Bulletproof Vest Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Bulletproof Vest Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The bulletproof vest market is projected to grow from USD 1,059 million in 2021 to about USD 1,290 million by 2030, registering a CAGR of approximately 2.2% during the forecast period (2021-2030).

The impact of COVID-19 on the market is negligible. The demand for bulletproof vests has been growing significantly over the past few years. However, the bulletproof vest manufacturing output of the manufacturing companies remained lower than the previous years due to the temporary shut down of production in 2020.

The growth in military expenditure of developed and emerging countries worldwide is expected to be the prime growth driver for the market.

The rise in terrorism and hostile activities between various countries in the Asia-Pacific, Europe, and Middle-East and Africa is forcing the countries to focus on procuring protection solutions for their dismounted infantry, accelerating the growth of the market during the forecast period.

The heavy weight 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.

Key Market TrendsMilitary Segment Held the Largest Market Share by Revenue in 2020

The military segment currently has the highest market share and 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. Thus, the French government introduced the O-NYX program under the defense spending plan to replace small equipment such as handguns, helmets, and bulletproof vests over the coming years. 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. For instance, in January 2021, the union of Guardia Civil announced that the troops are sharing bulletproof vests due to the lack of new bulletproof vests due to the expiration of hundreds of vests over the past few years. In 2019, the union announced that there was a shortage of more than 1,300 bulletproof vests. Under such circumstances, the government of France is expected to place an order for new and advanced vests in the coming years. Moreover, there is an ongoing development of advanced materials for lightweight bulletproof vests to offer better mobility for the troops. As of 2019, the US Army Research Laboratory (ARL) was working on developing 3D printed high-density ceramic materials, which is one of the major components in manufacturing hard armors. Such investments are expected to accelerate the growth of this segment during the forecast period.

Asia-Pacific Region Held the Highest Share in 2020

Asia-Pacific had the highest share in 2020, 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 the 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 2018, the Government of India placed an order for about 0.19 million bulletproof jackets worth INR 639 crores (USD 85.9 million) for the Indian Army troops deployed for counter-insurgency operations and at the borders. The contract was scheduled to end by April 2020. In January 2019, New Zealand Police signed an agreement with Cooneen Protection to manufacture and supply the new body armor system over three years. The new armors systems are expected to replace the existing body armors due to their light weight, comfort, and individually issued tactical pouches to carry equipment like radio, OC spray, and baton. The investment into the procurement of advanced ballistic protection armors is expected to propel the region’s growth in the coming years.

Competitive Landscape

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 the customers. In addition to the global players, a few local players are entering the market with new bulletproof vests for the armed forces, particularly in Asia-Pacific and some of the countries in Middle-East and Africa due to the increased focus on indigenous manufacturing. Furthermore, the companies are investing in the development of new lightweight bulletproof vests with advanced materials, which will provide enhanced protection, increasing their share in the market in the coming years.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

ELMON SA
Central Lake Armor Express Inc.
DuPont
Honeywell International Inc.
U.S. Armor Corporation
Hawk Armor Protection & Safety Solutions Pvt Ltd
Condor Outdoor Product Inc.
EnGarde Body Armor
MKU Limited
C.E.S Kompozit ve Savunma Tekn. A. ?.
ARGUN s.r.o.
Seyntex NV
MARS Armor

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