Ballistic Protection Market Size

Statistics for the 2023 & 2024 Ballistic Protection market size, created by Mordor Intelligence™ Industry Reports. Ballistic Protection size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Ballistic Protection Industry

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Ballistic Protection Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 14.67 Billion
Market Size (2029) USD 19.10 Billion
CAGR (2024 - 2029) 5.41 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

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*Disclaimer: Major Players sorted in no particular order

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Ballistic Protection Market Analysis

The Ballistic Protection Market size is estimated at USD 14.67 billion in 2024, and is expected to reach USD 19.10 billion by 2029, growing at a CAGR of 5.41% during the forecast period (2024-2029).

  • The COVID-19 pandemic negatively impacted the ballistic protection market. The onset of the pandemic led various governments around the world to impose regulations and lockdowns to curb the spread of the pandemic. This led to a decline in the free flow of trade as well as delays in terms of raw materials being received by manufacturers of ballistic protection systems which led to delays in terms of production and deliveries of ballistic protection systems. Moreover, the onset of the pandemic also led to layoffs by various companies, which led to a decline in the production of ballistic systems. On the other hand, the decline of COVID-19 severity led to various countries around the world opening up their restrictions and barriers to trade, which has led to gradual growth in effective trade between countries.
  • The ongoing political turmoil across several regions, coupled with the widening geopolitical rift leading to an accumulation of weapons and ammunition by nations to safeguard against threats is also driving the demand for ballistic protection equipment. 
  • However, factors such as the inaccuracy of protection level, the high production cost of armor materials, and the occurrence of mechanical failure restrain the growth of the market. 
  • Nevertheless, factors such as growth in demand for multipurpose ballistic protection equipment and a rise in demand for lightweight body armor create lucrative opportunities for key players in the ballistic protection market.

Ballistic Protection Market Size & Share Analysis - Growth Trends & Forecasts (2024-2029)