Bulletproof Vest Global Market Report 2024

A bulletproof vest, also known as a ballistic vest, is a protective garment worn by individuals to safeguard the torso against bullets, knives, and explosives. These vests are designed to absorb the impact and either reduce or completely prevent penetration from various types of attacks, including bullets and fragments from explosions. They are typically constructed by layering woven or laminated fibers, and may include additional protection from metal ballistic plates or ceramic inserts.

The primary types of bulletproof vests are soft vests and hard vests. Soft vests are crafted using strong woven fibers that can be integrated into the fabric. Kevlar is a commonly used material in soft vests, woven into a dense net to effectively absorb a significant amount of energy. Bulletproof vest materials may include Kevlar, ultra-high molecular weight polyethylene, and graphene. The main end-users of bulletproof vests are military and law enforcement personnel.

The bulletproof vest market research report is one of a series of new reports that provides bulletproof vest market statistics, including bulletproof vest industry global market size, regional shares, competitors with a bulletproof vest market share, detailed bulletproof vest market segments, market trends and opportunities, and any further data you may need to thrive in the bulletproof vest industry. This bulletproof vest market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The bulletproof vest market size has grown strongly in recent years. It will grow from $1.64 billion in 2023 to $1.79 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth observed during the historical period can be attributed to various factors, including the rise in crime rates, geopolitical conflicts, military modernization efforts, government regulations and mandates, and population growth.

The bulletproof vest market size is expected to see strong growth in the next few years. It will grow to $2.51 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be attributed to increasing concerns about personal safety and security, rising defense spending, the expansion of civilian markets, and the ongoing trend of increasing urbanization. Key trends expected during this period include the integration of smart armor, the adoption of sustainability and eco-friendly materials, the development of lightweight and flexible designs, the focus on multi-threat protection, and the incorporation of body-worn cameras in bulletproof vests.

The expansion of military expenditure, both in developed and emerging countries, is a key driver for the growth of the bulletproof vest market. The surge in military spending has led to substantial procurement of bulletproof vests for armed forces globally. According to the Stockholm International Peace Research Institute (SIPRI), the world's military expenditure reached nearly $2 trillion in 2020, indicating a 2.6% increase from the previous year. This upswing in military spending underscores the heightened demand for protective gear, positively influencing the bulletproof vest market.

Anticipated growth in civil unrest on a global scale is poised to be a significant factor driving the bulletproof vest market in the coming years. Civil unrest encompasses situations involving conflicts and fighting among different groups within a country, often resulting in uninsured losses. The escalation of civil unrest, marked by protests, demonstrations, and conflicts, is amplifying the need for bulletproof vests. These protective garments are crucial for personal safety in volatile environments and are utilized by various individuals, including law enforcement, security personnel, journalists, and civilians, to mitigate the risks of injury from gunfire or projectiles. In September 2022, Verisk Analytics reported a notable increase in civil unrest across 101 countries during the June to August 2022 quarter. The rise in civil unrest is attributed to various factors, including governments grappling with the consequences of inflation affecting essential food and energy prices. As a result, a substantial number of nations are classified as high- or extreme-risk on the Civil Unrest Index (CUI), indicating a persistent demand for bulletproof vests in regions facing heightened socio-political challenges.

The bulletproof vest market is witnessing a trend of innovative product development as companies focus on enhancing their offerings. Notably, the Defense Research and Development Organization (DRDO) in India has introduced a lightweight bulletproof jacket weighing approximately 9 kg, meeting the quality standards required for military personnel. The indigenous technology incorporated in this jacket has successfully reduced its weight from 10.4 kg to the specified 9 kg, showcasing advancements in product development.

In September 2023, Ace Link Armor, a prominent US-based manufacturer specializing in bulletproof vests and body armor products, embarked on a strategic partnership with Glagio Do Brasil for an undisclosed sum. This collaboration is poised to reshape industry standards by introducing high-quality body armor products to the US market. Glagio Do Brasil, based in Brazil, is a manufacturer specializing in ballistic shielding and protection projects, including vehicle armor, bulletproof vests, ballistic helmets, and various other body armor products. The partnership signifies a joint effort to bring cutting-edge protective solutions to the forefront of the bulletproof vest market.

Major companies operating in the bulletprrof vest market include Wenzhou Start Co Ltd., VestGuard UK Limited, U.S. Armor Corporation, Point Blank Enterprises Inc., MKU Limited, MARS Armor, Infidel Body Armor, Honeywell International Inc., EnGarde LLC, E. I. du Pont de Nemours and Company, Armourshield Ltd., Armor Express Inc., Central Lake Armor Express Inc., Compass International Corp, Condor Outdoor Products Inc., White Horse Research and Development Inc., Renco Corporation, Tex Tech Industries Inc., SAE International, Canadian Armour Ltd., SafeVest LLC, AAM Armor LLC, AA Shield Ltd., Ace Link Armor Inc., Adept Armor LLC, Alpine Armoring Inc., American Body Armor and Equipment Inc., Angel Armor LLC, Anorak Hellas Ltd., ARGUS Armour Inc.

Asia-Pacific was the largest region in the bulletproof vest market in 2023. South America is expected to be the fastest-growing region in the forecast period. The regions covered in the bulletproof vest market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the bulletproof vest market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The bulletproof vest market consists of sales of soft armor plates, hard armor plates, concealed vest, and full body tactical armor. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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