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LONDON, GREATER LONDON, UNITED KINGDOM, November 14, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
The bulletproof vest market has experienced significant growth in recent years, projected to increase from $1.64 billion in 2023 to $1.79 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.4%. This growth can be attributed to factors such as rising crime rates, ongoing geopolitical conflicts, military modernization efforts, government regulations and mandates, and population growth.
What Is the Anticipated Growth Rate and Market Size of the Global Bulletproof Vest Market?
The bulletproof vest market is projected to experience significant growth, reaching $2.51 billion by 2028, with a compound annual growth rate (CAGR) of 8.9%. This growth is driven by rising concerns over personal safety and security, increased defense spending, the expansion of civilian markets, and growing urbanization. Key trends expected during the forecast period include the integration of smart armor technology, the use of sustainable and eco-friendly materials, lightweight and flexible designs, multi-threat protection capabilities, and the incorporation of body-worn cameras.
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What Is The Primary Growth Driver Of The Bulletproof Vest Market?
The rise in military spending by both developed and emerging nations is playing a significant role in the expansion of the bulletproof vest market. This growth is primarily driven by increased military budgets, which have led to substantial procurement of bulletproof vests for armed forces.
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Which Market Leaders Are Behind the Growth of the Bulletproof Vest Market?
Key players in the market include Wenzhou Start Co Ltd, VestGuard UK Limited, U.S. Armor Corporation, Point Blank Enterprises Inc., MKU Limited, MARS Armor, Infidel Body Armor, Honeywell International Inc., EnGarde LLC, E. I. du Pont de Nemours and Company, Armourshield Ltd, Armor Express Inc., Central Lake Armor Express Inc., Compass International Corp, Condor Outdoor Products Inc.
What Key Trends Are Impacting The Size Of The Bulletproof Vest Market?
Innovative product development is becoming a significant trend in the bulletproof vest industry. Manufacturers of bulletproof vests are creating new products and engaging in collaborations to enhance their services. For instance, the India-based Defense Research and Development Organization (DRDO) has developed a lightweight bulletproof jacket weighing approximately 9 kg, designed to meet the qualitative standards for military personnel. The indigenous technology employed in this jacket reduces its weight from 10.4 kg to 9 kg.
How Is The Global Bulletproof Vest Market Segmented?
1) By Type: Soft Vest, Hard Vest
2) By Material: Kelvar, Ultra High Molecular Weight Polyethylene, Graphene
3) By Application: Covert, Overt
4) By End User: Military, Law Enforcement
Regional Insights: Asia-Pacific Paving the Way in the Bulletproof Vest Market
Asia-Pacific was the largest region in the bulletproof vest market in 2023. South America is expected to be the fastest-growing region in the forecast period. The regions covered in the bulletproof vest report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Is The Definition Of The Bulletproof Vest Market?
A bulletproof vest is a type of protective gear worn to shield the torso from bullets, knives, and explosives. These vests are designed to absorb impact and either reduce or entirely prevent penetration from attacks and shrapnel from explosions. Typically, they are constructed by layering woven or laminated fibers, with metal ballistic plates or ceramic materials added for enhanced protection.
The Bulletproof Vest Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Bulletproof Vest Market Report: Trends, Opportunities, Strategies, and More
The Bulletproof Vest Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into the bulletproof vest market size, bulletproof vest market drivers and trends, bulletproof vest global market major players, bulletproof vest competitors' revenues, bulletproof vest global market positioning, and bulletproof vest market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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