Bulletproof Vest Market – Global Industry Analysis and Forecast (2023-2029)

Bulletproof Vest Market size was valued at US$ 1.44 Bn. in 2022 and the total revenue is expected to grow at 4.65% through 2023 to 2029, reaching nearly US$ 1.98 Bn.
Bulletproof Vest Market Overview:
Bulletproof Vest Market is expected to grow significantly with a CAGR of 4.65% during the forecast period. Bulletproof Vest Market report examines the market's growth drivers as well as its segments. Report includes market participants, and regional insights. This market study takes an in-depth look at all of the significant advancements that are currently occurring across all industry sectors. To provide key data analysis for the historical period (2018-2022), statistics, infogr

aphics, & presentations are used. The report examines the Bulletproof Vest markets, Drivers, Restraints, Opportunities, & Challenges. This MMR report includes investor recommendations based on a detailed analysis of the current competitive landscape of the Bulletproof Vest market.
Bulletproof Vest Market Snapshot
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Bulletproof Vest Market Dynamics:
The global bulletproof vest market has undergone rapid changes and experienced significant growth during the forecast period. Bulletproof vest market size was valued at US$ 1.44 Bn. in 2022 and the total revenue is expected to grow at 4.65% through 2023 to 2029, reaching nearly US$ 1.98 Bn. This is primarily due to increase in military spending on expansion and artillery along with defense systems. Almost all major countries across the globe are spending heavily on safeguarding their borders owing to political instability in all regions and increasing cross border conflict. Bulletproof vests are hefty, making them difficult for military soldiers to wear and move freely on the battlefield and hence companies and governments are investing in the development of advanced light vests with increased mobility, which will open new opportunities for bulletproof vest manufacturers during the forecast period. Bulletproof jackets protect soldiers from bullets, knives, and bomb explosions by absorbing the impact and preventing the attack from penetrating the body making them an absolute safety requirement.

One of the major growth drivers of the global bulletproof vest market is increased military spending. Overall global military expenditure stood at USD 1981 dollars in 2020 as per data published by the Stockholm International Peace Research Institute (SIPRI) in 2022. This fact speaks a lot about the growth potential of bulletproof vest market. Additionally increased incidents of terrorist activities in the Asian and European region are also a major reason for global bulletproof vest market growth. Currently all major economies are under stress from the Covid-19 induced lockdowns and subsequent loss of livelihood and business but still military expansion and securing borders is of prime importance and hence will generate regular opportunities for all the players in the global bulletproof vest market. Additionally, bulletproof vest is heavy and makes it difficult for the user to move and hence countries are investing heavily on research and development of lightweight and highly effective bulletproof vests that can perform with same level of safety but are lightweight, new technologies like 3D printing is also being tested by researchers to develop new products that can sustain bullet impact and provide required level of safety.

The rising awareness of trade safety is also fueling demand for bulletproof jackets around the world. As a result of mounting threats, security concerns in the retail, health care, and transportation sectors are fast increasing. Increased government defense budget investment is another driving element in the bulletproof jacket market. Furthermore, the survival of soldiers drives global growth in bulletproof jackets. The expensive expense of bullet-proof jackets restricts global consumer demand for them. The cost of these vests is higher since new technologies and materials are being used in their production.
Bulletproof Vest Market Segment Analysis:
The market is segmented on the basis of product, type, material, end-user and region. On the basis of product, the bulletproof vest market is further sub-segmented into hard vest and soft vest type. The hard type bulletproof vests held majority of market share in 2022 and are projected to continue market dominance during the forecast period. This is due to their ability to protect from threats above level IIIA. These vests can protect users from AK-47 mild steel core bullets and SLR ammunition.

On the basis of type the bulletproof vest market is segmented into level IIA, level II, level IIIA, level III and level IV. Amongst the all the type of bulletproof vests level III is projected to hold the highest market share as it is lightweight, more flexible and comfortable. Additionally, it can protect users from full-fledged 6 space hits from NATO full metal jacket (FMJ) rounds. Level II, IIA and IIIA are soft body vests whereas level III and level IV are rigid hard body armours.

