Growth opportunities in the bulletproof vest market look promising over the next six years. This is mainly due to the rising military spending, the introduction of modular tactical vests, and many military modernization programs.
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Bulletproof Vest Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The surging military expenditure in most of the regions throughout the world and the rise in hostile and military activities that compel nations to emphasize more on the dismounted infantry protection are the major drivers stimulating the growth of the global bulletproof vest market size. Also, the ongoing technological innovations using para-amid textile, titanium plating, and other nanotechnology materials to produce vests will further strengthen the market share. The initiation of several military modernization programs like PONARS Eurasia and modular tactical vests will further accelerate the market growth.
The augmenting tension across the border and territorial claims is also a factor contributing to the market growth. Additionally, both developing and developed nations have significantly raised their spending on defense modernization coupled with the inclining attention towards improved military equipment are further driving the market growth. For example, the Chinese People's Liberation Army (PLA), in 2020, announced its plan to acquire around 1.4 million units of high-quality body armors over the next two years. These factors will further fuel the market growth.
However, the widespread COVID-19 pandemic had a huge impact on the defense sector, resulting in a halt in manufacturing defense products due to the worldwide lockdown and reducing defense expenditure. These factors have adversely affected the growth of the global bulletproof vest market over the spread of coronavirus.
Regional Drivers
Based on the regional coverage, North America is predicted to witness a higher CAGR during the forecast period. This is attributed to the introduction of several military modernization programs such as the Soldier Protection System – Torso & Extremity Protection (SPS-TEP) program, which promotes full-body armors for soldiers. Furthermore, the growing military expenditure in Canada and the US and the prevalence of key players, including the US Armor Corporation, are some other factors, which play a major role in driving the growth of the bulletproof vest market.
Bulletproof Vest Market’s Leading Manufacturers:
Armor Express
Craig International Ballistics Pty. Ltd.
BAE Systems
Safariland, LLC
ARMOR CORPORATION
Imperial Armour
DuPont
VestGuard UK Ltd.
Survival Armor
PPSS Group
Bulletproof Vest Market Segmentation:
Segmentation by Product:
Flexible Ballistic
Hard Ballistic
Segmentation by Level of Protection:
Level I
Level II
Level III
Level IV
Segmentation by End-User:
Military
Law Enforcement
Civil
Segmentation by Region:
North America
United States of America
Canada
Asia Pacific
China
Japan
India
Rest of APAC
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
Rest of the world (remaining countries of the LAMEA region)
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