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The global bulletproof vest market size is expected to reach USD 1,998.1 million by 2027. The growing popularity of lightweight and flexible body armors owing to their comfort will promote the healthy growth of the market, states Fortune Business Insights, in a report, titled “Bulletproof Vest Market Size, Share and Covid-19 Impact Analysis, by Material (Kevlar, Ultra-High-Molecular-Weight Polyethylene (UHMWPE), and Graphene) By Type (Level IIA, Level II, Level IIIA, Level III, and Level IV) By Product (Flexible Ballistic, Hard Armor Plate) By End User (Military, Law Enforcement, and Civil) and Regional Forecast, 2020-2027.” The market size stood at USD 1,271.1 million in 2019 and is expected to exhibit a CAGR of 7.23% between 2020 and 2027.
Contract of Mars Armor with Bulgarian Defense to Aid Expansion
Bulgaria's defense ministry announced that it has signed contracts to purchase bulletproof vests and helmets from local company Mars Armor, worth a total of 1.52 million levs ($843,000/777,000 euro). As per the defense ministry's statement, the bulletproof vests contract is worth 1.32 million levs, while the helmets are set at 200,000 levs. Mars Armor, a provider of high-quality individual ballistic and stab protection equipment for a wide range of applications, completed a 25 million levs investment in 2017, enhancing its production capacity to 120,000 armor vests, 250,000 plates, and 100,000 helmets per year. Furthermore, the introduction of innovative bulletproof jackets by prominent companies will incite the development of the market in the forthcoming years. For instance, in July 2019, Ordnance Factory Board and MIDHANI in India introduced a lightweight bulletproof jacket, Bhabha kavach. The jacket can stand 7.62mm hard steel bullets fired using an AK 47 assault rifle and 5.56mm ammunition.
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Purchase of Advanced Lightweight Body Armors to Favor Growth
The expansion of military forces due to cross border conflicts, political unrest, and other factors will augur well for the bulletproof vest market growth. The increasing defense expenditure and procurement of advanced vests for military personals, and law enforcement agencies will spur lucrative opportunities for the market. For instance, in February 2020, The Chinese Peoples’ Liberation Army (PLA) decided to purchase 9,30,000 plates for universal vests and 467,000 plates for enhanced bulletproof vests at a USD 1,850 million. Similarly, in November 2019, JGH Group signed a contract with United Nations Provision Division (UNPD) to supply and deliver bulletproof vests, female vests, and ballistic plates.
Focus on Business Expansion Strategies by Key Players to Elevate Industry
The prominent bulletproof vest manufacturers are focused on developing next-generation lightweight, more comfortable, highly durable, and soft vests to strengthen their position in the market. OEMs are also focused on business expansion strategies through mergers & acquisitions and partnerships with military forces. For instance, in August 2019, Avon Rubber p.l.c announced that it has acquired the advanced ballistic protection business of 3M at USD 91 million. Likewise, in December 2019, KDH Defense Systems successfully amalgamated with Armor Express.
The Report Lists the Key Players in the Market:
Further Report Findings:
The Bulletproof Vest Market is Segmented into:
Value (USD million)
By End User