The global bulletproof vest market is anticipated to grow at a CAGR of 7.2% during the forecast period (2022-2028). The bulletproof vest is also known as a ballistic vest or bullet-resistant vest is a body armor to protect the person wearing it from bullets by absorbing the impact and stopping the bullet. The major factor attributing to the growth of the global bulletproof vest market include the increasing procurement of advanced lightweight body armors for the enhancement of the personal safety of military personnel. For instance, in February 2020, the People’s Liberation Army (PLA) of China ordered 9,30,000 armor plates for the production of a universal bulletproof vest and 4,67,000 armor plates for the production of enhanced bulletproof vests. The order is valued at around $1.8 billion. Additionally, in November 2019, JGH Group signed an agreement with the United Nations Provision Division (UNPD). Under this agreement, JGH Group will supply bulletproof, female, and ballistic plates to UNPD. Thus, increasing the demand for bulletproof vests.
The demand for bulletproof vests is also increasing due to the increasing number of active military personnel and increased defense budget of countries across the globe. According to the Stockholm International Peace Research Institute (SIPRI), major countries including the US, China, India, Russia, and Saudi Arabia have increased their defense budget to $732 billion, $261 billion, $71.1 billion, $65.1 billion, and $61.9 billion respectively. Furthermore, the number of active military personnel of countries including China, India, the US, and North Korea has also increased to 2 million, 1.4 million, 1.4 million, and 1.2 million respectively. Thus, propelling the growth of the global bulletproof vest market.
Some major players in the market include Central Lake Armor Express Inc., Honeywell International Inc., BulletSafe Bulletproof Vest, EnGrade B.V., and MARS Armor, among others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in April 2021, the Defense Research and Development Organization (DRDO) developed a new lightweight jacket to protect soldiers from hard steel core bullets. The new jacket weighs around 9 Kg and can be used in combat and counter-insurgency operations.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Material Type
- By Product
- By End-User
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Central Lake Armor Express Inc., Honeywell International Inc., BulletSafe Bulletproof Vest, EnGrade B.V., MARS Armor, among others.
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Global Bulletproof Vest Market Report by Segment
By Material Type
- Kevlar
- Ultra-High-Molecular-Weight Polyethylene (UHMWPE)
- Graphene
By Product
- Flexible Ballistic Vest
- Hard Armor Plate
By End-User
- Military
- Law Enforcement
- Civil
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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