Global Bulletproof Vest Market 2016-2020

Overview of the bulletproof vest market

Technavio’s market research analysts have predicted that the global bulletproof vest market will witness fast-paced growth at a CAGR of more than 7% during the forecast period. Recent advances in technology and material innovation are some of the primary factors driving this market’s growth. The conventional forms of the bulletproof vest are made up of Kevlar, which is a kind of synthetic fiber woven into the fabric and layered, making it nearly five times stronger than steel. Kevlar 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 very prone to danger. This has led to the development of a new, non-Newtonian fluid that eliminated this drawback as it modifies its structure as soon as it detects changes in pressure or temperature. Moreover, bulletproof vests comprising this liquid are safer, more flexible, as well as lighter than the traditional Kevlar vests. With product innovation and increasing use of novel material like graphene and carbon nanotube in the bulletproof vests, this market is likely to have a positive outlook over the next four years.

In terms of geographical regions, North America accounted for the majority of market shares and will continue to lead the market during the forecast period. The US is the highest revenue generating country in the region as the US House of Representatives allocated a defense budget of USD 585 billion through the National Defense Authorization Act in 2015. The sharp rise in the defense budget of the US will lead to the increased demand for bulletproof vests in the region.

Competitive landscape and key vendors

The global bulletproof vest market is highly fragmented because of the presence of many small and medium-sized players. The market leaders prioritize product innovation by focusing on R&D facilities and investments. The market is facing intense competition and declining profit margins, which constitute a significant risk to vendor operations. With increased competition, the industry has been witnessing consolidation where smaller entities are being acquired by or merged with major players.

 Key vendors in this 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.

Product segmentation and analysis of the bulletproof vest market

• Soft vest
• Hard vest

During 2015, the soft vest segment dominated the market and will continue to lead the market over the next four years. Soft bulletproof vests are made from ballistic materials such as Kevlar, Twaron, and Spectra. Soft bulletproof vests are flexible, easier to wear, and lighter than the hard vests. While soft bulletproof vests cannot stop very high-velocity ammunition, they can stop slower ammunition such as .45ACP, 00 Buckshot, .40S&W, and other types of ammunition fired up to 1,500 ft. per second. They are widely used by law enforcement agencies and civilians, which will contribute to this segment’s growth until the end of 2020.

Segmentation by end user and analysis of the bulletproof vest market

• Defense
• Law enforcement
• Civilians

During 2015, defense end user segment accounted for the maximum market shares and will continue to dominate the market during the predicted period. The growth of this segment is attributed to the high military spending and the massive global armed strength over the past few years. Moreover, the increasing number of attacks and the growing violence and threats around the world is leading to a rise in demand for the protection of soldiers and civilians, which will also contribute to the increasing adoption of bulletproof vests in the defense segment.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the global bulletproof vest market?
• What are the key market trends impacting the growth of the global bulletproof vest market?
• What are the challenges to market growth?
• Who are the key vendors in the global bulletproof vest market?
• What are the market opportunities and threats faced by the vendors in the global bulletproof vest market?
• What are the trending factors influencing the market shares of APAC, Europe, North America, and ROW?
• What are the key outcomes of the five forces analysis of the global bulletproof vest market?

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