BODY ARMOR MARKET (2019 - 2024)
The global body armor market is expected to record a CAGR of about 4% during the forecast period, 2019-2024. With the increase in terrorism and hostile activity around the world, various armed forces and law enforcement agencies are procuring body armors and accessories, which is currently driving the market studied.
Countries, like Germany, India, and Japan, among others, are expected to increase their military recruitment in order to recover from the shortages in military personnel. This is anticipated to drive the body armor market in the future.
The development of new and advanced body armors, like soldier exoskeletons, by companies, like Rostec, is expected to generate a huge demand in the coming future.
Scope of the Report
Body armor is a layer of protection worn by military personnel, with the main purpose to absorb or deflect slashing hit and penetrate attacks. Earlier, only soldiers were given the license to use it, but nowadays, it is also used by security guards, police, and individuals, in order to feel safe and protect themselves from incoming attacks. The report also includes accessories like helmets, shoes, shield, and hand and leg protection gears, among others.
Key Market Trends
The military segment of the global body armor market currently has the largest market share, and it is expected to continue its dominance during the forecast period. This is due to the on-going military procurements and soldier modernization programs that are taking place around the world. For instance, Combatiente Futuro of Spain, Soldier Modernization Program - SMP of the Netherlands, NORMANS of Norway, Soldado do Futuro of Portugal, IMESS of Switzerland, MARKUS of Sweden, FIST of Belgium, Projekt TYTAN of Poland, and 21st Century soldier of Czech Republic, among others, are the current future soldier programs taking shape in Europe.
The Asia-Pacific body armor market is expected to register the highest CAGR during the forecast period. This growth may be propelled by countries, like China and India, which currently have the highest active military personnel. This may generate the demand for body armor and related accessories. Also, currently, there is a deficit in military personnel of Japan and India. The armed forces are facing a shortage of over 52,000 soldiers, with the Army reeling under a shortage of 21,383 personnel, while the shortage in Navy is 16,348 and 15,010 in the Air Force. The increase in recruitment of military personnel to overcome the deficit is likely to generate the demand for body armors in this region during the forecast period.
The global body armor market is highly fragmented, with many players taking a small share of the market, owing to their presence in various geographical locations. BAE Systems PLC, The Safariland LLC, DuPont, Honeywell International Inc., and ArmorSource LLC, among others, are the few prominent firms benefitting from the geographical advantage. Majority of the players are located in the North American region. However, due to increasing requirements in the Asia-Pacific and Middle East & African regions, emerging new players or expansion of major players into this region may enable them to increase their presence in the market during the forecast period.
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