Bullet Proof Jacket Market - Explores New Growth Opportunities By 2024
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The bulletproof jacket market is primarily driven by the increasing security threats both internally and externally as well. Internal threats such as poverty, political violence and economic sabotage and external threats like terrorist attacks and smuggling are boosting the need of bulletproof jackets in the global market. Rising consciousness for commercial security is also fuelling the demand of bulletproof vests or jackets globally. Concern for security in commercial sectors such as retail sectors security, healthcare security, and transport security among others are increasing rapidly due to the increasing threats. Increasing investment in defense budget by the government is also one of the driving factors in the bulletproof jacket market. Increasing security threats is one of the factor due to which government is increasing the defense budget so as to enhance the security defense. Moreover, survivability of the soldiers is escalating the growth of the bulletproof jackets market globally. These jackets or vests help soldiers to protect themselves from the bullets, attack with knives and grenade explosions.
High cost of the bulletproof vests is restraining the demand of these vests in the global market. The price of these vests is higher due to the implementation of newer technology and improved quality of materials that are used in manufacturing of these vests. Light weight bulletproof jackets are one such instance where newer material technology is used that leads higher price of the jacket. Moreover, stern regulatory framework is hindering the demand of bulletproof jacket market globally. Strict quality control policy is setting back the growth of bulletproof jacket market as there are many companies whose vests are rejected due to the quality control issues.
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Implementation of newer technology in the bulletproof jackets undertakes as a major opportunities in the global bulletproof jacket market. Development in the bulletproof materials with nanotechnology is expected to be an important opportunities in this market. It is experimented and observed that graphene is ten times better than steel in absorbing energy of a penetrating projectile. Advancement in technology is likely to enhance the bullet proof vests thereby proving as important opportunities in the global market.
The global bulletproof jackets market is segmented on the basis of protection type that includes softvest and armor plated. Further, the softvest is sub segmented based on levels into Level I, Level II A, Level II, Level IIIA. The armor plated is sub-segmented based on the level which includes Level III and Level IV. The market is further bifurcated based on geography that includes North America, Europe, Asia Pacific Middle East and Africa (MEA) and Latin America.
Some of the major players in the global bulletproof jacket market comprise Honeywell International, Inc (U.S.)., E.L Dupont DE Nemours & Co. (U.S.), U.S. Armor Corporation (U.S.). Some of the other players are Wenzhou Start Co Ltd (China), MKU Limited (India), EnGarde (The Netherlands), Infidel Body Armor (U.S.), Point Blank Enterprises, Inc. (U.S.), MARS Armor (Bulgaria), Vestguard UK (U.K.), Armourshield Ltd (U.K.), BulletSafe (U.S.), Compass International Corp. Ltd. (China) among others.
TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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