An upsurge in the body armor demand across the world is likely to fuel the global bulletproof vests market expansion in the near future. In recent times, there have been numerous public protests worldwide due to religious, racial, or political differences, which is increasing the demand for safety components. Rising need for protection for the police and numerous law enforcement personnel will majorly increase the use of bulletproof vests.
In addition, an increase in the investments in the defense sector by numerous nations across the world is slated to propel the demand for the product in the coming years. In fact, according to The Balance, the projected military spending of the United States between the period of October 1, 2020, and September 30, 2021, is $934 billion. Military spending falls in second place in the nation’s federal budget after Social Security. Likewise, Russia also entered the top 5 defense spending nations in 2019 with an expenditure of $65.1 billion.
According to a research report by Global Market Insights Inc., the bulletproof vest market is likely to surpass a valuation of $2 billion by 2026.
With regards to the protection segment, the level IV-based bulletproof vests segment is estimated to expand at a healthy CAGR of about 6.7% through the threshold timespan. This growth is ascribed to the fact that the level IV products offer the highest security among all available options. They are known to offer protection against high caliber ammunition like 0.30 mm caliber bullets, thereby increasing their preference in defense operations.
In terms of the application segment, the market is bifurcated into overt and covert bulletproof vests. The covert bulletproof vests segment is projected to grow at a substantial CAGR of about 6.5% through the analysis period. The covert bulletproof vests offer greater comfort when they are worn inside regular clothing. This capability has stimulated its demand among several end users which mainly include businessmen, bureaucrats, and numerous HNWLs (High-Net-Worth-Individuals).
With respect to the geographical terrain, Europe is anticipated to come up as a vital revenue pocket for bulletproof vests market. An upsurge in the product demand from the military sectors across various countries like the UK, Russia, and France is projected to drive the Europe bulletproof vests industry. In fact, the segment is projected to expand at a CAGR of 6.6% through the forecast timespan. The aforementioned countries and many more are adopting bulletproof vests in order to safeguard their respective military personnel.
In addition, the introduction of numerous military modernization programs in various countries like Integrated Infantryman Equipment and Communications (FELIN) of France, and the PONARS Eurasia program of Russia should majorly outline the product demand across Europe.
Worldwide, various nations have been forging strategic agreements and have transactions in place that are likely to stimulate the demand for bulletproof vests over the coming years. Numerous agreements among major nations regarding the import and export of the product should significantly propel the market size through 2026. In September 2019 for instance, India initiated the export of bulletproof jackets as per its own standards to more than 100 nations across the world, according to the data provided by BIS (Bureau of Indian Standards). The nation is the fourth country after the United States, United Kingdom, and Germany that boasts of its very own national standard on bulletproof jackets that provide 360-degree protection.
The competitive landscape of the bulletproof vests market is inclusive of players like C.P.E. Production, Honeywell International, Sioen, DuPont, Armor Express, VestGuard UK, Point Blank Body Armor, Sarkar Defense Solution, Safariland, BAE Systems, U.S. Armor Corporation, Survival Armor, PPSS, Imperial Armour, and EnGrade among others.
Europe To Fuel Global Bulletproof Vests Market Outlook Through 2026
By: Saloni Walimbe
An avid reader since childhood, Saloni is currently following her passion for content creation by penning down insightful articles relating to global industry trends, business, and trade & finance. With an MBA-Marketing qualification under her belt, she has spent two years as a content writer in the advertising field. Aside from her professional work, she is an ardent animal lover and enjoys movies, music and books in her spare time.