Bulletproof Vest Global Market Report 2022
The global bulletproof vests market is expected to grow from $1.38 billion in 2021 to $1.44 billion in 2022 at a compound annual growth rate (CAGR) of 4.74%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.80 billion in 2026 at a CAGR of 5.74%.To get more news about bullet proof vest, you can visit bulletproofboxs.com official website.
The bulletproof vest market consists of sales of bulletproof vests by entities (organizations, sole traders, and partnerships) that refer to a set of protective coverings worn by individuals to protect the torso against bullets, knives and bomb explosions.Bulletproof vests absorb the impact and reduce or completely stop the penetration of the attack, and any fragments from various explosions.
These are generally made by layering woven or laminated fibers, with metal ballistic plates or ceramic inserted.
The main types of bulletproof vests include soft vest and hard vest.Soft vests are made using strong woven fibers that can be woven into vests.
Kevlar is the most commonly used material in soft vests, which is interwoven into a dense net to absorb a great amount of energy.The different bulletproof vest materials include kelvar, ultra high molecular weight polyethylene and graphene.
Asia Pacific was the largest region in the bulltproof vest market in 2021.South America is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growth in military expenditure of developed and emerging countries is significantly contributing to the growth of the bulletproof vest market.It is mainly due to an increase in military expenditure, which has further propelled the large-scale procurement of bulletproof vests for the armed forces.
According to Stockholm international peace research institute (SIPRI), the expenditure on the military in the world has raised to almost $2 trillion in 2020, which is an increase of 2.6% from 2019. Therefore, the growth in military expenditure is driving the growth of the bulletproof vest market.
Innovative product development is a key trend gaining popularity in the bulletproof vest market.Companies manufacturing bulletproof vests are developing new products and undergoing various collaborations to improve the services that are provided.
In 2021, India based DRDO (Defense Research and Development Organization) developed a lightweight bulletproof jacket, which would weigh around 9kgs, and meet the qualitative requirements for army people. The indigenous technology that is used in this jacket would reduce its weight of it from 10.4 kg to 9 kg.
In 2021, Sellmark Corporation, a US-based producer of outdoor lifestyle products and brands has acquired BulletSafe body armor brands, for an undisclosed amount.This acquisition is expected to help Sellmark to further strengthen its product porfolio.