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Bulletproof Vest Market Size

Report ID: GMI4797
Published Date: Aug 2020
Report Format: PDF

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Bulletproof Vest Market Size

Bulletproof Vest Market size was USD 1.45 billion in 2019 and will grow at a CAGR of 6.7% between 2020 to 2026. The rising focus of defense agencies on enhancing soldier survivability will positively influence the industry growth.

Technological advancements with the usage of para aramid textile, titanium plating, and other nanotechnology materials to manufacture vests will surge product penetration in the defence industry. Further, introduction of modular tactical vests and several military modernization programs, such as the PONARS Eurasia are among some recent trends promoting the market expansion.

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Increasing territorial claims and cross border tension across the globe are surging the demand for ballistic protection equipment. Both developed and emerging economies have subsequently increased their expenditure on defense modernization with shifting focus toward advanced military equipment. In 2020, the Chinese People's Liberation Army (PLA) declared its plan to procure around 1.4 million units of superior quality body armors over the next two years. Protecting workforce from frugalities of war and thriving investments in product innovation and advancement are the other key factors boosting the bulletproof vest market growth.

Bulletproof Vest Market Report Attributes
Report Attribute	Details
Base Year:	2019
Bulletproof Vest Market Size in 2019:	1.44 Billion (USD)
Forecast Period:	2020 to 2026
Forecast Period 2020 to 2026 CAGR:	6.7%
2026 Value Projection:	2.30 Billion (USD)
Historical Data for:	2016 to 2019
No. of Pages:	205
Tables, Charts & Figures:	290
Segments covered:	Product, Protection level, Application, End-user and Region
Growth Drivers:	Escalating territorial disputes Increasing military modernization programs
Pitfalls & Challenges:	High upfront and maintenance cost

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Authors: Suraj Gujar, Partha Paul

Frequently Asked Questions (FAQ) :

The market size of bulletproof vest was valued over USD 1.45 billion in 2019.

The industry share of bulletproof vest is projected to expand at 6.7% CAGR during 2020 to 2026.

The product will witness massive demand in North America owing to the existence of numerous military modernization programs. North America accounted for 10% revenue share in 2019.

Bulletproof vest will increase in the military sector due to rising government spending to strengthen military capabilities. Military end use segment held USD 717 million in 2019.

Rising usage of these vests by the police, security, and military personnel will push the product demand. Overt ballistic vests segment may hold 65% revenue share by 2026.

Level III segment will register 6.5% CAGR through 2026, due to the product’s capability to deliver capability protection against .357 SIG flash pistol, 9-mm handguns, 7.62 mm Nato rifle, and 44 magnums.

Flexible ballistic vests segment will emerge lucrative for the market with a targeted revenue share of 55% by 2026, owing to the product’s lightweight nature and the fact that they are most suitable for professions that require flexible movements.