be helpful in this regard, making the vests light and increasing the mobility.
Key Market Trends
The Military Segment Projected to Dominate the Market during the Forecast Period
Currently, the military segment has the highest market share compared to the civilian segment, due to growing military expenditure, which is helping the militaries to invest in new body armor technologies and procure body armor to their infantry on a large scale. The increasing number of terrorist attacks and growing geopolitical issues are increasing the frequency of military operations, necessitating the demand for bulletproof vests for the military. Thus, the growth of the military segment is projected to increase during the forecast period.
North America Expected to Be the Largest Market during the Forecast Period
Currently, North America holds a major share in the bulletproof vest market. The United States continues to be the largest market for bulletproof vest products, and it may accelerate at a moderate pace, as the market is slowly becoming saturated in the country. In Asia-Pacific, the local security budget is growing at a rapid pace, especially in countries, like India, where law enforcement and even armed forces are under-equipped with bulletproof vests. The increase in the defense and homeland security budget is expected to boost the procurement on bulletproof vests in the region.
The market is fragmented, with many players supplying to their local law enforcement agencies or to the militaries of their respective countries. Elmon SA, KDH Defense Systems Inc., DuPont, Honeywell International Inc., and US Armor are some of the prominent players in the market. Companies, like Honeywell, supply raw materials to other bulletproof vest manufacturers, like KDH Defense Systems Inc., which supply their own branded vests to the customers.
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