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The Body Armor Market is segmented by Type (Soft and Hard Armors, Clothing, Helmets, and Accessories), Purpose (Military and Civilian), and Geography.
Fastest Growing Market:
The body armor market is expected to record a CAGR of over 3.5% during the forecast period (2020-2025).
Body armor is a layer of protection worn by military personnel. Its main purpose is to absorb or deflect slashing hit and penetrate attacks. Earlier, only soldiers were given the license to use it, but nowadays, it is also used by security guards, police, and other individuals, in order to feel safe and protect themselves from incoming attacks. The report covers accessories like helmets, shoes, shields, and hand and leg protection gears, among others.
|Soft and Hard Armors|
|Middle-East and Africa|
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Currently, the military segment of the body armor market has the largest market share, and it is expected to continue its dominance during the forecast period. This is due to the on-going military procurements and soldier modernization programs around the world. For instance, Combatiente Futuro of Spain, Soldier Modernization Program - SMP of the Netherlands, NORMANS of Norway, Soldado do Futuro of Portugal, IMESS of Switzerland, MARKUS of Sweden, FIST of Belgium, Projekt TYTAN of Poland, and 21st Century Soldier of the Czech Republic, among others, are the current future soldier programs taking shape in Europe.
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The Asia-Pacific body armor market is expected to register the highest CAGR during the forecast period. This growth may be propelled by countries, like China and India, which currently have the highest number of active military personnel. This may generate further demand for body armors and related accessories. Also, currently, there is a deficit in military personnel in Japan and India. The increase in recruitment of military personnel to overcome the deficit may generate demand for body armors in this region during the forecast period.
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The body armor market is highly fragmented, with many players holding small shares of the market, owing to their presence in various geographical locations. BAE Systems PLC, Safariland LLC, DuPont, Honeywell International Inc., and ArmorSource LLC are a few prominent firms benefitting from the geographical advantage. Majority of the players are based in North America. However, due to the increasing requirements in the Asia-Pacific and Middle-East and African regions, expansion of major players into these regions may enable them to increase their presence in the market during the forecast period.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Soft and Hard Armors
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Elmon SA
6.2.3 Honeywell International Inc.
6.2.4 U.S. Armor Corporation
6.2.5 Point Blank Enterprises Inc.
6.2.6 BAE Systems PLC
6.2.7 EnGarde Body Armor
6.2.8 ArmorSource LLC
6.2.9 Bluewater Defense Inc.
6.2.10 Sarkar Tactical
6.2.11 Survitec Group Limited
6.2.12 Safariland LLC
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability