An upsurge in the body armor demand across the world is likely to fuel the global bulletproof vest market expansion in the near future. In recent times, there have been numerous public protests worldwide due to religious, racial, or political differences, which is increasing the demand for safety components. Rising need for protection for the police and numerous law enforcement personnel will majorly increase the use of bulletproof vests.
In addition, an increase in the investments in the defense sector by numerous nations across the world is slated to propel the demand for the product in the coming years. In fact, according to The Balance, the projected military spending of the United States between the period of October 1, 2020, and September 30, 2021, is $934 billion. Military spending falls in second place in the nation’s federal budget after Social Security. Likewise, Russia also entered the top 5 defense spending nations in 2019 with an expenditure of $65.1 billion.
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With regards to the protection segment, the level IV-based bulletproof vests segment is estimated to expand at a healthy CAGR of about 6.7% through the threshold timespan. This growth is ascribed to the fact that the level IV products offer the highest security among all available options. They are known to offer protection against high caliber ammunition like 0.30 mm caliber bullets, thereby increasing their preference in defense operations.
In terms of the application segment, the market is bifurcated into overt and covert bulletproof vests. The covert bulletproof vests segment is projected to grow at a substantial CAGR of about 6.5% through the analysis period. The covert bulletproof vests offer greater comfort when they are worn inside regular clothing. This capability has stimulated its demand among several end users which mainly include businessmen, bureaucrats, and numerous HNWLs (High-Net-Worth-Individuals).
Worldwide, various nations have been forging strategic agreements and have transactions in place that are likely to stimulate the demand for bulletproof vests over the coming years. Numerous agreements among major nations regarding the import and export of the product should significantly propel the market size through 2026. In September 2019 for instance, India initiated the export of bulletproof jackets as per its own standards to more than 100 nations across the world, according to the data provided by BIS (Bureau of Indian Standards). The nation is the fourth country after the United States, United Kingdom, and Germany that boasts of its very own national standard on bulletproof jackets that provide 360-degree protection.
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The launch of a slew of military modernization programs such as FELIN (Integrated Infantryman Equipment and Communications) of France; and PONARS Eurasia of Russia has boded well for stakeholders eyeing to expand their penetration in the region. Europe bulletproof vest market is likely to expand at a healthy CAGR of 6.6% through 2026, attributed to surge in demand for body armor in the U.K., France, Germany and Russia.
The competitive landscape of the bulletproof vest market is inclusive of players like C.P.E. Production, Honeywell International, Sioen, DuPont, Armor Express, VestGuard UK, Point Blank Body Armor, Sarkar Defense Solution, Safariland, BAE Systems, U.S. Armor Corporation, Survival Armor, PPSS, Imperial Armour, and EnGrade among others.
Major Key Points from Table of Content:
Chapter 4. Bulletproof Vest Market, By Product
4.1. Key product insights
4.2. Flexible ballistic
4.2.1. Bulletproof vest market estimates and forecasts, 2016 – 2026
4.2.2. Market estimates and forecasts by region, 2016 – 2026
4.3. hard ballistic/ armor plate
4.3.1. Market estimates and forecasts, 2016 – 2026
4.3.2. Market estimates and forecasts by region, 2016 – 2026
Chapter 5. Bulletproof Vest Market, By Protection Levels
5.1. Key protection level insights
5.2. Level I
5.2.1. Bulletproof vest market estimates and forecasts, 2016 – 2026
5.2.2. Market estimates and forecasts by region, 2016 – 2026
5.3. Level II
5.3.1. Market estimates and forecasts, 2016 – 2026
5.3.2. Market estimates and forecasts by region, 2016 – 2026
5.4. Level III
5.4.1. Market estimates and forecasts, 2016 – 2026
5.4.2. Market estimates and forecasts by region, 2016 – 2026
5.5. Level IV
5.5.1. Market estimates and forecasts, 2016 – 2026
5.5.2. Market estimates and forecasts by region, 2016 – 2026
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