Technavio, a tech-focused market research firm, has published a new report on the global bulletproof vest market, which is expected to experience a slow but steady growth rate with a CAGR of more than 7% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects of the global bulletproof vest market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global bulletproof vest market into the following key regions: APAC, Europe, North America, and ROW.
Geographical segmentation of the global bulletproof vest market for 2015 (market share %)
|
North America |
48.01% |
|
Europe |
26.00% |
|
APAC |
18.00% |
|
ROW |
7.99% |
Source: Technavio
North America: largest revenue generating region for bulletproof vest
The global bulletproof vest market in North America was valued at over $542 million in 2015 and will grow at a CAGR of around 7% by 2020. The rise in the defense budget of the US will increase the demand for bulletproof vests in the North American market. The implementation of National Defense Authorization Act will help military organizations to raise and allocate resources to acquire advanced military gear. The rising threats of security and increasing number of terrorist attacks in the last decade are raising the requirement for these products. In 2016, the US State allocated around $50 billion for the international security assistance for different training programs. Some of these programs included the training of foreign militaries and peacekeeping.
“The US Army and Navy are investing in Joint Light Tactical Vehicles to protect the region from terrorist attacks which in turn, is raising the demand for the ballistic protection specifically bulletproof vests. The government is setting up various fundraising programs to support the overseas operations of the military, and one of those funds is called the Counter-Terrorism Partnerships Fund. Moreover, the rising demand for the commercial and homeland security system will help in the growth of the market over the period of next four years,” says Abhay Sinha, a lead analyst at Technavio.
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Bulletproof vest market in Europe
The global bulletproof vest market in Europe was valued at almost $294 million in 2015 and will grow at a CAGR of more than 7% by 2020. The increasing requirement for defense and homeland security will boost the demand of bulletproof vest in the European market. The rising threats from growing terrorist activities of groups like ISIS and Al-Qaeda will encourage vendors to launch advanced ballistic protection gear. The government of the region is taking initiatives develop bulletproof materials to ensure safety and security of the armed forces and civilians. Countries like Germany, the UK, France, Denmark, and the Netherlands are the key players in the European bulletproof vests market.
Bulletproof vest market in APAC
The global bulletproof vest market in APAC was valued at about $203 million in 2015 and will grow at a CAGR of almost 8% by 2020. The rapid economic development in several APAC countries is making this the fastest growing region in the market. The government is increasing the defense budget to include bulletproof protection materials like the bulletproof vests and helmets for soldiers in the region. Furthermore, new military programs and increasing terrorism will boost the demand for these vests in the APAC market. China, India, and South Korea will be the key revenue generators in this region.
Bulletproof vest market in ROW
The global bulletproof vest market in ROW was valued at around $90 million in 2015 and will grow at a CAGR of almost 9% by 2020. The rising terrorism rate in the Middle East and cross-border tensions will boost the growth of the bulletproof vest market in this region. South American countries like Brazil, Mexico, Argentina, and Venezuela are adopting modernization programs to improve their armed forces. The rising conflicts and terrorist activities will increase the demand for protection equipment procurement in this region.
The top leading vendors operating in the global bulletproof vest market are:
- VestGuard UK
- Point Black Body Armor
- Canarmor
- Black Hawk
Other prominent vendors in the market include Armor 500, Armour Wear, BulletBlocker, EnGarde, Imperial Armour, PPSS, Survival Armor, T.G. FAUST, and US Armor.
A more detailed analysis is available in the Technavio report titled, ‘Global Bulletproof Vest Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Bulletproof Glass Market 2016-2020
- Global Ballistic Targeting System Software Market 2016-2020
- Global Riot Control System Market 2016-2020
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