Bulletproof Vest Market Size
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2022 |
| Forecast Data Period | 2023 - 2028 |
| CAGR | > 2.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Bulletproof Vest Market Analysis
The bulletproof vest market size is expected to register a CAGR of over 2% during the forecast period (2022-2031).
The impact of the COVID-19 pandemic on the market is deemed to be less. The demand for bulletproof vests has been growing significantly over the past few years. However, the bulletproof vest manufacturing output of the companies remained lower than the previous years due to the temporary shutdown of production facilities in 2020. Nevertheless, the market has recovered since 2021 due to the demand from military and law enforcement agencies.
The growth in military expenditure of developed and emerging countries worldwide is expected to be the prime growth driver for the market. Total global military expenditure rose to USD 1981 billion in 2020, an increase of 2.6% in real terms from 2019, according to the data published by the Stockholm International Peace Research Institute (SIPRI) in 2021. The rise in terrorism and hostile activities between various countries in Asia-Pacific, Europe, and Middle-East and Africa are forcing the countries to focus on procuring protection solutions for their dismounted infantry, which may accelerate the growth of the market during the forecast period.
The heavyweight of the bulletproof vests makes it difficult for military personnel to wear and move freely on the battlefield. Thus, the companies and governments are investing in the development of advanced light vests with increased mobility with the integration of advanced technologies like 3D printing and the use of composite materials, which is expected to open new opportunities for bulletproof vest manufacturers during the forecast period.
Bulletproof Vest Market Trends
This section covers the major market trends shaping the Bulletproof Vest Market according to our research experts:
The Military Segment Held the Largest Market Share by Revenue in 2021
The military segment currently has the highest market share, and it is expected to continue its dominance during the forecast period. This is majorly due to growing military expenditure, further propelling the large-scale procurement of body armors and bulletproof vests for the dismounted infantry of the armed forces. The French government introduced the O-NYX program under the defense spending plan to replace small equipment such as handguns, helmets, and bulletproof vests for its military over the coming years. The increased emphasis on research and development of new and lightweight materials is expected to positively impact the bulletproof vest market during the forecast period. For instance, in January 2022, India-based Point Blank Enterprises Inc. launched the latest body armor innovations, the ORIGIN modular tactical vest platform that utilizes new construction methods, materials for a ballistic design, and functionality based on human factors. In addition to this, the governments are expected to increase their investments toward the procurement of advanced vests for law enforcement agencies in the coming years due to a shortage of equipment. The German Bundeswehr has been focusing on acquiring next-generation body armor systems (including bulletproof vests) to replace almost all varieties in service. In April 2021, Soldat und Technik reported that 16,000 sets of the new MOBAST body armor systems would be delivered to the Bundeswehr in the coming months. Such developments are expected to accelerate the growth of this segment during the forecast period.
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The Asia-Pacific Region Held the Highest Share in 2021
Asia-Pacific had the highest share in 2021, and it is expected to remain the largest spender on procurement of bulletproof ballistic protection products during the forecast period due to large active military and law enforcement agency personnel in countries like China, India, and South Korea. The escalating border tensions between various countries in the region and the aging of existing bulletproof vests are expected to drive the growth of the market. For instance, in May 2021, the Indian Army projected a requirement of 50,000 new bulletproof jackets for its frontline troops. The specifications listed by the Army state that the bulletproof vest should be able to protect a soldier against 7.62 mm armor-piercing rifle ammunition and hard steel core bullets fired from 10 meters. Also, there is a surge in defense research and development to develop newer generation bulletproof vests in the Asia-Pacific region. For instance, in January 2022, a research team in Changsha in central China's Hunan province claimed that it had developed the world's first lightweight, flexible body armor to protect soldiers from armor-piercing weapons. The bulletproof vest, part of the armor, is inspired by fish scales. The new armor systems are expected to replace the existing body armors due to their lightweight, comfort, and individually issued tactical pouches to carry equipment like radio, OC spray, and baton. Such developments are expected to aid the region's growth in the coming years.
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Bulletproof Vest Industry Overview
The bulletproof vest market includes many players that supply their products to local law enforcement agencies and armed forces. Central Lake Armor Express Inc., DuPont, Honeywell International Inc., Condor Outdoor Product Inc., and U.S. Armor Corporation are prominent players in the bulletproof vest market. Companies like Honeywell International Inc. and DuPont provide raw materials to bulletproof vest manufacturers, like Central Lake Armor Express Inc., that supply their own branded vests to customers. In addition to global players, a few local players are entering the market with new bulletproof vests for the armed forces, particularly in Asia-Pacific and some countries in the Middle-East and Africa due to the increased focus on indigenous manufacturing. Furthermore, companies are also investing in the development of new lightweight bulletproof vests with advanced materials, which will provide enhanced protection, increasing their share in the market during the forecast period.
