Global Bulletproof Vest Market: Analysis of Impact, Growth, Opportunities and Challenges (2018-2023)
In 2016, the bulletproof vest market accounted for USD XX million and is expected to reach USD XX million by 2022, registering a CAGR of 7.46%, during 2017-2022 (the forecast period).
A bulletproof vest is an important tool for all armed forces and law enforcement personnel. In countries like the Netherlands, and Canada, purchase of bulletproof armor is permissible for civilians as well. As the rate of violence rises, more states will eventually make it legal for civilians to own bulletproof armor, thus, accelerating the market for such products. The armed forces and law enforcement use all types of vests, however, civilians can only buy soft vests that are level III rated; moreover, anything above this rating will require armor plate.
The Factors Driving the Bulletproof Market Include:
Advancement of material innovation
Regular up-gradation of bulletproof vest
Increasing defense budget
Technological Updates of the Market
With the latest breakthrough in the technology of making bulletproofs vests safer, the vests are being manufactured with composite metal foams that can stop even a disintegrating bullet. This composite metal foam is similar to bubble wrap, however, made of metal. This technology is a revolution for the bullet proof vest market, as it makes the bulletproof jackets safer and lighter. This new composite foam metal technology can be used for other segments as well, which ranges from car bumpers to medical procedures like knee replacements.
Europe is the most open market for possession of body armor by civilians, as most of the countries allow possession of armor, except the ones made under strict military supervision. After the recent rise in terrorism and violence in Europe, civilians have become more alert, which is accelerating the trend of purchasing of such armor. The expenditure of homeland security will also increase rapidly in Europe, which is expected to aid the market for bulletproof armor. Moreover, the US House of Representatives allocated a defense budget of USD 598.5 billion through the National Defense Authorization Act, in 2016. The increase in the defense budget of the United States, in 2017, is expected to drive the demand for bulletproof vests in the North American region.
The North America accounted for the largest market share and is expected to lead the market, during 2017-2022 (the forecast period). The United States continues to be the largest market for bulletproof vest products and will accelerate at a moderate pace in the future. Due to the decreasing defense expenditure, the growth rate is expected to be moderate, however, the civilian purchases are anticipated to register healthy growth rates. Regulations in Asia-Pacific countries are strict regarding the ownership of armor by the civilian population, therefore, increase of the civilians market will get dictated by the regulatory framework. However, the homeland security budget is increasing at a rapid pace, especially in countries such as India, where the law enforcement and even the armed forces are heavily under-equipped with armors. The increase in defense and homeland security budget is expected to boost the expenditure on bulletproof vests. Similar to Asia-Pacific, Latin America is anticipated to witness a strong growth rate in the market and, thus, become a major contributor by 2022.
Our Bulletproof Vest Market Report Covers:
Market trends & dynamics
Latest News & developments
Porter’s five force analysis