On the basis of materials, the global bulletproof vest market is segmented into Kevlar, Ultra-High Molecular Weight Polyethylene (UHMWPE) and Graphene. Amongst these Kevlar holds the highest market share and is also projected to do so during the forecast period. This is due to the ability of Kevlar to protect against ballistic threats. Graphene segment is also projected to grow significantly due to its high shear strength, durability and thinness as compared to Kevlar. UHMWPE is also projected to experience significant growth due to its high resistance from ballistic and sharp-edged instruments.
Bulletproof Vest Market, by Material in (%) 2022


On the basis of end-users, the market is segmented into dry defence, law enforcement and civilian type. The defence segment is expected to hold the majority of market share by 2027, due to increased military spending on safety equipment. Increased cross border conflict and terrorist activities across the globe are key factors for the growth in this segment. The law enforcement segment is also projected to experience significant growth due to increasing demand from Police departments and Inland security forces for civilian safety.
Bulletproof Vest Market, by End User (%) in 2022

Bulletproof Vest Market Regional Insights:
The bulletproof vest market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America. Asia-Pacific region is projected to witness the highest growth amongst all other regions due to increasing political conflicts, cross border disputes and growing terrorism in the region. Europe region is also estimated to witness significant growth owing to increased military expenditure of the constituent countries in the region. Presence of key players like Engarde, Vestguard and Mars Armor Corp in the European region is also a major factor for growth of bulletproof vest market in the region.

North America has dominated the global bulletproof market by region as it has United States as a constituent country that has the highest budget amongst all the countries with respect to defense expenditure. As per report in 2019, the US Army spent approximately 284 million US dollars on the procurement of bulletproof vests itself. Other regions are also projected to experience growth due to increased expenditure on the defense sector in Middle Eastern countries like Turkey, Saudi Arabia, Israel and South Africa.

The objective of the report is to present a comprehensive analysis of the Bulletproof Vest market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the market dynamics, structure by analyzing the market segments and project the  market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the market make the report investor’s guide.
Bulletproof Vest Market Scope: Inquire before buying



Global Bulletproof Vest Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 1.44 Bn.


Forecast Period 2023 to 2029 CAGR:
4.65 %
Market Size in 2029:
US $ 1.98 Bn.


 Segments Covered:
by Product
Hard Vest
Soft Vest


by Type
Level IIA
Level II
Level IIIA
Level III
Level IV


by Material
Kevlar
Ultra-high Molecular Weight Polyethylene (UHMWPE)
Graphene


by End-User
Defense
Law Enforcement
Civilian



Bulletproof Vest Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and the Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and the Rest of APAC)
South America (Brazil, Argentina Rest of South America)
Middle East & Africa (South Africa, GCC, Egypt, Nigeria and the Rest of ME&A)
Bulletproof Vest Market Key Players
1. Elmon (Greece)
2. Honeywell (US)
3. E.L Dupont (US)
4. U.S. Armor Corporation (US)
5. KDH defense systems (US)
6. Wenzhou Start Co. (China)
7. Hawk protection (Spain)
8. EnGarde (Netherlands)
9. Infidel Body Armor (US)
10. Point Blank Enterprises (US)
11. Mars Armor (Bulgaria)
12. Vestguard (UK)
13. Armourshield (UK)
14. Compass Corp. (Singapore)
15. MKU Limited (India)

Frequently Asked Questions:

1. What is the forecast period considered for the Bulletproof Vest market report?
Ans. The forecast period for the market is 2023-2029.

2. Which key factors are hindering the growth of the Bulletproof Vest market?
Ans. The key factor hindering the growth of market is the high cost of the products along with issues in quality that is very critical given the nature of the product.

3. What is the compound annual growth rate (CAGR) of the Bulletproof Vest market for the forecast period?
Ans. The compound annual growth rate (CAGR) of the market for the forecast period is 4.65%

4. What are the key factors driving the growth of the Bulletproof Vest market?
Ans. The key factors driving the growth of bulletproof vest market are expansion of military forces due to cross border conflicts and increase in political unrest across the globe.

5. Which are the worldwide major key players covered for the bulletproof vest market report?
Ans. Some of the worldwide key players in the bulletproof vest market are Elmon (Greece), Honeywell (US), E.L Dupont (US), U.S. Armor Corporation (US), KDH defense systems (US), Hawk protection (Spain), EnGarde (Netherlands)