Bulletproof Vest Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.7 Billion |
| Market Size (2029) | USD 2.03 Billion |
| CAGR (2024 - 2029) | 3.56 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Bulletproof Vest Market Analysis
The Bulletproof Vest Market size is estimated at USD 1.7 billion in 2024, and is expected to reach USD 2.03 billion by 2029, growing at a CAGR of 3.56% during the forecast period (2024-2029).
Modern-day warfare practices include counterinsurgency, counter-terrorism, and guerrilla warfare operations that may injure soldiers, causing fatal injuries. Similar scenarios exist in the law enforcement field where criminals, felons, and law offenders can fatally injure corresponding officers, thereby necessitating investments in bulletproof vests.
The increase in geopolitical conflicts and the increase in acts of terrorism and violence have necessitated the adoption of bulletproof vests by both law enforcement agencies and the military to ensure the safety of their personnel in various situations. However, the level of protection offered by body armor differs based on the threat assessment of the end-users.
Driven by the government's focus on bridging the gaps between the requirement and the existing supply, investments in advanced body armor equipment have increased in recent years. Hence, the market is witnessing several procurement and development activities related to the latest body armor. This is expected to drive market growth in the coming years.
The future bulletproof vest models may leverage the advancements in technology and replace traditional equipment with technologically advanced equipment that can effectively overcome the challenges faced by the current systems. Significant progress in the development of foam body armor, liquid body armor, and other such revolutionary technologies is expected to offer several growth opportunities to the market players in the future.
However, governments often have stringent certification and testing requirements for body armor to ensure that it meets specific ballistic protection standards. Compliance with these standards can be costly and time-consuming for manufacturers, particularly smaller companies with limited resources, which would hinder the growth of the market.
Bulletproof Vest Market Trends
The Military Segment is Expected to Dominate the Market with the Largest Share During the Forecasted Period
The military segment currently has the highest market share, and it is expected to continue its dominance during the forecast period. This is mainly due to growing military expenditure, further propelling the large-scale procurement of body armor and bulletproof vests for the dismounted infantry of the armed forces. Most militaries around the world use FJI Level IV protection body armor.
The increased emphasis on the research and development of new and lightweight materials is expected to positively impact the bulletproof vest market during the forecast period. For instance, in November 2022, the Indian Ministry of Defense issued tenders to acquire 62,500 bulletproof jackets amid the threat of the use of steel core bullets by terrorists. The MoD has issued two separate tenders, one for 47,627 jackets under the normal route and the remaining 15,000 jackets under the emergency procurement procedure. As per the requirement, the bulletproof jackets should work against 7.62 mm armor-piercing rifle ammunition and steel core bullets fired from 10 meters.
Chinese company Shanghai H Win reported a surge in its body armor business since the Russian-Ukraine war. For instance, in 2023, Chinese exports of body armor ceramic material increased by 69% to USD 225 million to Russia. Also, Silva (Russia), which was registered in September 2022, declared 2023 detailing orders of 100,000 bulletproof vests and 100,000 helmets from H Win. Such developments are expected to accelerate the growth of this segment during the forecast period.
The Asia-Pacific Region Will Showcase Remarkable Growth During the Forecast Period
Asia-Pacific is expected to remain the largest spender on the procurement of bulletproof ballistic protection products during the forecast period due to the region's large active military and law enforcement agency personnel in countries like China, India, and South Korea. The escalating border tensions between various countries in the region and the aging of existing bulletproof vests are expected to drive the growth of the market.
In November 2022, China signed new rules on the supervision of military equipment purchase contracts. The latest rules aim to improve efficiency in the supervision of military equipment purchase contracts and make sure good quality equipment is delivered to the army. Also, in December 2022, the Ministry of Defense (MoD) issued two tenders to purchase 62,500 bulletproof jackets for army troops deployed in counter-insurgency operations and at forward locations to protect against lethal steel core bullets. Through these tenders, the MoD is procuring bullet-resistant body armor under Make in India, including 47,627 jackets under the normal route, while another lot of 15,000 jackets would be procured under the emergency procurement procedure for soldiers operating in Jammu and Kashmir.
Furthermore, the Japanese government planned to set aside its biggest five-year defense budget from fiscal year 2023, which is projected to reach JPY 30 trillion (USD 264 billion). The increase in defense spending will mainly be used to acquire new equipment and deploy troops to the southwest islands near China and Taiwan. Such developments are expected to aid the region's growth in the coming years.
