Market Size of Bulletproof Vest Industry
|2019 - 2029
|Market Size (2024)
|USD 1.7 Billion
|Market Size (2029)
|USD 2.03 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Bulletproof Vest Market Analysis
The Bulletproof Vest Market size is estimated at USD 1.7 billion in 2024, and is expected to reach USD 2.03 billion by 2029, growing at a CAGR of 3.56% during the forecast period (2024-2029).
Modern-day warfare practices include counterinsurgency, counter-terrorism, and guerrilla warfare operations that may injure soldiers, causing fatal injuries. Similar scenarios exist in the law enforcement field where criminals, felons, and law offenders can fatally injure corresponding officers, thereby necessitating investments in bulletproof vests.
The increase in geopolitical conflicts and the increase in acts of terrorism and violence have necessitated the adoption of bulletproof vests by both law enforcement agencies and the military to ensure the safety of their personnel in various situations. However, the level of protection offered by body armor differs based on the threat assessment of the end-users.
Driven by the government's focus on bridging the gaps between the requirement and the existing supply, investments in advanced body armor equipment have increased in recent years. Hence, the market is witnessing several procurement and development activities related to the latest body armor. This is expected to drive market growth in the coming years.
The future bulletproof vest models may leverage the advancements in technology and replace traditional equipment with technologically advanced equipment that can effectively overcome the challenges faced by the current systems. Significant progress in the development of foam body armor, liquid body armor, and other such revolutionary technologies is expected to offer several growth opportunities to the market players in the future.
However, governments often have stringent certification and testing requirements for body armor to ensure that it meets specific ballistic protection standards. Compliance with these standards can be costly and time-consuming for manufacturers, particularly smaller companies with limited resources, which would hinder the growth of the market.