LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global bulletproof vest market to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global bulletproof vest market for 2016-2020. To calculate the market size, the study considers the revenue generated from the sales of bulletproof vests widely used worldwide in various end-user applications.
Based on geography, the bulletproof vest markets in Asia-Pacific (APAC) and Rest of World (ROW) will notice an impressive CAGR during 2015-2020. The US, Canada, China, Australia, Germany, the UK, Saudi Arabia, Israel, Russia, and India are the key leading countries in the market. Vendors also have notable business opportunities in emerging economies such as the Middle East and Brazil.
The global bulletproof vest market is divided into two product segments:
- Soft bulletproof vest
- Hard bulletproof vest
In 2015, the global bulletproof vest market was dominated by the soft bulletproof vest segment with a total market share of almost 52% followed by hard bulletproof vest with more than 48% of the market shares.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global bulletproof vest market:
- Rise in asymmetric warfare and threats
- Growth in arms and ammunition transfer
- Material innovation
Rise in asymmetric warfare and threats
The past years have witnessed high growth in the number of armed conflicts worldwide. The ISIS crisis, Indo-Pak conflict over Kashmir, the Lebanon conflict, and the continuing conflicts between the US and North Korea are some of the instances of the prevailing conflicts. This rising tension across borders as well as between the countries has led to an increase in the demand for bulletproof protection products mainly, the bulletproof vests and helmets.
Abhay Sinha, a lead analyst at Technavio, says, “Countries like the US, France, the UK, Europe, Germany, Morocco, and Canada are developing measures to combat such threats and ensure the safety of the soldiers and civilians. Such attacks are driving the demand for the bulletproof vests worldwide for both soldiers and civilians.”
Growth in arms and ammunition transfer
The terrorists are easily acquiring weapons through the non-state organizational acquisition of weapons from soldiers defeated in battles. For instance, Boko Haram benefits from corrupt sources in the Nigerian military, who provide weapons to the terrorist group. Also, ISIS acquired many man-portable weapons from the battlefields of Iraq and more sophisticated weapons when it overran Iraqi military bases.
“With the rise in illegal trafficking of weapons, the threat of attacks on the armed forces is rising, which, in turn, raises the need for serious protection of the armed troops. This, in turn, drives the demand for the bulletproof vests worldwide for defense, law enforcements as well as the protection of civilians,” adds Abhay.
Material innovation
The advancements in the bulletproof vest market are constantly changing. The traditional forms of the bulletproof vest are made up of Kevlar, a form of synthetic fiber that is woven into the fabric and layered, making it approximately five times stronger than steel. Kevlar blocks the incoming bullets. However, in some cases, the material bends inward upon impact from the bullet up to 3.5 centimeters. Thus, the safety of the wearer can be questioned and can cause serious injuries to the wearer of the vest in such cases.
Furthermore, a material called graphene is a new material used in the manufacture of defense equipment that is a single layer of carbon atoms linked up together in a honeycomb. This material is expected to be two hundred times stronger than steel and at the same time extremely light-weighted, which makes it a great anti-bulletproof material.
Top vendors:
- VestGuard UK
- Point Black Body Armor
- Canarmor
- Black Hawk
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