Bulletproof Vest Market Analysis

Bulletproof Vest Market Analysis

Flexible ballistic vests segment will account for over 55% market share by 2026 owing to the lightweight feature of these variants. Flexible ballistic vests are made of one or multiple ballistic materials that include p-aramid, m-aramids, ceramic materials, and other fibers. These fibers make them an ideal choice for professions, where comfortable and flexible movements are given prime importance.

These include law enforcement officers, bureaucrats, private security personals, businessmen, and several High Networth individuals (HNI) as the key users of flexible ballistic vest in the industry.

Level III based bulletproof vest market is likely to witness more than 6.5% growth rate through 2026 as it provides protection against 9-mm handguns, .357 SIG flash pistol, 44 magnums, and 7.62 mm Nato rifle and is lightweight in nature. Growth in the segment can also be attributed to increasing demand from military and law enforcement users. Manufacturers should focus on product innovations and advancements to offer the highest level of protection against several caliber bullets, which are prevalent among various end-use sectors.

Overt ballistic vests segment is expected to hold 65% market revenue share by 2026 due to their growing usage by military, police as well as security personnel. These vests are worn over the clothing and can also be used as carriers for armor plates when required. Overt bulletproof vests are often heavier and larger as they are engineered using various layers of Kevlar.

These vests are mainly available with protection levels III and IV under National Institute of Justice; and levels 5, 6 and 6a under GOST; thus, their ability to offer a higher level of protection from heavy gunfire and large spikes/blades will increase the market demand.

Bulletproof vest demand from military end use generated around USD 717 Million in 2019 impelled by increasing government spending to strengthen military capability. Several defense organizations in countries, such as the U.S., France, and Russia, are laying high emphasis on enhancing personal protection through advanced armor and focusing on upgrading their conventional protective equipment with modernized bulletproof vest.

Further, the demand in the civilian segment is likely to grow significantly owing to increasing burglaries, robberies, and home invasions

North America bulletproof vest market accounted for 10% share in 2019 and is estimated to grow at a significant rate from 2020 to 2026. Several military modernization programs will drive the regional market growth trends. The programs mainly include the Soldier Protection System -Torso & Extremity Protection (SPS-TEP) program that supports the use of full body armors for soldiers. In addition to these initiatives, higher military spending across the U.S. and Canada will further surge the market penetration.

Defunding police as well as lockdown protest due to black lives movement and coronavirus pandemic has significantly increased product demand to safeguard police and other law enforcement officers across several states in the U.S.