Bulletproof Vest Industry Overview
The bulletproof vest market is fragmented, with some local and global players holding significant shares. Some prominent players in the market are Central Lake Armor Express Inc., Dupont De Nemours Inc., Honeywell International Inc., ELMON SA, and U.S. Armor Corporation.
Companies like Honeywell International Inc. and DuPont provide raw materials to bulletproof vest manufacturers, like Central Lake Armor Express Inc., that supply their own branded vests to customers. In addition to global players, a few local players are entering the market with new bulletproof vests for the armed forces, particularly in Asia-Pacific and some countries in the Middle East and Africa, due to their increased focus on indigenous manufacturing.
Furthermore, companies are also investing in the development of new lightweight bulletproof vests with advanced materials, which will provide enhanced protection, increasing their share in the market during the forecast period. For instance, in January 2024, DuPont and Point-Blank Enterprises (PBE) announced an exclusive agreement to offer body armor made with Kevlar EXO aramid fiber for North American State and Local Law Enforcement departments. Kevlar EXO offers body armor with an unprecedented combination of being lightweight and flexible, as well as having aramid fiber protection.
Bulletproof Vest Market Leaders
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Central Lake Armor Express, Inc.
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U.S. Armor Corporation
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Honeywell International Inc.
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Dupont De Nemours Inc.
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ELMON SA
*Disclaimer: Major Players sorted in no particular order
Bulletproof Vest Market News
- In April 2023, DuPont announced the unveiling of a new version of Kevlar, promising lighter, more flexible, and more effective body armor. The new armor, which has been named Kevlar EXO aramid fiber, has had the most significant innovation in recent years.
- In March 2023, the Japanese Ministry of Defense (MoD) introduced the Type 18 Armored Vest System (AVS) as a successor to the Japan Ground Self-Defense Force’s (JGSDF’s) current Type 3 Kai body armor. Eight thousand AVS sets have been requested in the MoD’s Fiscal Year 2023 (FY) budget for a total of USD 22 million.
Bulletproof Vest Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Soft Vest
5.1.2 Hard Vest
5.2 Application
5.2.1 Military
5.2.2 Civilian
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 France
5.3.2.3 Germany
5.3.2.4 Russia
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Rest of Latin America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 United Arab Emirates
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 ELMON SA
6.2.2 Central Lake Armor Express Inc.
6.2.3 DuPont
6.2.4 Honeywell International Inc.
6.2.5 U.S. Armor Corporation
6.2.6 Indian Armour Systems Pvt. Ltd.
6.2.7 HardShell
6.2.8 EnGarde Body Armor
6.2.9 MKU Limited
6.2.10 CES Advanced Composites & Defence Technologies Inc.
6.2.11 ARGUN s.r.o.
6.2.12 Seyntex NV
6.2.13 MARS Armor
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Bulletproof Vest Industry Segmentation
A bulletproof vest (or a ballistic vest) is a body armor that absorbs the impact and reduces or stops the penetration of bullets fired from a firearm or shrapnel from explosions.
The bulletproof vest market is segmented based on type, application, and geography. The market, based on type, is further segmented into soft vests and hard vests. By application, the market is segmented into military and civilian. The military segment of the market includes the procurement of bulletproof vests from armed forces and special forces. The report also covers the market sizes and forecasts for major countries across the region. For each segment, the market sizing and forecasts have been done on the basis of value (USD).
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| Hard Vest |
| Application | |
| Military | |
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Bulletproof Vest Market Research FAQs
How big is the Bulletproof Vest Market?
The Bulletproof Vest Market size is expected to reach USD 1.7 billion in 2024 and grow at a CAGR of 3.56% to reach USD 2.03 billion by 2029.
What is the current Bulletproof Vest Market size?
In 2024, the Bulletproof Vest Market size is expected to reach USD 1.7 billion.
Who are the key players in Bulletproof Vest Market?
Central Lake Armor Express, Inc., U.S. Armor Corporation, Honeywell International Inc., Dupont De Nemours Inc. and ELMON SA are the major companies operating in the Bulletproof Vest Market.
Which is the fastest growing region in Bulletproof Vest Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Bulletproof Vest Market?
In 2024, the North America accounts for the largest market share in Bulletproof Vest Market.
What years does this Bulletproof Vest Market cover, and what was the market size in 2023?
In 2023, the Bulletproof Vest Market size was estimated at USD 1.64 billion. The report covers the Bulletproof Vest Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Bulletproof Vest Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Bulletproof Vest Industry Report
Statistics for the 2024 Bulletproof Vest market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bulletproof Vest analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