Bulletproof Vest Market Leaders
Central Lake Armor Express, Inc.
DuPont
U.S. Armor Corporation
Condor Outdoor Product, Inc.
Honeywell International Inc.
*Disclaimer: Major Players sorted in no particular order
Bulletproof Vest Market News
- In August 2021, Queensland Government announced its plan to supply integrated load-bearing vests (ILBV) to the Queensland Police Service (QPS). The QPS will receive 12,200 new integrated load-bearing vests, which will replace the 4,750 ballistic plates and vests currently in service from December 2021.
- In June 2021, researchers at MIT and the California Institute of Technology announced that they had made a nanoengineered material that is stronger than the presently used bulletproof vests of Kevlar or steel. The material is made of interconnected carbon 'tetrakaidecahedrons' and is capable of absorbing the impact of microscopic bullets.
- In April 2021, the Defence Materials and Stores Research and Development Establishment (DMSRDE) lab of Defence Research and Development Organisation (DRDO) developed the lightweight Bullet Proof Jacket (BPJ). The bulletproof vest weighs about 9 kgs and meets the qualitative requirements of the Indian Army.
- In April 2021, the Royal DSM NV, a Dutch multinational corporation, together in partnership with MKU Ltd, obtained a contract to supply bulletproof vests to the Sao Paulo police in Brazil. The companies are utilizing ultra-high molecular weight polyethylene (UHMWPE) to reach new levels of performance and protection while simultaneously enhancing user comfort and mobility.
Bulletproof Vest Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
1.3 Currency Conversion Rates for USD
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
3.1 Market Size and Forecast, Global, 2018 - 2031
3.2 Market Share by Type, 2021
3.3 Market Share by Application, 2021
3.4 Market Share by Geography, 2021
3.5 Structure of the Market and Key Participants
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 (Market Size and Forecast by Value - USD million, 2018 - 2031)
5.1 Type
5.1.1 Soft Vest
5.1.2 Hard Vest
5.2 Application
5.2.1 Military
5.2.2 Civilian
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 France
5.3.2.3 Germany
5.3.2.4 Russia
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Rest of Latin America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 United Arab Emirates
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 ELMON SA
6.2.2 Central Lake Armor Express Inc.
6.2.3 DuPont
6.2.4 Honeywell International Inc.
6.2.5 U.S. Armor Corporation
6.2.6 Hawk Armor Protection & Safety Solutions Pvt. Ltd
6.2.7 Condor Outdoor Product Inc.
6.2.8 EnGarde Body Armor
6.2.9 MKU Limited
6.2.10 CES İleri Kompozit ve Savunma Teknolojileri
6.2.11 ARGUN s.r.o.
6.2.12 Seyntex NV
6.2.13 MARS Armor
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Bulletproof Vest Industry Segmentation
A bulletproof vest (or a ballistic vest) is a body armor that absorbs the impact and reduces or stops penetration of the bullets fired from a firearm and shrapnel from explosions. The market is segmented based on type into soft vest and hard vest. By application, the market is segmented into military and civilian. The military segment of the market includes the procurement of bulletproof vests from armed forces and special forces. The report also covers the market sizes and forecasts for the market in major countries across different regions. The market sizing and forecasts are provided in value (USD million).
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| Hard Vest |
| Application | |
| Military | |
| Civilian |
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Bulletproof Vest Market Research FAQs
What is the current Bulletproof Vest Market size?
The Bulletproof Vest Market is projected to register a CAGR of greater than 2% during the forecast period (2023-2028).
Who are the key players in Bulletproof Vest Market?
Central Lake Armor Express, Inc., DuPont, U.S. Armor Corporation, Condor Outdoor Product, Inc. and Honeywell International Inc. are the major companies operating in the Bulletproof Vest Market.
Which is the fastest growing region in Bulletproof Vest Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Bulletproof Vest Market?
In 2023, the North America accounts for the largest market share in the Bulletproof Vest Market.
Bulletproof Vest Industry Report
Statistics for the 2023 Bulletproof Vest market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bulletproof Vest analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Bulletproof Vest Market Report Snapshots
