Bulletproof Vest Market Research Report Coverage:
This report covers drivers, restraints, opportunities, challenges, and market trends. The report also covers the product portfolio analysis of the Bulletproof Vest products and vendor benchmarking of the top players in this market. In addition, this report highlights the growth strategies adopted by the major market players to garner large shares in the Bulletproof Vest market.
A separate section with Bulletproof Vest industry key players is included in the report, which provides a comprehensive analysis of price, cost, gross, revenue, product picture, specifications, company profile, and contact information. Development and Research plays a vital role towards the innovation in any given industry which require to execute. Additionally, performing research and development offers a competitive advantage over the competitors owing to regular introduction of products and prototypes to attract consumers. This is expected to have a positive impact on the Bulletproof Vest market growth over the forecast period.
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Bulletproof Vest Market Value, 2018 to 2023($Million)
The armed forces and law enforcement use all types of armored bulletproof vests. However, civilians can only buy soft vests that are level III rated; moreover, anything above this rating will require armor plate.
The conventional forms of bulletproof vest are made up of Kevlar, which helps in blocking the incoming bullets; however, in some cases, the material bends inward upon impact from the bullet causing serious injuries, leaving the wearer prone to danger. This led to the development of innovative, non-Newtonian fluid that eliminated this drawback, as it modifies its structure as soon as it detects changes in pressure or temperature.
Growing Demand for Bulletproof Vest from Developed Countries
Europe is the biggest open market for possession of body bulletproof vest by civilians, as most of the countries allow possession of armor, except the ones made under strict military supervision. After the recent rise in terrorism and violence in Europe, civilians have become more alert, which is accelerating the trend of purchasing such armor. The expenditure of homeland and local security is also estimated to increase rapidly in Europe, thus, aiding the market for bulletproof vests.
The USâ€™ House of Representatives allocated a defense budget of USD 523.5 billion for 2017-2018. The increase in the defense budget of the US, in 2017, is expected to drive the demand for bulletproof vests in the North American region.
The production of the chemical fiber, an important material for the manufacture of the bulletproof vests, is directly related to the demand for these vests. Hence, higher the demand for bulletproof vests, higher the production of the chemical fiber.
North America is estimated to be the largest market and is expected to lead the market, during 2018 – 2023. The US continues to be the largest market for bulletproof vest products and will accelerate at a moderate pace due to the decreasing defense expenditure. Regulations in Asia-Pacific countries are strict regarding the ownership of armor by the civilian population, thus, dictating the civilian bulletproof vest market. The local security budget is growing at a rapid pace, especially in countries, such as India, where the law enforcement and even the armed forces are under-equipped with bulletproof vests. The increase in defense & homeland security budget is expected to boost the expenditure on bulletproof vests. Similar to Asia-Pacific, Latin America is anticipated to witness a strong growth rate in the market, and thus, become a major contributor by 2023.
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Major Players: Honeywell International, U.S. Armor Corporation, Wenzhou Start Co Ltd, and MKU Limited, among others.
Key Developments in the Market
January 2018: Central Lake Armor Express, Inc. (Armor Express), a leading manufacturer and distributor of high-performance body armor solutions, merged with KDH Defense Systems (KDH).
December 2017: Lightweight bullet-proof vest unveiled by scientists at British defense lab.
December 2017: Honeywell is expanding its manufacturing capabilities for its Centurion composite material to meet increased demand from the global law enforcement market.
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â€¢ Provides latest insights regarding the bulletproof vest market
â€¢ Gives a detailed analysis of key competitors in the bulletproof vest market
â€¢ Forecasts the market value by assessing the impact of the market drivers and constraints
â€¢ 3-month analyst support, along with the Market Estimate Sheet (in excel)
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Bulletproof Vest Market Forecast 2018-2023
The Bulletproof Vest industry research report analyses the supply, sales, production, and market status comprehensively. Production market shares and sales market shares are analysed along with the study of capacity, production, sales, and revenue. Several other factors such as import, export, gross margin, price, cost, and consumption are also analysed under the section Analysis of Bulletproof Vest production, supply, sales and market status.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.