New York, USA, July 19, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Bullet Proof Vest Market Information By Type, End Use, Protection Level, And Region - Forecast till 2032"; the market will achieve USD 2.2 Billion in 2032 at a 6.10% CAGR.
Bullet Proof Vest Market Overview:
A bulletproof vest, also known as a ballistic vest, is a type of body armor that decreases or prevents the penetration of projectiles such as gunshot wounds and explosion debris. Due to their substantial weight, military soldiers find wearing and moving around in bulletproof vests difficult. The need for bulletproof jackets is rising as business security becomes more important in the United States.
Furthermore, concerns about security in industrial sectors like retail, healthcare, and transportation are rising quickly as threats grow more common. Increasing workplace safety recognition is another factor driving the need for this product globally. It lessens the effect of small pieces and prevents projectile bullet penetration into the wearer's body. It is created by stacking interwoven or laminated fibers with ceramic, metal, polyethylene ballistic, or polythene plates.
As threats increase, security concerns regarding retail, healthcare, and transportation are rapidly growing. Government spending on the military is another factor influencing the demand for protective clothing. As a result, it is anticipated that over the anticipated time, consumer interest in this product will increase. By incorporating modern innovations like 3D printing and composite materials, businesses and governments are investing in developing cutting-edge light vests that offer greater mobility, which is anticipated to create new market opportunities for producers of bulletproof vests throughout the forecast period. The purpose of bulletproof jackets is to protect the user from the effect of firearm rounds on human organs. The jacket shields the wearer's torso from projectile bullets and smaller explosive fragments. It is constructed by stacking polythene, metal, ceramic ballistic plates, and woven or laminated fibers.
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Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 2.2 billion |
| CAGR | 6.10% (2023–2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2019-2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End Use, Protection Level, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising demand for lightweight body armor from end-use industries such as defense, law enforcement, and civilians and growing awareness of commercial security across the globe |
Competitive Analysis in the Bullet Proof Vest Market:
The affluent companies in the Bullet Proof Vest Market include.
- MARS Armor
- VestGuard UK Ltd
- Armor Express
- DuPont
- S. ARMOR CORPORATION
- EnGarde
- MKU LIMITED
- Point Blank Solutions, Inc.
- Canadian Armour Ltd
- ARGUN s.r.o.
- Infidel Body Armor
- Seyntex N.V,
- BulletSafe Bulletproof Vests
- COMPASS INTERNATIONAL CORP. LTD
Market U.S.P. Covered:
Market Drivers:
The military industry currently controls the market and is anticipated to do so for the duration of the forecast. This is primarily due to a surge in military spending, which has prompted significant purchases of body armor and bulletproof vests for military-mounted personnel. End-use sectors, including defense, criminal justice, and civilians, are anticipated to increase their need for lightweight security systems, driving industry growth. The COVID-19 epidemic impacted all industrial sectors of the world economy. Because of this, the designers of this jacket also ran into issues that stopped production and sales. The brief lockdown and closure harmed the manufacturing of armor-piercing equipment.
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Additionally, because of a shortage of equipment, governments are anticipated to boost their spending in the upcoming years on purchasing upgraded vests for police enforcement organizations. Increasing defense spending will improve military capabilities, which will support market expansion. Like this, the industry will continue to be driven by growing security concerns. The industry is expanding as a result of an increase in terrorism, international conflicts, and political turmoil, particularly in Asian nations.
Restraints
The demand for bulletproof jackets is constrained by their high price among consumers worldwide. These vests are more expensive because new materials and technologies are being used in production.
COVID 19 Analysis
The COVID-19 pandemic is thought to have had less of an effect on the market. Over the last few years, there has been a considerable increase in demand for bulletproof vests. Due to a brief pause of manufacturing plants in 2020, the companies' output for making bulletproof vests remained lower than in the previous years. However, the military and law enforcement demand has caused the market to rebound since 2021. The COVID-19 pandemic has influenced the world economy by decreasing demand, disrupting the supply chain in the market, and having a financial impact on businesses and financial markets. The COVID-19 virus influences the defense industry. This industry's dynamics have changed due to decreased demand and postponed product deliveries. The lockdown significantly negatively affected the defense industry and slowed the manufacture of defense goods. Due to budget cuts brought on by COVID-19, many countries requested that all the armed forces postpone their capital purchases.
Market Segmentation
The market includes defense, security & law enforcement, and civilians by end-use. By protection level, the market includes II, IIIA & IIIA+, III & III+, and IV. By type, the market includes soft jackets and hard jackets.
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Regional Insights
Asia-Pacific had the greatest share and is anticipated to keep being the top spender on procuring bulletproof ballistic defense products during the projected period because of the significant number of serving police and military agency personnel in countries including India, China, and South Korea. Body armor that is flexible and light has gained popularity due to its improved comfort, reduced weight, and lower cost.
The market will grow due to the rising demand from consumers such as the armed forces, law enforcement organizations, and people for light body armor. Heavyweight vests make it difficult to wear and walk around for soldiers, law enforcement officials, and others on the battlefield. The depreciation of bulletproof clothing and the escalating tensions along many of the region's borders.
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