The Bulletproof Vest Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Bulletproof Vest Global Market Report 2024, The bulletproof vest market size has grown strongly in recent years. It will grow from $1.64 in 2023 to $1.79 in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to rise in crime rates, geopolitical conflicts, military modernization, government regulations and mandates, population growth .
The bulletproof vest market size is expected to see strong growth in the next few years. It will grow to $2.51 in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to increasing concerns about personal safety and security, rising defense spending, expanding civilian markets, increasing urbanization . Major trends in the forecast period include smart armor integration, sustainability and eco-friendly materials, lightweight and flexible designs, multi-threat protection, body-worn cameras.
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.
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The bulletprrof vest market covered in this report is segmented –
1) By Type: Soft Vest, Hard Vest
2) By Material: Kelvar, Ultra High Molecular Weight Polyethylene, Graphene
3) By Application: Covert, Overt
4) By End User: Military, Law Enforcement
Top Major Players:
Wenzhou Start Co Ltd.
VestGuard UK Limited
U.S. Armor Corporation
Point Blank Enterprises Inc.
MKU Limited
Asia-Pacific was the largest region in the bulletproof vest market in 2023.
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. 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 from 10.4 kg to 9 kg.
The bulletproof vest market report table of contents includes:
1. Executive Summary
2. Bulletprrof Vest Market Characteristics
3. Bulletprrof Vest Market Trends And Strategies
4. Bulletprrof Vest Market – Macro Economic Scenario
5. Global Bulletprrof Vest Market Size and Growth
……..
31. Global Bulletprrof Vest Market Competitive Benchmarking
32. Global Bulletprrof Vest Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Bulletprrof Vest Market
34. Bulletprrof Vest Market Future Outlook and Potential Analysis
35. Appendix
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