Bulletproof Vest Market Segmentation, and Industrial Opportunities to 2027
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The report on the bulletproof vest market features:
Wide-ranging analysis of the market
Crucial facts about prominent players
Main regions in the market
Key drivers and trends
Increasing Military Expenditure to Augment Growth
The increasing terrorist activities, geopolitical tensions, and cross border conflicts around the world can have an excellent impact on the market during the forecast period. The rising military spending will spur opportunities for the market in the forthcoming years. According to SIPRI, the United States, China, India, Russia, and Saudi Arabia's defense budget was USD 732 billion, USD 261 billion, USD 71.1 billion, USD 65.1 billion, and USD 61.9 billion, respectively. Furthermore, the expansion of military forces in developing nations will have a tremendous impact on the demand for bulletproof vests. For instance, in 2020, the number of active military personnel in China, India, the U.S., and North Korea were 21,83,000, 14,44,000, 14,00,000, and 12,80,000, respectively. Hence, the increasing number of army personnel can contribute positively to the bulletproof vest market growth.
Delayed Deliveries of Products to Hamper Business amid Coronavirus
COVID-19 pandemic had a severe impact on the global market. The reduced demand and delayed deliveries of products have dramatically affected the scenario of the industry. The postponement in the production of defense products is expected to retard the development of the market. For instance, the department of Indian Military Affairs asked all of its armed forces to hold their capital acquisitions because of budget cuts due to the effect of COVID-19. Moreover, South Korea planned to cut USD 245 million from the country's defense budget. Hence, declined defense budget and halt on production activities will hinder the market amid coronavirus.
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Growing Terrorism to Stimulate Growth in Asia Pacific
The market in Asia-Pacific is expected to hold the largest bulletproof vest market share during the forecast period owing to political conflicts and cross-border issues. The growing terrorism in the Asian countries and increasing investments in next-generation body armors will aid growth in the region. For instance, in 2018, the Indian Army signed a worth of USD 98.31 million with SMPP Private Limited to procure 1,38,138 bulletproof jackets. Europe is expected to account for the largest share due to the presence of key players such as EnGarde Body Armor, VestGuard UK Ltd., MARS Armor, and others. The increasing spending by military forces and law enforcement agencies will contribute significantly to the market's growth. For instance, in 2018, Rheinmetall AG signed a three-year contract worth USD 11 million with the German police to supply ballistic inserts for protective vests.
April 2020: planar TECH, a global leader in providing process and analytical equipment based in the UK, signed a contract with IDEATI, a Thailand based company for distributing its 2AM line of graphene-enhanced bullet-proof vest and ballistic plate products for body armor.
The Report Lists the Key Players Market:
Honeywell International, Inc. (The U.S.)
DuPont (The U.S.)
S. ARMOR CORPORATION (The U.S.)
MKU Limited (India)
EnGarde Body Armor (The Netherlands)
Point Blank Enterprises, Inc. (The U.S.)
MARS Armor (Bulgaria)
BulletSafe Bulletproof Vests (The U.S.)
Armor Express (The U.S.)
Safariland, LLC. (The U.S.)
VestGuard UK Ltd. (The U.K)
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