Body Armor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The body armor market was valued at USD 2,759.91 million in 2021, and it is expected to reach USD 3,366.21 million in 2030, witnessing a CAGR of 2.01% during the forecast period (2021 - 2030).

The COVID-19 pandemic has had a profound impact on the daily lives of billions of people more indirectly as social distancing and business shutdown measures have been enacted to slow the spread at the national, state, city, and organization levels. At this point, the impact of the virus and the containment measures is being felt on both the supply and the demand sides of the economy, leading to severe downturns in the world economic output. The pandemic has severely affected the global manufacturing operations, and due to the temporary shutdown of manufacturing plants in various weapon and tactical gear exporting countries, the market is expected to witness a marginal decline during 2020-2021.

The rising geopolitical conflict and the increase in acts of violence and terrorism have necessitated the adoption of body armor by both military and law enforcement agencies to ensure the safety of their personnel in a variety of situations. However, the level of protection offered by the body armor differs based on the threat assessment of the end users. For instance, a security guard may not require thick armor that soldiers use against high-caliber fire. Such incidents have led to new procurement initiatives by different agencies across the world, increasing the demand for body armor.

Riots in a country may be fueled by the general dissatisfaction of the public with the policymakers. On this note, in August 2020, the sale of riot gear, including armor, soared by 114% after the US lawmakers ordered the US agents to assume new policing powers in cities to quell the ongoing anti-racial protests.

However, the stringent conformation standards set by standards regulatory bodies in various countries require players to invest more, thus increasing their cost of research and development (R&D).

Scope of the Report

Body armor is traditionally defined as a layer of protective clothing worn by military personnel. Its main purpose is to absorb or deflect melee or projectile attacks and ensure the safety of the wearer. The proliferation of body armor has increased in modern times as it is increasingly adopted by security guards, police, and other individuals to minimize traumatic injuries and protect themselves from unforeseen deadly threats. The body armor market is segmented by product type, end user, and geography. By product type, the market is segmented into soft and hard armor, clothing, helmets, and accessories. By end user, the market has been segmented into military and civilian. Accessories include shields and hand and leg protection gear, among others. The report also covers the market sizes and forecasts for the body armor market across major regions. For each segment, the market sizing and forecasts have been done based on value (USD million).

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Key Market Trends

The Military End User Segment is Expected to Witness Rapid Growth During the Forecast Period

The growing defense expenditure and the increasing terrorism and hostile activities, coupled with various territorial conflicts, have increased the number of military operations in the recent past. In the wake of these events and to provide additional safety, several countries are procuring bulletproof vests for their military personnel. In March 2019, KDH Defense Systems Inc. announced that the company received a contract worth USD 29.9 million from the US Army for the supply of Modular Scalable Vest (MSV) Gen II System. Later, in July 2019, KDH Defense Systems Inc. received additional two contracts from the US army worth USD 40 million. The first contract worth USD 31.5 million was for the Modular Scalable Vest (“MSV”) Generation II, while the second contract worth USD 9 million was for blast pelvic protectors. The estimated completion of the contract was by mid-2020. In 2018, the company was awarded a multi-year, firm-fixed-price, indefinite-delivery/indefinite-quantity (IDIQ) contract from the Marine Corps Systems Command worth USD 59.4 million. Under the contract, the company may provide up to 65,469 Plate Carrier Generation III – Soft Armor Inserts, with deliveries expected to be completed by 2023. Several such procurement initiatives are currently underway on a global scale, which is likely to drive the military end user segment of the market in focus during the forecast period.

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