Market Trends of Bulletproof Vest Industry
The Military Segment is Expected to Dominate the Market with the Largest Share During the Forecasted Period
The military segment currently has the highest market share, and it is expected to continue its dominance during the forecast period. This is mainly due to growing military expenditure, further propelling the large-scale procurement of body armor and bulletproof vests for the dismounted infantry of the armed forces. Most militaries around the world use FJI Level IV protection body armor.
The increased emphasis on the research and development of new and lightweight materials is expected to positively impact the bulletproof vest market during the forecast period. For instance, in November 2022, the Indian Ministry of Defense issued tenders to acquire 62,500 bulletproof jackets amid the threat of the use of steel core bullets by terrorists. The MoD has issued two separate tenders, one for 47,627 jackets under the normal route and the remaining 15,000 jackets under the emergency procurement procedure. As per the requirement, the bulletproof jackets should work against 7.62 mm armor-piercing rifle ammunition and steel core bullets fired from 10 meters.
Chinese company Shanghai H Win reported a surge in its body armor business since the Russian-Ukraine war. For instance, in 2023, Chinese exports of body armor ceramic material increased by 69% to USD 225 million to Russia. Also, Silva (Russia), which was registered in September 2022, declared 2023 detailing orders of 100,000 bulletproof vests and 100,000 helmets from H Win. Such developments are expected to accelerate the growth of this segment during the forecast period.
The Asia-Pacific Region Will Showcase Remarkable Growth During the Forecast Period
Asia-Pacific is expected to remain the largest spender on the procurement of bulletproof ballistic protection products during the forecast period due to the region's 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.
In November 2022, China signed new rules on the supervision of military equipment purchase contracts. The latest rules aim to improve efficiency in the supervision of military equipment purchase contracts and make sure good quality equipment is delivered to the army. Also, in December 2022, the Ministry of Defense (MoD) issued two tenders to purchase 62,500 bulletproof jackets for army troops deployed in counter-insurgency operations and at forward locations to protect against lethal steel core bullets. Through these tenders, the MoD is procuring bullet-resistant body armor under Make in India, including 47,627 jackets under the normal route, while another lot of 15,000 jackets would be procured under the emergency procurement procedure for soldiers operating in Jammu and Kashmir.
Furthermore, the Japanese government planned to set aside its biggest five-year defense budget from fiscal year 2023, which is projected to reach JPY 30 trillion (USD 264 billion). The increase in defense spending will mainly be used to acquire new equipment and deploy troops to the southwest islands near China and Taiwan. Such developments are expected to aid the region's growth in the coming years.
